Union Bank of India admits to lapses in procuring Subramanian's book

Union Bank of India has acknowledged lapses in procuring India@100 by K V Subramanian, prompting an internal probe, though it says no material financial impact has emerged

State-run Union Bank of India on Tuesday acknowledged lapses in the procurement of the book India@100, authored by former chief economic advisor Krishnamurthy Subramanian, and said it was examining the matter.

 

In a stock exchange notification, the bank said the incident did not have any material impact on the bank’s operations or financials at this stage.

 

Last week, the central government terminated Subramanian’s services as executive director of the International Monetary Fund (IMF), six months ahead of the end of his three-year tenure. The IMF said the termination of Subramanian’s services was a decision taken by the Indian government.

 

Sources