Public lender Allahabad Bank has seized the executive powers of its Chief Executive Officer Usha Ananthasubramanian.
The Centre has directed the bank to take this step after Central Bureau of Investigation named her in the Rs 13,700-crore Punjab National Bank fraud.
The bank has requested the Centre to take appropriate measures for the smooth functioning of the bank. Ananthasubramanian was appointed as the CEO of Allahabad bank for two consecutive tenures.
She was the Managing Director and CEO of Punjab National Bank from 2015 to 2017, before moving to Allahabad Bank.
Prior to joining Allahabad Bank Ananthasubramanian headed Bharatiya Mahila Bank (BMB). BMB was merged with India’s largest public lender State Bank of India in April 2017. In January this year, she was named as the first woman chairman of the Indian Banks’ Association.