Union Bank probes lapses in book procurement deal
Union Bank of India, a public sector bank, has informed stock exchanges that it was probing certain lapses in the procurement of books by the bank for the purpose of gifting and supplying to its various branches.
The exchanges had sought clarification from the bank following a news report that the bank had purchased about two lakh copies of a book, titled India@100 authored by former Chief Economic Advisor Krishnamurthy V. Subramanian, worth ₹7.25 crore. A section of employees had ref flagged it and reportedly a general manager who had placed the order has been suspended.
'The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank,' Union Bank responded to the exchanges.
It said the news article does not have any material impact on the bank. Mr. Subramanian recently stepped down from the post of India's Executive Director at the International Monetary Fund (IMF) six months ahead of the schedule.
According to banking industry officials, many other banks had also purchased the same book allegedly under pressure from the author.
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