The board of state-owned Allahabad Bank on Tuesday May 15,2018 divested its MD
and CEO Usha Ananthasubramanian of all powers with immediate effect,
following a directive from the finance ministry after she was named in
the CBI’s chargesheet in PNB fraud case. Ananthasubramanian was the CMD
of Punjab National Bank till May 2017.
On Monday May 14,2018, the finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB. The PNB had on Monday divested its two executive directors of all powers.
“...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 said in a regulatory filing. It further asked the government to make suitable arrangements for smooth functioning of the bank
On Monday May 14,2018, the finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB. The PNB had on Monday divested its two executive directors of all powers.
“...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 said in a regulatory filing. It further asked the government to make suitable arrangements for smooth functioning of the bank
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