PNB fraud: Allahabad Bank says Ananthasubramanian ceases to be MD & CEO
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State-owned Allahabad Bank today said Usha Ananthasubramanian no longer heads the bank following the Finance Ministry directive yesterday to remove her from the post. «We have to inform you that the Ministry of Finance, Department of Financial ServicePNB fraud: Allahabad Bank says Ananthasubramanian ceases to be MD & CEO
State-owned Allahabad Bank today said Usha Ananthasubramanian no longer heads the bank following the Finance Ministry directive yesterday to remove her from the post. «We have to inform you that the Ministry of Finance, Department of Financial Services vide notification dated August 13, 2018, has notified that...in exercise of powers under section 9 of the Banking Companies Act, 1970 the central government hereby removes Usha Ananthasubramanian, from the office of Managing Director and Chief Executive Officer of Allahabad Bank, with immediate effect,» the bank said in a regulatory filing. Accordingly, Usha Ananthasubramanian has ceased to be the MD&CEO of the bank with effect from the date of aforesaid government notification, it said. She was divested of her powers as the head of the bank three months ago as a fallout of the Rs 14,000 crore fraud at Punjab National Bank after being named in the probe agency CBI's chargesheet. Ananthasubramanian was heading PNB before taking ... Read more