State-run lender Allahabad Bank has decided to relieve its managing director and chief executive officer Usha Ananthasubramanian of her powers after she was named in the first information report filed by the Central Bureau of Investigation in the ₹13,800-crore Nirav Modi scam that defrauded Punjab National Bank (PNB).
Ms. Ananthasubramanian was the managing director and chief executive officer of PNB between August 2015 and May 2017. She is due for retirement in August this year.
Replacement requested
The board of the bank which met on Tuesday decided to take away the functional responsibility of Ms. Ananthasubramanian and requested the Finance Ministry for her replacement.
Ms. Ananthasubramanian, along with 21 others, had been named by the CBI in the charge sheet.
The CBI charge sheet also named two executive directors of PNB, K.V. Brahmaji Rao and Sanjiv Sharan. Their portfolios have also been divested.