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Allahabad Bank CEO divested of powers (Relevant for GS Mains Paper III; Economics)

CBI had named her in Nirav Modi FIR
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 Rs. 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.

(Adapted from The Hindu)

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