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May 15, 2018

Govt initiates action to remove Allahabad Bank CEO Usha Ananthasubramanian

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The Indian government today announced that it has initiated action for removal of Allahabad Bank CEO Usha Ananthasubramanian and two executive directors of Punjab National Bank following the CBI's first chargesheet in the USD 2 billion fraud at PNB detailing their role. The move is a part of the government’s broader efforts to clean up the banking system.

Along with Anathasubramanian, who was managing director and CEO of PNB from August 2015 to May 2017, two serving executive directors of PNB (Sanjiv Sharan and K.V. Brahmaji Rao) were also named in the chargesheet filed by CBI today. They were charged under section 409 of the Indian Penal Code (IPC) for criminal breach of trust and section 420 of IPC for cheating and Section 13(2) of the Prevention of Corruption Act for causing wrongful losses to the bank and criminal breach of trust to the public.

Important Note :
Meanwhile the Reserve Bank of India (RBI) has imposed restrictions on Allahabad Bank's lending to risky assets and raising high-cost deposits in view of deteriorating financial health.

The directive has come within days of the RBI imposing similar restrictions on another state-run lender Dena Bank, which is under the Prompt Corrective Action (PCA) of the central bank.

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