Union Bank admits to lapses in procuring Subramanian's book

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.

- ABHIJIT LELE & RUCHIKA CHITRAVANSHI

In a stock exchange notification, the bank said the incident did 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.

Sources said the reasons for Subramanian's termination included alleged impropriety over the use of his position for promotion and publicity of his latest book India@100.

According to documents reviewed by Business Standard, an interoffice note from Union Bank to all zonal heads on June 28, 2024, titled "Procurement of