Latest news with #KVSubramanian
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.
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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.
The Print
06-05-2025
- Business
- The Print
Indian govt decided to terminate services of Subramanian: IMF
'The appointment and termination of any member of the Executive Board is a decision for member countries to make. The termination of ED Subramanian is a decision by the Government of India. We wish him well in his future endeavours and look forward to working with his successor,' IMF spokesperson said when reached out for comments. Government of India has terminated services of Subramanian six months ahead of his three-year tenure. The termination was effective April 30, 2025. However, reasons for Subramanian's exit have not been officially announced. New Delhi, May 5 (PTI) The International Monetary Fund on Monday said that the termination of services of Executive Director K V Subramanian was a decision taken by the Indian government. According to sources, concerns were raised over an 'alleged impropriety' relating to the promotion and publicity of his latest book, 'India@100: Envisioning Tomorrow's Economic Powerhouse'. It is also alleged that Subramanian used his official position to pressurise some institutions to purchase his book. Subramanian 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 government. The executive board of the IMF is composed of 25 directors (executive directors or EDs) elected by the member countries or groups of countries. India is in a four-country constituency, along with Bangladesh, Sri Lanka and Bhutan as members. PTI DP HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
06-05-2025
- Business
- Time of India
Subramanian's position as India's executive director at IMF terminated due to impropriety: Congress
Live Events The Congress on Tuesday claimed the government suddenly terminated KV Subramanian 's position as India's executive director at the IMF 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 book. The 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 was no immediate reaction from the government, Subramanian or the Union Bank of India on the a press conference, Congress spokesperson Supriya Shrinate said the Modi government suddenly terminated Subramanian's position as India's executive director at the International Monetary Fund (IMF) two days ago with only six months left in his tenure."The government has so far given no reason for this abrupt and rare sacking. He is the same KV Subramanian who was the chief economic advisor and who had during Covid, when the economy had shrunk by over 24 per cent, predicted a V-shaped recovery ... One that never happened," she internal documents of the public sector Union Bank of India, she claimed they brought to light the bank placed an order for two lakh copies of Subramanian's book "India@100" at a cost of Rs 7.25 crore. Of this, Rs 3.5 crore was paid in advance."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 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," Shrinate said."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," the Congress leader episode raises several key questions of "wastage of public money" and "gross impropriety", she questions to the government, Shrinate asked if it was true that Union Bank of India obtained prior approval from its board of directors or the Department of Financial Services for spending crores or rupees on the bulk purchase of books authored by Subramanian."What is the intended purpose of distributing these books, and how does this expenditure align with the bank's obligations to prudently utilise public funds? Has Modi government's finance ministry evaluated whether this expenditure adheres to the fiduciary responsibilities of a public sector bank towards its depositors and taxpayers?" she also asked if the Union finance Ministry investigated whether the transaction constituted a conflict of interest or not, given Subramanian's previous role as chief economic advisor and his proximity to key government is also alleged that the MD and CEO of Union Bank of India, Manimekhalai, who is due for an extension in June, facilitated the royalty payments from this purchase as an "indirect bribe" to lobby for her extension, securing approval through none less than Prime Minister Modi, Shrinate said."How does the ministry address these allegations and ensure that no undue influence or misuse of public funds occurred?" she further asked if Union Finance Minister Nirmala Sitharaman would come clean on this also raised the issue of Pakistan asking for a loan of USD 1.3 billion from the IMF."Congress general secretary Jairam Ramesh was the first to raise this issue on April 29 and urged the Indian government to strongly oppose this. After this, there are reports that India asked the IMF to review Pakistan's loan and funding," Shrinate said."We hope India's demand will be accepted and Pakistan, which harbours terrorists and indulges in anti-India activities, will be denied this loan," she said.
Time of India
06-05-2025
- Business
- Time of India
Can Pakistan fight India on borrowed money?
