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Centre dismisses two PNB Executive Directors
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SME Times News Bureau | 19 Jan, 2019
The Central government has removed two Punjab National Bank (PNB)
Executive Directors -- Sanjiv Sharan and K.Veera Brahmaji Rao -- for the
lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding
diamantaire Nirav Modi.
The PNB has intimated the action to the stock exchanges on Friday.
"We
welcome the Central government's action to dismiss the two Executive
Directors. The scam of such proportions could not have happened without
the knowledge of the top management," C.H. Venkatachalam, General
Secretary, All India Bank Employees' Association (AIBEA), told IANS.
"Perhaps
for the first time, the Centra has removed the Executive Directors of a
nationalised bank under the Nationalised Banks (Management and
Miscellaneous Provision) Scheme, 1970. All these days it was said the
top management of government owned banks -- Chairman, Managing Director,
Executive Directors -- are governed only by the contract of
appointment.
"It is also good that the central government has
followed the due process of giving the two PNB Executive Directors
opportunity to put forth their views before dismissing them,"
Venkatachalam added.
As per the Central government's
notification, on July 3, 2018, Sharan and Rao were issued a show cause
notice as to why they could not be removed from office for having failed
to exercise proper control over the functioning of PNB, thus enabling
the fraud through the misuse of SWIFT at the bank's Brady House branch
in Mumbai.
After considering Sharan and Rao's replies and the
comments of the bank's Board, the Centre removed them from office as it
found it was expedient in the interests of PNB.
According to the notification, the dismissal of Rao is subject to the outcome of a plea in the Delhi High Court.
"We
are happy to see some action being taken. Whether it is only the two
Executive Directors and other officials are also involved in the scam
has to be probed in full," Venkatachalam said.
According to him, in the past, low-level officers would have been the scapegoats for such massive scams.
"With
the action taken on the top management, people will be satisfied that
public sector bank officials are answerable for their lapses,"
Venkatachalam added.
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