Latest news with #India@100
Mint
15-05-2025
- Business
- Mint
ISB panel reviews Subramanian's role
The Indian School of Business (ISB) is reviewing Krishnamurthy Subramanian's role as professor, two people aware of the matter said, after the government ended his term at the International Monetary Fund (IMF) six months ahead of time. The executive board of ISB referred the matter to a review committee to decide if Subramanian will continue as professor of finance at the Hyderabad-based business school, two people aware of the matter said. Subramanian is on leave from ISB until November 2025. Responding to a query, ISB said it is committed to the integrity of its staff and faculty, and is taking the situation seriously. "In line with our established process, a committee has been formed, and is currently ascertaining the facts," ISB said in an email. Also read: N. Chandrasekaran changed Tata Capital. Now, the company is prepping for an IPO Subramanian did not respond to a request for comment. The committee will deliberate and come to a decision, which will be conveyed to Subramanian, who has the opportunity to oppose it if he is dissatisfied. Once the report is submitted, he will have another chance to appeal its decision to the board of ISB if he wishes. Subramanian, a former chief economic advisor to the government, joined as India's nominee executive director to the IMF on 1 November, 2022. The Indian Express reported on 4 May that the Centre withdrew him from the multilateral agency on 30 April, without specifying a reason. Also read: BluSmart investors look to buy promoters' stake, revive the ride-hailing company On 6 May, The Economic Times reported that Union Bank of India had purchased nearly 200,000 copies of Subramanian's recent book India@100 at a cost of ₹7.5 crore, a decision which led to the suspension of a general manager in December. In a stock exchange disclosure, Union Bank admitted it had made lapses in the book purchase, adding that news of the purchase had no material impact on the bank. A guest lecturer at ISB, who did not wish to be named, said the matter was referred to the committee as the school did not want to be caught on the wrong foot by not taking action. 'It is sort of a preemptive move." Also read: HDFC Bank is beginning to fire again. Can it take on the Bank of China? ISB has faced a similar issue earlier. Its dean Rammohan Rao was executive director at Satyam Computer Ltd when a governance scandal blew up at the Hyderabad-based software company. Rao stepped down as dean, stating his concern and preoccupation with the evolving situation at Satyam was impacting his role at the business school.
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Business Standard
06-05-2025
- Business
- Business Standard
Union Bank of India admits to lapses in procuring Subramanian's book
State-run Union Bank of India on Tuesday acknowledged lapses in the procurement of the book India@100, authored by former chief economic advisor Krishnamurthy Subramanian, and said it was examining the matter. In a stock exchange notification, the bank said the incident did not have any material impact on the bank's operations or financials at this stage. Last week, the central government terminated Subramanian's services as executive director of the International Monetary Fund (IMF), six months ahead of the end of his three-year tenure. The IMF said the termination of Subramanian's services was a decision taken by the Indian government. Sources said the reasons for Subramanian's termination included alleged impropriety over the use of his position for promotion and publicity of his latest book India@100. According to documents reviewed by Business Standard, an interoffice note from Union Bank to all zonal heads on June 28, 2024, titled 'Procurement of India@100 under rate contract for distribution among customers, local schools, colleges, libraries etc', said: 'As an effort to tap future business opportunities, it is desired by the top management to distribute copies of the book India@100, among the customers,corporates PAN India.' The note also said that Rupa Publications India, the publisher of the book, had offered the student edition at Rs 350 per copy for the bank. According to the publisher's offer, 50 per cent of the payment would be made in advance, with the rest on submission of bills and dispatch details. 'Books will be delivered at 18 centres where zonal offices are located,' it said. Kapish Mehra, managing director of Rupa, declined to comment on the issue when contacted by Business Standard over phone. 'Our official stand is no comment,' Mehra said. Union Bank decided to buy 10,525 copies under each zonal office. Another note dated July 29, 2024, showed that the bank later decided to purchase hardcover editions under each zonal office at Rs 597 per copy. Of 10,422 copies procured, 579 copies were allocated to each zonal office. The All India Union Bank Employees' Association, in a letter to A Manimekhalai, managing director and chief executive officer of Union Bank of India, said the bank had purchased large quantities of the book for crores of rupees and had thus got involved in alleged impropriety.
The Hindu
06-05-2025
- Business
- The Hindu
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.
The Hindu
06-05-2025
- Business
- The Hindu
Financial impropriety forced Modi govt. to remove Subramanian as IMF executive director: Congress
The Congress on Tuesday (May 6, 2025) claimed the Narendra Modi government abruptly terminated K.V. Subramanian's tenure as India's executive director at the International Monetary Fund (IMF) due to 'embarrassing details' that have emerged in the public domain and 'impropriety' committed by him. Addressing a press conference, Congress spokesperson Supriya Shrinate alleged that the Union Bank of India placed an order for two lakh copies of a book authored by Mr. Subramanian, who had earlier served as the Chief Economic Adviser (CEA) to the Union government. Raising questions of 'wastage' of public money, Ms. Shrinate alleged the cost of this 'blatant propaganda' was borne by the public exchequer because Mr. Subramanian 'justified every economic blunder and flawed policy of the government'. 'The cost for the book did not come from BJP coffers but from the public, taxpayers and depositors of the bank,' she alleged. Neither the Union Bank of India nor Mr. Subramanian reacted to the allegations levelled by the Congress at a press conference. 'The government has so far given no reason for this abrupt and rare sacking. He is the same K.V. Subramanian who was the Chief Economic Adviser and who had during COVID, when the economy had shrunk by over 24%, predicted a V-shaped recovery,' Ms. Shrinate said. Internal documents The Congress spokesperson cited internal documents of the public sector bank, claiming that it had placed an order for two lakh copies of Mr. Subramanian's book 'India@100' at a cost of ₹7.25 crore and an advance payment of ₹3.5 crore was made. 'These books were meant to be distributed through zonal and regional offices of the Union Bank of India to its depositors, schools, colleges and libraries. Each of the bank's 18 zonal offices were meant to receive 10,525 copies. After making the advance payment, the regional offices were asked to incur the rest of the cost under their miscellaneous expenditure,' Ms. Shrinate said. The Congress spokesperson asked if the Union Bank of India had obtained prior approval from its board of directors or the Department of Financial Services and asked if the Union Finance Ministry investigated whether the transaction constituted a conflict of interest or not, given Mr. Subramanian's previous role as CEA.
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Business Standard
06-05-2025
- Business
- Business Standard
Union Bank of India admits lapses in book purchase, says probe underway
Union Bank of India has acknowledged lapses in procuring India@100 by K V Subramanian, prompting an internal probe, though it says no material financial impact has emerged Abhijit Lele Asit Ranjan Mishra Mumbai/Delhi Listen to This Article State-run Union Bank of India on Tuesday acknowledged lapses in the procurement of the book India@100, authored by former chief economic advisor Krishnamurthy Subramanian, and said it was examining the matter. In a stock exchange notification, the bank said the incident does not have any material impact on the bank's operations or financials at this stage. Last week, the central government terminated Subramanian's services as executive director of the International Monetary Fund (IMF), six months ahead of the end of his three-year tenure. The IMF said the termination of Subramanian's services was a decision taken by the Indian government.
