PNB Fraud: Govt sacks Usha Ananthasubramanian as Allahabad Bank chief

Ananthasubramanian was MD and CEO of PNB between August 2015 and May 2017 and served as ED at the bank between July 2013 and November 2013

Allahabad Bank Managing Director (MD) and Chief Executive Officer (CEO) Usha Ananthasubramanian was sacked by the Union government on Monday -- her last day at work before retirement -- for her alleged involvement in the Rs 143-billion Punjab National Bank (PNB) fraud.   

In its order, the government said the dismissal action against Ananthasubramanian was taken for "failing to exercising proper control over the functioning of PNB while serving as its MD and CEO". It said SWIFT, an international messaging system used by banks to sanction loans, was also misused. This enabled the fraud to persist over several years.

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