Nearly three months after Allahabad Bank divested its MD & CEO Usha Ananthasubramanian from all functional responsibilities, the government today dismissed her from service, according to an official notification. Ananthasubramanian is the former CEO & managing director of scam hit Punjab National Bank.
Ananthasubramanian was named in a CBI charge-sheet in the Rs 14,000 crore PNB fraud case but had continued to be an employee of the bank. She was to superannuate today but has been dismissed from the service.
The government has also given permission to the CBI to prosecute Ananthasubramanian and Sanjiv Sharan, former executive director of the PNB, media reports said.
Ananthasubramanian, who completed her one year as the CEO & MD of Allahabad Bank on May 6, served as the Managing Director & Chief Executive Officer of Punjab National Bank from August 2015 to May 2017. In an earlier stint, Ananthasubramanian also served as the Executive Director of Punjab National Bank from July 2011 to November 2013.
During her long career spanning about 34 years, Ananthasubramanian has also worked as the CMD of erstwhile Bharatiya Mahila Bank. She was head of the core management team constituted by the Ministry of Finance for coordinating the process of formation of a women-centric bank.
Early this year, Ananthasubramanian became the first woman to be elected as the chairman of the Indian Banks' Association, the 71-year old industry body for banks.
Usha Ananthasubramanian holds a Master's Degree in Statistics from the University of Madras and a Master's Degree in Ancient Indian Culture from University of Mumbai. She began her banking carrier with Bank of Baroda, where she worked as a Specialist Officer in February 1982. Ananthasubramanian was closely associated with the transformation project of Bank of Baroda including rebranding and innovative HR initiatives.
Ananthasubramanian served as the Chairman of the Board of Punjab National Bank (International) Limited from January 11, 2016 to May 5, 2017 and PNB Housing Finance Limited from August 26, 2015 to May 5, 2017. She served as the Chairperson at PNB Gilts Ltd. from September 24, 2015 to May 5, 2017. She has also served as a Director of Export-Import Bank of India since November 27, 2015 until May 24, 2017.