Daily Trends Now
Daily Trends Now


Allahabad Bank CEO divested of her portfolio

Allahabad Bank CEO divested of her portfolio

The agency also named PNB Executive Directors K.V. Brahmaji Rao and Sanjiv Sharan, and General Managers Nehal Ahad (who dealt in worldwide operations) and Rajesh Jindal in its chargesheet filed in a special CBI court here.

".the board of directors of the bank in its meeting decided that Usha Ananthasubramanian, MD & CEO be divested of all functional responsibilities of the bank with immediate effect.", Allahabad Bank said in a regulatory filing.

PNB executive directors Brahmaji Rao and Sanji Saran, and general manager Nehal Ahad will also be charged.

The CBI filed the charge sheet for alleged criminal conspiracy, cheating, forgery and provisions of Prevention of Corruption Act.

The move comes after Ms. AnanthaSubramanian was named in the CBI chargesheet, along with 21 others in the Nirav Modi scam.

NEW DELHI: Allahabad Bank will hold its board meeting on Tuesday after the Finance Ministry's direction to take away all the powers of its MD and CEO Usha Ananthasubramanian. Vipul Ambani, CFO of Firestar International, the flagship of Nirav Modi's global business, was allegedly aware of the illegalities and kept all the related documents with him.

PNB, which raised 50 billion rupees from a share sale in December and has received almost 55 billion rupees from the government as part of a $32 billion bank recapitalisation programme, has said it is adequately capitalised for now.




India's Punjab National Bank (PNB) is all set to announce its fourth quarter results today.

When asked about action against two MDs named in the FIR related to loans given to Aircel by IDBI Bank, he said, "I would like to make it clear that you can not take action only on hearsay".

Both Norav Modi and Choksi had left the country before PNB filed the complaint with the CBI.

The scam, which reportedly began in 2011, was detected in the third week of January this year, after which the PNB officials reported it to the concerned agencies.

PNB had reported a Rs 143.5 billion fraud in January, wherein a few of its employees had issued letters of undertaking, in collaboration of Nirav and Mehul firms, in an unauthorised manner. The amount of Rs 6,498.2 crore is one part of the bigger $2-billion fraud.

The financial services secretary said a show cause notice was issued to them about 10 days ago by the ministry.

The chargesheet says that Nirav Modi, Nishal, and other public and private persons conspired for the issuance of fraudulent LoUs in favour of the three firms (named in the chargesheet) without any sanctioned limit, cash margin and making entries in the Core Banking Solution (CBS) system.

follow

editors' picks

May 15, 2018
Spike Lee Slams Donald Trump For Not Denouncing The Klan
Talking about the death of Heyer, Lee called it, "It's an ugly, ugly, ugly blemish on the United States of America". The first official trailer has been released for the new film from visionary filmmaker Spike Lee . "Mrs.

May 13, 2018
Donnelly Becomes Second Democrat to Support Gina Haspel to Lead the Central Intelligence Agency
Rand Paul, R-Ky., and John McCain , R-Ariz., are the only Republicans opposing Haspel's nomination. However, she said she would never bring back such programmes even if directly ordered by Trump.

May 12, 2018
Google Assistant New Features Include Good Manners
Google showed off the prototypes and finished smart displays at I/O, but Sony's version of the product isn't here. Updates are easily the biggest problem facing the Android ecosystem, and Google is working hard to fix that .

May 12, 2018
Pompeo promises N. Korea future 'brimming with prosperity' if it denuclearizes
He said he had had good conversations with Kim, who he found to be a focused and rational interlocutor. By doing so, they said, Washington is "prepared to work with Pyongyang to achieve prosperity".

May 11, 2018
Facebook Is Blocking Foreign Ads Relating to Ireland's Abortion Referendum
Both companies claimed they are concerned about foreign groups influencing the election through ads on their platforms. This will not limit or omit any content found in Google searches and will focus on the ads.

May 10, 2018
Outsiders, Revolutions, and the Same Old Faces in Tuesday's Big Primaries
Blankenship said McConnell has created jobs for "China people" and that his "China family" has given him millions of dollars. Blankenship is a former coal executive who spent time in prison in 2010 following a mine explosion that killed 29 miners.

May 10, 2018
Microsoft Patches Two Zero-Day Flaws this Month
The patch addresses the.NET framework issue in Windows 10 through to Windows 7 and Windows Server 2016 to Windows Server 2012. Adobe also issued a patch for CVE-2018-4944 , which allows for arbitrary code execution (at user level) if exploited.

May 09, 2018
Cannes 2018: A No-Nonsense Cate Blanchett Fields Tough Questions
He also regretted not being able to programme Alfonso Cuaron's film " Roma ", about the director's growing-up years in Mexico.

May 09, 2018
IPhone X camera issues might be affecting Face ID
One of these components is a Dot Projector that projects more than 30,000 invisible dots onto your face to map its structure. The kind of link that exists between the iPhone X's rear camera and the front-facing TrueDepth system isn't entirely clear.

May 08, 2018
Melania Trump to announce formal platform
Her choice was ridiculed nearly immediately, given her husband's longtime habit of calling people names on Twitter, but Mrs. From challenges facing children to the opiod epidemic, a look at First Lady Melania Trump's policy agenda.