Usha Ananthasubramanian, MD and CEO, Punjab National Bank. (Source: Express photo by Dilip Kagda)
The government Monday dismissed Usha Ananthasubramanian, former managing director of scam-hit Punjab National Bank and Allahabad Bank, from service, according to an official notification.
The move comes three months after the board of Allahabad Bank divested her of all her powers, following a directive from the finance ministry. The directive which was issued after a CBI chargesheet was filed in her name regarding her alleged involvement in the Rs 14,000 crore Punjab National Bank (PNB) scam.
Ananthasubramaian who was supposed to superannuate on August 13, was dismissed from the service. She had enjoyed leadership roles in PNB in two stints as she headed the bank between August 2015 and May 2017, before moving to Allahabad Bank. She was again reinstated as the executive director of PNB from July 2011 to November 2013.
In May 2018, the finance ministry asked the boards of both banks to take action against Ananthasubramanian and two executive directors of PNB respectively, following the reveal of the fraud case.