Usha Ananthasubramanian is the former
managing director
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
and
chief executive officer
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
of the
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 (informally known as Madras University) is a public university, public State university (India), state university in Chennai, Tamil Nadu, India. Established in 1857, it is one of the oldest and among the most prestigiou ...
and a master's degree in Ancient Indian culture from
University of Mumbai
The University of Mumbai is a collegiate university, collegiate, State university (India), state-owned, Public university, public research university in Mumbai.
The University of Mumbai is one of the largest universities in the world. , the un ...
Her background in statistics helped her get her first job as a specialist in the actuarial department with
Life Insurance Corporation
Life Insurance Corporation of India (LIC) is an Indian central public sector undertaking headquartered in Mumbai, Maharashtra, India. It is under the ownership of Ministry of Finance, Government of India.
The Life Insurance Corporation of In ...
(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 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 Indian public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India, with 132 million customers, a total business of US$218 billion, a ...
as a specialist officer in its planning stream.
Prior to joining
Bhartiya Mahila Bank, Ananthasubramanian worked at
Punjab National Bank
Punjab National Bank (abbreviated as PNB) is an Indian public sector bank headquartered in Delhi. The bank was founded in May 1894 and is the second largest government-owned bank in India, both in terms of its business volumes and its network ...
and was recognised in the following roles:
* 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 First women CHAIRMAN of IBA
Bhartiya Mahila Bank
With a banking career spanning over 31 years, Ananthasubramanian was nominated in 2013 as leader of the core management team constituted by the
Ministry of Finance (India)
The Ministry of Finance (IAST: ''Vitta Maṃtrālaya'') is a ministry within the Government of India concerned with the economy of India, serving as the Treasury of India. In particular, it concerns itself with taxation, financial legislation, ...
during
UPA rule for coordinating the process of establishment of the Women's Bank (
Bhartiya Mahila Bank)
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
Nirav Deepak Modi (born 27 February 1971) is a Belgian businessman and 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, ...
. 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.
See also
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