The Centre has given sanction for prosecution of Usha Ananthasubramanian and Sanjiv Sharan in the Rs 14,000 crore PNB scam. Sources quoted by TV channels claimed that Anathasubramanian, former Allahabad Bank CEO, will be removed from service today. The Allahabad Bank board had earlier taken away all executive powers of Ananthasubramanian after the Central Bureau of Investigation named her in the scam. Ananthasubramanian had enjoyed leadership roles in PNB in two stints.The CBI filed its first charge sheet on the scam in which diamond trader Nirav Modi is accused of defrauding the bank through fake letters of undertaking. The chargesheet details the alleged role of Ananthasubramanian, and several other bank officials, including two executive directors of PNB — KV Brahmaji Rao and Sharan.Ananthasubramanian headed PNB between August 2015 and May 2017, before she was moved out to Allahabad Bank. She was executive director at PNB from July 2011 to November 2013. PNB was allegedly defrauded by some of its branch level employees who in connivance with Nirav Modi had issued letters of undertaking without following the bank’s prescribed procedures since 2011 which ballooned into a big scam.Financial ministry officials believe that wrongdoing in big corporate loans cannot be done without the knowledge of top officials.A career banker, Ananthasubramanian also headed Bharatiya Mahila Bank which was merged with State Bank of India in April 2017. In January this year, she became the first woman chairman of the Indian Banks’ Association, the 71-year old industry body for banks.An MA in Ancient Indian Culture from University of Mumbai, she joined Bank of Baroda as a specialist officer in February 1982. She also holds a Master’s Degree in Statistics from the University of Madras.
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