Allahabad Bank board divests CEO of all powers

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Kolkata, May 15 (IANS) State-run Allahabad Bank on Tuesday said its Board of Directors has decided to divest the lender’s MD and CEO Usha Ananthasubramanian of all functional responsibilities of the bank with immediate effect.

The move comes a day after the Central Bureau of Investigation (CBI) filed a chargesheet detailing her alleged role in the over Rs 13,000-crore Punjab National Bank (PNB) scam.

“We have to inform you that the Board of Directors of the Bank in its meeting held on date has decided that Usha Ananthasubramanian, MD & CEO, be divested of all functional responsibilities of the bank with immediate effect,” the lender said in a regulatory filing.

The bank said the Union Ministry of Finance’s Department of Financial Services had asked them to make suitable arrangements for smooth functioning of the lender.

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Ananthasubramanian was quizzed by the CBI in February in connection with the case.

On Monday, the central agency filed the chargesheet in the case mentioning her role.

–IANS

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