New Delhi: The Union Bank of India, a public sector lender, has come under the scanner for splurging Rs 7.25 crore to buy 2 lakh copies of former chief economic adviser Krishnamurthy V Subramanian’ book — India@100: Envisioning Tomorrow’s Economic Powerhouse’. The bank claimed that the book was meant for distribution to customers, corporates, schools, colleges, and libraries across India.
Subramanian’s recent early departure
The startling revelation comes amid Subramanian’s recent early departure from his role as India’s executive director at the International Monetary Fund (IMF), stepping down six months before his term was due to end. There is buzz that his IMF tenure ended due to alleged impropriety linked to the promotion of his book. The IMF has clarified that Subramanian’s early exit was solely a decision by the Indian government, distancing itself from the controversy surrounding his departure.
It is reported that the bank’s central office ordered 189,450 paperback copies at Rs 100 each and 10,422 hardcover copies at Rs 597 each — which totalled to Rs 7.25 crore. The bank has already paid 50 per cent of the total amount, with the purchase attracting scrutiny even before it was publicly disclosed last year. The rest of the payment was to be made by the respective regional offices through “revenue budget available under ‘miscellaneous’ head. The order was carried out through the bank’s 18 zonal offices, each assigned over 10,000 copies for further distribution.
AIBEA calls for probe
The whopping amount spent on the book orders has raised pertinent questions about the bank’s spending spree. The lender’s General Manager has been suspended, and the matter was taken up at a recent board meeting. The All India Bank Employees’ Association (AIBEA) has demanded an investigation into what it calls “wasteful expenditure” by Union Bank.
