Usha Ananthasubramanian was the CMD of Punjab National Bank till May 2017. File photo: MintMumbai: The board of state-owned Allahabad Bank on Tuesday divested its MD and CEO Usha Ananthasubramanian of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI’s chargesheet in PNB fraud case. On Monday, the finance ministry had asked the boards of Allahabad Bank and PNB to take action against Ananthasubramanian and two executive directors of PNB. The PNB had on Monday divested its two executive directors of all powers. “...the Board of Directors of the Bank in its meeting held on date has decided that Smt Usha Ananthasubramanian, MD & CEO be divested of all functional responsibilities of the Bank with immediate effect...,” Allahabad Bank said in a regulatory filing.

Source: Mint May 15, 2018 14:15 UTC