SME Times News Bureau | 16 May, 2018
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.
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.
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.