Centre to axe Allahabad Bank CEO for involvement in PNB fraud case

The Centre has started the process of removing top bankers for their involvement in Punjab National Bank (PNB) fraud case.

Several bankers including Usha Ananthasubramanian, Managing Director,  Allahabad Bank and two executive directors of Punjab National Bank (PNB) have been named in the chargesheet filed by the Central Bureau of Investigation (CBI) in PNB fraud case of Rs 12,636 crore involving jewellers Nirav Modi and Mehul Choksi.

Firms handled by Modi and Choksi allegedly conspired with PNB officials for fraudulent issuance of letters of undertaking (LoUs).

This step has been initiated by the Government to strengthen the efforts for cleaning up the banking system.

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