The secretary said the Allahabad Bank board has also been asked to divest Ananthasubramanian of all powers and initiate further action. Sources said the Allahabad Bank board is likely to meet in a day or two. The government holds a little over 62 per cent stake in PNB and close to 65 per cent in Allahabad Bank. Earlier in the day, the PNB board convened an emergency meeting on the insistence from the government's nominee director. Around 10 days ago we had asked explanations from the two executive directors at the PNB and the current MD and CEO in Allahabad Bank.

Source: dna May 14, 2018 14:26 UTC