PNB executive director Rao meets DFS Secretary

New Delhi, May 16 (PTI) PNB executive director K V Brahmaiji Rao, who has been divested of powers, today called on Financial Services Secretary Rajiv Kumar to explain his position with regards to the

New Delhi, May 16 (PTI) PNB executive director K V Brahmaiji Rao, who has been divested of powers, today called on Financial Services Secretary Rajiv Kumar to explain his position with regards to the CBI chargesheet naming him in the Nirav Modi fraud case.

Sources said PNB’s executive director Rao today met Secretary Kumar and explained his position.

The CBI on Monday filled a chargesheet in the Punjab National Bank’s USD 2 billion fraud case in a Mumbai court naming Rao, another executive director Sanjiv Sharan and the bank’s former MD Usha Ananthasubramanian in the scam.

Following the development, the Finance Ministry asked the PNB board to strip two executive directors of all functional powers. The PNB board met the same day and divested the two executive directors of all financial and executive powers.

The ministry had also asked Allahabad Bank to take similar action against its CEO and MD Usha Ananthasubramanian. The bank’s board yesterday divested her of all powers.

Meanwhile, sources said Ananthasubramanian did not attend office today.

This is published unedited from the PTI feed.