Calling it “invaluable”, Union Bank purchased copies of India@100 to distribute to customers, corporates, schools and libraries

Union Bank of India decided to buy 200,000 copies of the book India@100 by former chief economic adviser Krishnamurthy Subramanian and the former executive director of India to the International Monetary Fund to understand the reforms outlined by the book, prospects of the economy and look at future business opportunities.

“The book effortlessly ignites the reader’s imagination and inspires a collective drive towards a future where India emerges as a dominant economic force. This is an invaluable book anyone interested in the rise of the Indian economy,” said an internal memo of Union Bank in late July 2024 for the procurement of the book India@100.

The book is currently under a storm in the backdrop of the government’s decision to terminate Subramanian’s tenure as executive director of the IMF, just six months before his term was to come to an end amidst alleged improprieties surrounding the sale of the book. According to sources, Union Bank is the only lender where this issue has cropped up for now, although details have been sought from other banks as well.

Union Bank is understood to have purchased 189,450 paperback copies of the book at Rs 100 each and another 10,422 hardcover copies of the book at Rs 597 each, which came in at a total Rs 7.25 crore.

The bank highlighted that reforms are expected in the banking sector, for manufacturing sector to be able to grow by taking credit and investing. “As an effort to tap future business opportunities, it is desired by Top Management to distribute copies of the hard cover book ‘India@100’ among the customers/corporates PAN India,” it said in the memo.

The book was purchased by the bank to be distributed amongst customers, local schools, colleges and libraries. The books were distributed at 18 zonal offices of the banks, which were expected to distribute them further.

Business Today has sent an email to Union Bank on the issue.

Meanwhile, All India Union Bank Employees’ Association has also written to A Manimekhalai, managing Director and CEO, Union Bank of India demanding an investigation into the expenditure for purchase of the book.

“Please note that our Association from time to time has been raising concerns over Bank wastefully spending its hard-earned profits on various items and avenues and we have been requesting the Bank to not only exercise constraints but also to review such spending to ascertain the need and the benefits reaped out of the same. Even the purchase of the book for large quantities was also raised by us,” it underlined in the letter.

The association has asked that the bank should fix the responsibility for the purchase of the books and what benefits accrued from the purchase of such high number of copies.