Can Pakistan wage a loan-funded war? Live Events Pakistani economy risks slipping back to the edge (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel After the Pahalgam attack carried out by Pakistan-sponsored terrorists, the Pakistani military could be expecting a surgical strike from India like Balakot hit in 2019 but it is now staring at an entirely different challenge. India is squeezing its economy first. The suspension of the Indus Water Treaty (IWT), bilateral trade, and shipping and logistics operations in addition to the closure of Indian airspace to Pakistani airlines are all measures aimed at putting pressure on Pakistan's economy. With large-scale mobilisation of its defence forces, Pakistan is set to incur a lot of additional top of it all, India can make it difficult for Pakistan to get loans from multilateral agencies while many benefactors of Pakistan such as the UAE and Saudi Arabia which are friendly to India will be reluctant to bail it Pakistan is dependent on external loans after an IMF bailout in 2023 brought it back from the brink of could oppose a proposed $1.3-billion International Monetary Fund (IMF) loan to Pakistan at the upcoming board meeting of the multilateral institution on May 9, people familiar with the discussions had told ET a week ago."There is a view that support to terror by the neighbouring nation be flagged at the board meeting when the loan is taken up," one of the persons had told ET. The IMF board will on May 9 discuss a new $1.3-billion arrangement for Pakistan under its climate resilience loan programme. It will also conduct a review of the ongoing $7-billion bailout package, including progress with the policy milestones. New Delhi had earlier abstained from voting on the bailout package given to its neighbour to support its wobbly economy. This time, New Delhi could vote against IMF help to Pakistan, citing misuse of the funds and technical grounds, another person IMF and Pakistan had in July 2024 reached a deal for a $7-billion package under the extended fund facility. The programme required Pakistan to put in place sound policies and reforms to strengthen macroeconomic stability, address deep structural challenges, and create conditions for a stronger, more inclusive, and resilient growth. The $7 billion is being disbursed in tranches and the IMF board's nod is crucial for the release of the next tranche of $1 before the IMF Executive Board meets on May 9 to take a call on a new loan along with the first review of the ongoing $7 billion bailout package for Pakistan, India has made a new Iyer, Executive Director at the World Bank, has been temporarily entrusted with the responsibility of being India's nominee director on the board of IMF. Iyer's nomination was necessitated to fill a vacancy created with the termination of services of K V Subramanian as the executive director at the IMF, six months ahead of his three-year tenure. Iyer's appointment is said to be aimed at sharpening India's diplomatic efforts at the has been trying to prove to its lenders that it is improving its macroeconomic conditions. Pakistan says its $350 billion economy has stabilized under the $7 billion IMF bailout that had helped it stave off a default in Pakistan has been declining for several months, hitting low double digits in February, after it soared to around 40% in May 2023. Amid easing of inflation, Pakistan's central bank on Monday decided to cut the policy rate by 1 per cent, bringing it to 11 per central bank has been continuously slashing the policy rate and has so far reduced it by 1,000 basis points (bps) from 22 per cent since June 2024. The low inflation is primarily attributed to lower prices of key food staples such as wheat and its derivatives, onions, potatoes and certain pulses, as well as a cut in electricity and fuel charges."Over the past 18 months, Pakistan has made significant progress in restoring macroeconomic stability and rebuilding confidence despite a challenging global environment," the IMF had said in a statement in March. "While economic growth remains moderate, inflation has declined to its lowest level since 2015, financial conditions have improved, sovereign spreads have narrowed significantly, and external balances are stronger," the IMF said about the cost of extended border tensions with India, not to talk of a long-drawn conflict, might fritter away the economic gains Pakistan has made since it was pulled back from the brink of bankruptcy in escalation in tensions with India would likely weigh on Pakistan's growth and hamper the government's ongoing fiscal consolidation, setting back Pakistan's progress in achieving macroeconomic stability, according to a report by Moody's Ratings.A persistent increase in tensions could also impair Pakistan's access to external financing and pressure its foreign-exchange reserves, which remain well below what is required to meet its external debt payment needs for the next few years, the global rating agency warned. Pakistan's foreign-exchange reserves have barely surpassed $15 billion, while India's reserves exceed $688 suspension of the Indus Waters Treaty can result in severe reduction in Pakistan's water supply which will impact agricultural output, boosting inflation which Pakistan has brought back to low double digits from nearly 40% in 2023.(With inputs from agencies)
