Allahabad bank MD & CEO sacked on last day in office

In a unprecedented move, the government on 13.08.18 dismissed Allahabad Bank Managing Director and CEO Usha Ananthasubramanian on the day her term was to end and also allowed the Central Bureau of Investigation to move against her and Punjab National Bank executive director Sanjiv Sharan in Rs 14,000 crore fraud allegedly masterminded by diamond merchants Nirav Modi and Mehul Choksi.

Ananthasubramanian was the MD of PNB between August 2015 and May 2017 and had also served at its executive director. Sources said she was dismissed with immediate effect. The government is yet decide the case of K V Brahmaji Rao, another PNB executive director, whose name also figured in the CBI charge-sheet. The trio had been divested of their powers soon after being named by CBI a few months ago.

With Ananthasubramanian’s dismissal, the number of banks without full-time MDs has increased further as tenures of Melvyn Rego at Syndicate Bank Centre dismissed Allahabad Bank managing director and CEO Usha Ananthasubramanian on the day her term was to end.