Usha Ananthasubramanian is a former

managing director A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

and

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

of the now defunct

Allahabad Bank Allahabad Bank was an Indian nationalised bank with its headquarters in Kolkata, India. Founded in Allahabad in 1865 and nationalized by the government of India in 1969, the bank provided banking and financial services for 155 years until it wa ...

Education and early career

Ananthasubramanian holds a master's degree in statistics from the

University of Madras The University of Madras is a public university, public State university (India), state university in Chennai (Madras), Tamil Nadu, India. Established in 1857, it is one of the oldest and most prominent universities in India, incorporated by an ...

and a master's degree in Ancient Indian culture from

University of Mumbai University of Mumbai is a public state university in Mumbai. It is one of the largest university systems in the world with over 549,000 students on its campuses and affiliated colleges. , the university had 711 affiliated colleges. It was est ...

Her background in statistics helped her get her first job as a specialist in the actuarial department with

Life Insurance Corporation The Life Insurance Corporation of India (LIC) is an Indian public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management wo ...

(LIC), while her understanding of Ancient Indian Culture gave her a deeper insight into understanding risk. She was charged by the CBI for the

Nirav Modi Nirav Deepak Modi (born 27 February 1971) is an Indian-born Belgian fugitive who was charged by Interpol and the Government of India for criminal conspiracy, criminal breach of trust, cheating and dishonesty including delivery of property, corr ...

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 Bank of Baroda (BOB or BoB) is an Public sector banks in India, Indian government Public sector bank headquartered in Vadodara, Gujarat. It is the third largest Public sector banks in India, public sector bank in India after State Bank of India ...

as a specialist officer in its planning stream. Prior to joining Bhartiya Mahila Bank, Ananthasubramanian worked at

Punjab National Bank Punjab National Bank alias PNB is an Public sector banks in India, Indian government bank based in New Delhi. It was founded in May 1894 and is the List of banks in India, second-largest public sector bank in India in terms of its business volum ...

. She served as MD of Punjab National Bank between August 2015 and May 2017. Prior to that, she served as CEO of Allahabad Bank. Ananthasubramanian was ranked the 19th Most Powerful Woman in business by Fortune India First women CHAIRMAN of IBA

Punjab National Bank Scam

Ananthasubramanian was named in CBI chargesheet in association with

Punjab National Bank Scam The Punjab National Bank Fraud Case relates to fraudulent letter of undertaking worth (US$1.4 billion) issued by the Punjab National Bank at its Brady House branch in Fort, Mumbai; making Punjab National Bank liable for the amount. The fraud ...

, relating to fraudulent Letters of Undertaking issued to

. 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.

References

{{DEFAULTSORT:Ananthasubramanian, Usha 1960 births Living people Indian women bankers Indian chairpersons of corporations Indian women chief executives Indian chief executives University of Madras alumni University of Mumbai alumni Businesspeople from Prayagraj Businesswomen from Uttar Pradesh Punjab National Bank

Education and early career

Career in banking

Punjab National Bank Scam

See also

References