Allahabad Bank board strips CEO Usha Ananthasubramanian of all her powers
15 May 2018 7:07 PM GMT
The decision was taken after a directive from the finance ministry as she was named in the CBI's chargesheet in PNB fraud case.
The board of state-owned Allahabad Bank will meet on Wednesday to consider a draft scheme of amalgamation of AllBank Finance.
New Delhi: In an emergency meeting on Tuesday, the Allahabad Bank board divested its CEO Usha Ananthasubramanian of all powers with immediate effect.
The decision was taken after a directive from the finance ministry as she was named in the CBI’s chargesheet in PNB fraud case.
She was the CMD of Punjab National Bank till May 2017. “...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.
The board asked the finance ministry to make suitable arrangements for smooth functioning of the bank.
( Source : Deccan Chronicle. )
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