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Allahabad Bank board to meet Tuesday to take action on CEO

Allahabad Bank board to meet Tuesday to take action on CEO

Finance
KOLKATA: Allahabad Bank has called an emergency board meeting on Tuesday following Finance Ministry's direction to take away all executive powers from bank's chief executive officer Usha Ananthasubramanian while Reserve Bank of India has put fresh business restrictions on the bank for poor financial results. The government said it has initiated action for removal of Allahabad Bank chief executive officer and two executive directors of Punjab National Bank after Central Bureau of Investigation filed chargesheet against them in connection to fraud at PNB involving diamond trader Nirav Modi. Ananthasubramanian was the managing director at PNB between 2015 and 2017, before she was appointed as head in Allahabad Bank. Allahabad Bank called the board meeting late Monday, two people in the kno...