Allahabad Bank CEO named in scam

The Managing Director and Chief Executive Officer of Allahabad Bank was divested if her powers after she was named in the first information report filed by the CBI in the Rs 13,800/ crore scam that defrauded Punjab National Bank. She is due to retire in August this year. She held the post of Managing Director of PNB from August 2015 to May 2017.

The Board has decided to take away her powers and requested the Finance Ministry for a replacement.The CBI has also charge sheeted two executive directors of PNB, K.V.Brahmaji Rao and Sanjiv Sharan.Their portfolios have also been divested.