Cracking the whip, the government today asked the board of Allahabad Bank to take away all the powers of its CEO and MD Usha Ananthasubramanian, former chief of Punjab National Bank, in connection with the USD 2 billion fraud in PNB.
The announcement came within hours of CBI filing its first chargesheet in the country's largest financial scam of more than USD Rs 2 billion in PNB allegedly perpetrated by billionaire jeweller Nirav Modi.
Ananthasubramanian was the MD and CEO of PNB from 2015 to 2017 and was questioned recently by the CBI in connection with the case.
The Financial Services Secretary further said a show cause notice was issued to them about 10-days back by the ministry.
He also informed that the board meeting of PNB was on and the ministry was waiting for its resolution.
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