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PNB Fraud: Govt Dismisses Former MD Usha Ananthasubramanian From Service

Ananthasubramanian was divested of all her powers as MD of Allahabad Bank three months ago after being named in a CBI chargesheet in the Rs 14,000 crore PNB fraud case but had continued to be an employee of the bank.

PTI

Updated:August 14, 2018, 10:36 AM IST
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PNB Fraud: Govt Dismisses Former MD Usha Ananthasubramanian From Service
Former MD of Punjab National Bank Usha Ananthasubramanian. (File photo)
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New Delhi: The government on Monday dismissed Usha Ananthasubramanian, former managing director of scam-hit Punjab National Bank (PNB) and Allahabad Bank, from service, according to an official notification.

Ananthasubramanian was divested of all her powers as MD of Allahabad Bank three months ago after being named in a CBI chargesheet in the Rs 14,000 crore PNB fraud case but had continued to be an employee of the bank. She was to superannuate on Monday but has been dismissed from the service.

“...the Board of Directors of the Bank in its meeting held on date has decided that Smt Usha Ananthasubramanian, MD & CEO be divested of all functional responsibilities of the Bank with immediate effect...,” Allahabad Bank had said in a regulatory filing. It had also asked the government to make suitable arrangements for smooth functioning of the bank.

Ananthasubramanian had enjoyed leadership roles in PNB in two stints. She headed the bank between August 2015 and May 2017, before moving to Allahabad Bank. She was executive director at PNB from July 2011 to November 2013.

The fraud was detected at PNB’s Brady House branch in Mumbai involving certain accounts under ‘gems and jewellery’ sector wherein, through apparent connivance between “these entities and few employees of the bank”, some LoUs/FLCs were issued fraudulently to certain overseas branches of Indian banks through misuse of the SWIFT messaging system.

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