Union Bank staff body seeks probe into India@100 book purchase deal

Union Bank of India employees' union flags large-scale book purchases of India@100 by IMF official Subramanian, questions approval process and demands disclosure

Union Bank of India’s employees’ association has demanded a probe into alleged impropriety in the purchase of copies of the book India@100: Envisioning Tomorrow’s Economic Powerhouse, written by Krishnamurthy V Subramanian, India’s nominee executive director at the International Monetary Fund (IMF). The government has recalled him from the assignment.

 

The All India Union Bank Employees’ Association, in a letter to A Manimekhalai, managing director and chief executive of Union Bank of India, alleged that the bank had purchased large quantities of the said book, spending crores of rupees, and thereby became involved in alleged impropriety.

 

It is the responsibility of the bank to ascertain who approved the expenditure for the purchase of the book. Media reports have indicated the alleged involvement of bank officials in buying lakhs of copies of the book, flouting established rules.

 

“The association, from time to time, has been raising concerns over the bank wastefully spending its hard-earned profits on various items and avenues. We have been requesting the bank not only to exercise constraints but also to review such spending to ascertain the need and the benefits reaped from the same. Even the purchase of the book in large quantities was also raised by us,” the association added.

 

Earlier, in response to an issue raised by the association, the bank had said expenditure was required for regular upkeep and upgradation and was incurred after approval from the competent authority.

 

Last week, the government ended the term of its nominee executive director at the IMF, Krishnamurthy Subramanian, with immediate effect, according to an order by the Appointments Committee of the Cabinet (ACC). He was appointed as India’s executive director at the IMF in 2022 for a three-year term. The reasons for Subramanian’s termination are said to include alleged impropriety involving the use of his position for the promotion and publicity of his latest book.

 

The association said the bank should disclose what benefits it achieved from purchasing and distributing large numbers of the books by spending crores of rupees. The bank must also disclose whether proper procedures for the purchase of books involving large expenditure were followed, in line with Central Vigilance Commission guidelines.