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Allahabad Bank board divests CEO of all powers

IANS  |  Kolkata 

State-run on Tuesday said its Board of Directors has decided to divest the lender's MD and of all functional responsibilities of the with immediate effect.

The move comes a day after the (CBI) filed a chargesheet detailing her alleged role in the over Rs 13,000-crore (PNB) scam.

"We have to inform you that the 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 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.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 19:00 IST
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