Allahabad Bank MD Usha Ananthasubramanian Dismissed

Managing Director of Allahabad Bank, Usha Subramanian has been dismissed from the post on her last day in the office by the government. This follows the chargesheet filed in the Nirav Modi case by the Central Bureau of Investigation.

What is the case?

Usha is one of the names mentioned in the chargesheet by CBI. As per the CBI investigation, she is said to have been involved in the fraud case, whose masterminds are said to be Nirav Modi and Mehul Choksi, the famous diamond merchants of India. PNB said, "It was found through SWIFT trail that one 'junior level' branch official unauthorisedly and fraudulently issued Letter of Undertakings (LoUs) on behalf of some companies belonging to Nirav Modi Group viz. Solar Exports, Stellar Diamonds and Diamond R US for availing buyers credit from overseas branches of Indian banks."

As a result of findings in the fraud of Rs 14,000 crore, CBI had earlier dismissed Sushil Muhnot, Managing Director of Bank Of Maharashtra. 

Who is Usha Ananthasubramanian?

Usha Ananthasubramanian, who is a postgraduate from University of Madras, had an amazing career in the banking sector. She started her first job in LIC from where she joined Bank of Baroda in 1982. With a career spread over 31 years, she has served as Managing Director, Executive Director and CEO.

Other achievements

She was a part of the amendment project carried out in terms of appointing new HR team in Bank Of Baroda. She also headed a team of Ministry of Finance.

But for now, Usha, the first woman to be elected as chairman of Indian Banks’ Association, has faced legal dismissal from the office on her last working day.

Picture Credit: Times Now

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-Dolly Bhardwaj is an intern with SheThePeople.Tv