Latest news with #India@100:EnvisioningTomorrow'sEconomicPowerhouse
Economic Times
07-05-2025
- Business
- Economic Times
Book deal drama may end CEO's Union Bank chapter
The MD & CEO of state-run Union Bank of India, A Manimekhalai, will not be given an extension when her term ends early June following misgovernance allegations raised by the lender's board members, multiple people with knowledge of the matter told ET. ADVERTISEMENT What shortened the odds on her exit was a deal struck by Union Bank with Rupa Publications to purchase a large number of copies of a book authored by Krishnamurthy V Subramanian, India's former executive director at the International Monetary Fund (IMF), without the board's authorisation. CEO Did Not Seek Extension ET reported Tuesday that the bank purchased nearly 200,000 copies of India@100: Envisioning Tomorrow's Economic Powerhouse for Rs 7.25 crore to distribute the copies of the title to the bank's customers, local schools and college libraries. In a notice to the stock exchanges Tuesday, the lender confirmed ET's Monday newsbreak. "The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank," the lender told the stock Saturday, the government recalled Subramanian after the Appointments Committee of the Cabinet "terminated" his services as the IMF's executive director (India), six months before his three-year term was set to conclude. One of the reasons cited for his recall pertained to alleged improprieties around the promotion of his books. ADVERTISEMENT Manimekhalai will complete her three-year term at the bank on June 30, and she is otherwise eligible for an extension since she would superannuate only in March 2026. Board Objections However, the deal to procure these copies of the book and objections raised by the board thereafter dented her extension bid, said the people privy to the development. The bank has since made the full Rs 7.25 crore in payments to Rupa Publications and copies of the book have been delivered to the zonal offices of the bank across India. ADVERTISEMENT A series of developments between December 2024 and April put the spotlight on the role of the MD & CEO. During this period, the board questioned the authority of a general manager to place the order of such a large sum, appointed an independent consulting firm, and eventually, the general manager was suspended. Subsequently, in April, Manimekhalai wrote to the ministry that she does not want an extension and the necessary clearances from the Central Vigilance Commission (CVC), sources cited above said. (You can now subscribe to our Economic Times WhatsApp channel)
Time of India
07-05-2025
- Business
- Time of India
Book Deal Drama may End CEO's Union Bank Chapter
The MD & CEO of state-run Union Bank of India A Manimekhalai , will not be given an extension when her term ends early June following misgovernance allegations raised by the lender's board members, multiple people with knowledge of the matter told shortened the odds on her exit was a deal struck by Union Bank with Rupa Publications to purchase a large number of copies of a book authored by Krishnamurthy V Subramanian , India's former executive director at the International Monetary Fund ( IMF ), without the board's reported Tuesday that the bank purchased nearly 200,000 copies of India@100: Envisioning Tomorrow's Economic Powerhouse for Rs 7.25 crore to distribute the copies of the title to the bank's customers, local schools and college a notice to the stock exchanges Tuesday, the lender confirmed ET's Monday newsbreak. 'The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank,' the lender told the stock Saturday, the government recalled Subramanian after the Appointments Committee of the Cabinet 'terminated' his services as the IMF's executive director (India), six months before his three-year term was set to conclude. One of the reasons cited for his recall pertained to alleged improprieties around the promotion of his will complete her three-year term at the bank on June 30, and she is otherwise eligible for an extension since she would superannuate only in March the deal to procure these copies of the book and objections raised by the board thereafter dented her extension bid, said the people privy to the development. The bank has since made the full Rs 7.25 crore in payments to Rupa Publications and copies of the book have been delivered to the zonal offices of the bank across India.A series of developments between December 2024 and April put the spotlight on the role of the MD & CEO. During this period, the board questioned the authority of a general manager to place the order of such a large sum, appointed an independent consulting firm, and eventually, the general manager was in April, Manimekhalai wrote to the ministry that she does not want an extension and the necessary clearances from the Central Vigilance Commission (CVC), sources cited above bought nearly 200K copies of India@100: Envisioning Tomorrow's Economic Powerhouse. Has made entire payment of Rs 7.25 cr to Rupa bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank
Indian Express
07-05-2025
- Business
- Indian Express
Ex-CEA book: Union Bank admits lapses; publisher got over Rs 3 crore
Union Bank of India is understood to have paid 50 per cent in advance to Rupa Publications for a bulk order worth around Rs 7 crore for 2 lakh copies of former Chief Economic Advisor Krishnamurthy V Subramanian's book 'India@100: Envisioning Tomorrow's Economic Powerhouse' — a contentious purchase that has raised questions of propriety, The Indian Express has learnt. On Tuesday, the bank acknowledged 'lapses' in the purchase, and said it was examining the issue, even as its shares plummeted by 6.18 per cent to Rs 118.35 on the BSE. In a filing to exchanges, the bank said that it 'has made the said procurement'. 'However, there were certain lapses in the procurement, which are being examined by the bank,' it said. The Indian Express had first reported Sunday that one of the key reasons for Subramanian's recall last month by the Government as the International Monetary Fund's Executive Director, on its behalf, was an 'alleged impropriety' related to the promotion of this book. Subramanian did not respond to requests for comment from The Indian Express. It is understood that apart from the bank's bulk purchase, the publishers may have also received other, smaller bulk orders for Subramanian's book. Industry sources said these orders were private and institutional in nature and 'nowhere close' in scale to the bank's order. When contacted by The Indian Express, Rupa Publications said they had no comment on the purchase by the PSU bank. In publishing circles, Union Bank of India's order is being seen as a 'fantastical' deal, although The Indian Express has learnt that seven months on, the publishers are yet to be paid the remaining 50 per cent for the bulk order. It is learnt that the publishers had 'executed' the order within a month of receiving it — around September last year. The order is understood to have been sent to the publishing house through an email from the bank. Subsequently, it is learnt, several reminders for dues have been sent by the publishers to the bank's top management in New Delhi. The Indian Express had reported Sunday that Subramanian was recalled six months before the end of his three-year term at the International Monetary Fund. Apart from concerns over the book, this newspaper had reported that there were reports of alleged violation of some 'internal IMF protocols'. All IMF member-countries are represented on its Executive Board, which discusses the national, regional, and global consequences of each member's economic policies — and approves financing to help member-countries address temporary balance of payments problems, as well as overseeing the IMF's capacity development efforts. Sources told The Indian Express it was through two separate internal office letters dated June 28, 2024, and July 29, 2024, that Union Bank of India's Support Service Department (SSD) informed zonal heads about the 'top management's' desire to distribute copies of the book among customers and corporates. 'A new book envisioning tomorrow's economic powerhouse is thought provoking, illuminating and a hopeful book that shines a light on India's potential as a global leader. It is desired by top management to procure and distribute the copies of this (India@100) book among customers, local schools, colleges, library, etc,' the bank said in the letters. The letters were sent by SSD General Manager Girija Mishra, following an order from the bank's MD & CEO, sources said. Union Bank of India's Managing Director and MD & CEO A Manimekhalai and Executive Director Nitesh Ranjan did not respond to requests for comment from The Indian Express. According to the June letter, Rupa Publications has offered a price of Rs 350 per book for the student edition. This letter directed each zonal office to procure 10,525 student edition copies of the book at Rs 350 per piece. Both the letters informed all zonal heads that for early delivery of the book, the bank will make 50 per cent advance payment to the publisher through a revenue budget available under 'Miscellaneous Head'. The July letter stated that Rupa Publications was offering a discounted price of Rs 597 per book for the hardcover edition — it asked zonal offices to procure 10,422 hardcover editions. According to banking sector experts, banks do not purchase books in 'such huge quantities', even for distribution to customers. Meanwhile, Union Bank of India's employees' association has also questioned the decision to purchase Subramanian's book in such a large quantity. '…it has become the responsibility of the Bank to ascertain how far the authority who has approved the expenditure for purchase of books has colluded in promoting the alleged impropriety to damage the Bank and its image,' All India Union Bank Employees' Association General Secretary N Shankar wrote in a letter, dated May 4, to CEO Manimekhalai. The union also asked the bank to disclose the benefits it achieved from spending a huge sum in purchasing and distributing Subramanian's book.
