Usha Ananthasubramanian
Usha Ananthasubramanian | |
|---|---|
| Born | 1 October 1960 |
| Nationality | Indian |
| Alma mater | University of Madras, University of Mumbai |
| Occupation(s) | Former managing director and chief executive officer, Allahabad Bank and was dismissed from services by Government of India after her name appeared in the Punjab National bank scam |
Usha Ananthasubramanian is the former managing director and chief executive officer of the Allahabad Bank,[1]
Education and early career
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[2]
Her background in statistics helped her get her first job as a specialist in the actuarial department with Life Insurance Corporation (LIC), while her understanding of Ancient Indian Culture gave her a deeper insight into understanding risk.[3] She was charged by the CBI for the Nirav Modi fraud case during her tenure at PNB
Career in banking
Ananthasubramanian started her career in banking in February 1982, when she joined the Bank of Baroda as a specialist officer in its planning stream.[4]
Prior to joining Bhartiya Mahila Bank, Ananthasubramanian worked at Punjab National Bank and was recognised in the following roles:[5]
- Executive director
- Member of share transfer committee
- Member of audit committee
- Member of Committee of Directors to Review Disposal of Vigilance/ Non-Vigilance Disciplinary Action Cases
- Member of customer service committee
- Member of information technology committee
- Member of management committee
- Member of power of attorney committee
- Member of risk management committee
- Member of shareholders/investors grievance committee
- Member of special committee of board
She served as MD of Punjab National Bank between August 2015 and May 2017. Prior to that, she served as CEO of Allahabad Bank.
She was ranked the 19th Most Powerful Woman in business by Fortune India[6] First women CHAIRMAN of IBA
Bhartiya Mahila Bank
With a banking career spanning over 31 years, Ananthasubramanian was nominated as leader of the core management team constituted by the Ministry of Finance (India) for coordinating the process of establishment of the Women's Bank (Bhartiya Mahila Bank) [1]
Punjab National Bank Scam
Ananthasubramanian was named in CBI chargesheet in association with Punjab National Bank Scam, relating to fraudulent Letters of Undertaking issued to Nirav Modi.[7] CBI alleges that key PNB bank officials, led by then CEO Ananthasubramanian, failed to initiate steps that could have prevented the $2-billion fraud at the lender after the banking watchdog RBI had red-flagged likely gaps in systems controls. It adds that the RBI had instructed that while acknowledging the Caution Advice, they should report the occurrence of such incidents at their banks. If no such incident was observed, a NIL statement should be furnished. RBI revealed that PNB, had not responded to the said caution advice until February 2018, when the fraud came to light. Ananthasubramanian was the MD of PNB when the caution advice was issued.
On 20 August 2018, Usha Ananthasubramanian was granted bail on a surety bond of Rs 1 lakhs by Special CBI court in Mumbai. A week earlier, the government had dismissed Usha on the last day of her work. She was dismissed with immediate effect. [8]
See also
References
- ^ a b "Usha Ananthasubramanian appointed chairperson of Bharatiya Mahila Bank – NDTVProfit.com". Profit.ndtv.com. 10 November 2013. Retrieved 20 November 2013.
- ^ [1][dead link]
- ^ "Women at Work: Usha Ananthasubramanian – India Real Time – WSJ". Blogs.wsj.com. 3 September 2013. Retrieved 20 November 2013.
- ^ "Usha Ananthasubramanian appointed CMD of Bharatiya Mahila Bank – Business Today". Businesstoday.intoday.in. 12 November 2013. Retrieved 20 November 2013.
- ^ Usha Ananthasubramanian. "Usha Ananthasubramanian: Executive Profile & Biography – Businessweek". Investing.businessweek.com. Retrieved 20 November 2013.
- ^ By T. Surendar. "India's Most Powerful Business Women in 2016". Fortune India. Retrieved 23 November 2017.
- ^ "Former MD of PNB was aware of Nirav Modi fraud, says CBI". Economic Times. Retrieved 24 November 2018.
- ^ "Usha Ananthasubramanian, CEO of Allahabad Bank Granted Bail by CBI Court in Nirav Modi Fraud Case". Yahoo News. Retrieved 20 August 2018.