Time of India
06-05-2025
- Business
- Time of India
Congress asks FM to come clean on UBI's bulk order of Ex-CEA's book
Tired of too many ads? Remove Ads The Congress on Tuesday asked Union finance minister Nirmala Sitharaman to "come clean" on the issue of the Union Bank of India placing an order for two lakh copies of former chief economic advisor Krishnamurthy V Subramanian 's book 'India@100:Envisioning Tomorrow's Economic Powerhouse' at a whopping cost of ₹7.25 a "conflict of interest" in the incident, the Opposition party alleged the government has been allowing Subramanian's many questionable actions due to his all-out support to the "flawed economic policy " and claimed his service as India's nominee executive director at the IMF was prematurely terminated because of this "embarrassing" book ET reported the Union Bank of India 's bulk order of former CEA's book, Congress spokesperson Supriya Shrinate raised the matter at a press conference and asked whether it was not true that the Union Bank of India obtained prior approval from its board of directors or the Department of Financial Services for spending on Subramanian's book. "Has finance ministry evaluated whether this expenditure adheres to the fiduciary responsibilities of a public sector bank ? Has the finance ministry investigated whether the transaction constitutes a conflict of interest, given Krishnamurthy Subramanian's previous role as CEA and his proximity to key government figures? Further, it is alleged that the MD & CEO of Union Bank of India, Ms Manimekhalai, who is due for an extension in June 2025, has facilitated the royalty payments from this purchase as an indirect bribe to lobby for her does the ministry address these allegations...? Will finance minister Nirmala Sitharaman come clean on this transaction?" she asked.
Time of India
06-05-2025
- Business
- Time of India
Union Bank probing lapses in procurement of Subramanian's book worth Rs 7.25 crore
5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by Live Events State-owned Union Bank of India on Tuesday said it is examining lapses in the procurement of about 2 lakh books of former IMF Executive Director K V Subramanian valued at about Rs 7.25 crore. It is to be noted the government had terminated the services of Subramanian who was representing India, Bangladesh Sri Lanka and Nepal as ED at the International Monetary Fund with effect from April 30, 2025, six months ahead of his three-year tenure. Union Bank of India in a regulatory filing said that it has started examining the lapses in the bulk procurement of the book titled 'India@100: Envisioning Tomorrow's Economic Powerhouse'."The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank," Union Bank India said in a regulatory Congress on Tuesday claimed the government suddenly terminated Subramanian's position due to "impropriety", and raised questions of "wastage of public money" over the Union Bank of India allegedly placing an order for two lakh copies of his opposition party also alleged the cost of this "blatant propaganda" was borne by the public exchequer and being done because Subramanian justified every economic blunder and flawed policy of the internal documents of the public sector Union Bank of India, Congress spokesperson Supriya Shrinate claimed these books were meant to be distributed through zonal and regional offices of the Union Bank of India to its deposits to schools, colleges and of the bank's 18 zonal offices were meant to receive 10,525 copies, she alleged."But it now seems that hard evidence has left the government embarrassed and forced his premature removal from the post of India's executive director at the IMF, six months before the completion of his three-year term," she to sources, concerns were raised over an "alleged impropriety" relating to the promotion and publicity of Subramanian's latest is also alleged that Subramanian used his official position to pressurise some institutions to purchase his was appointed as the executive director (India) at the IMF with effect from November 1, 2022 for a period of three years. Prior to this, he served as the chief economic adviser to the executive board of the IMF is composed of 25 directors (executive directors or EDs) elected by the member countries or groups of countries.
