Uma Subramaniam
Uma Subramaniam | |
|---|---|
| Occupation | Reserve Bank of India official |
| Known for | Involvement in 2003 Rs 20 lakh fraud case; roles as Regional Director RBI Bhopal, Chief General Manager DBS and DNBS Mumbai, Principal RBI Staff College Chennai, Vice Principal Bankers' Training College Mumbai |
Uma Subramaniam is an official of the Reserve Bank of India who became entangled in a notable Rs 20 lakh fraud case in December 2003, initiated by a deceptive caller posing as the then RBI Governor Y. V. Reddy.
Professional career
Throughout her lengthy service at the Reserve Bank, Subramaniam held prominent positions such as Regional Director of RBI Bhopal and Chief General Manager overseeing vital units like Banking Supervision (DBS) and Non-Banking Supervision (DNBS) in Mumbai. Her leadership extended to academia, where she served as Principal of the Reserve Bank of India Staff College in Chennai and Vice Principal at the Bankers' Training College in Mumbai. Recognized for her proficiency in regulatory matters, she was known for upholding high standards of integrity and ethics, which reportedly led to tensions with certain peers.
Scandal
On 18 December 2003, a significant fraud incident occurred when Uma Subramaniam, then Regional Director at Bhopal, received a call from an individual impersonating a relative of Governor Dr Y V Reddy, requesting Rs 20 lakh in cash. Without confirming the caller’s authenticity, she instructed staff to immediately withdraw the funds and personally handed over the cash to the fraudster. Despite the modest sum involved, this case marked an unprecedented event in Indian banking history. The true identity of the impostor remains undisclosed.
Subsequent controversy
After an internal investigation, Subramaniam was formally charged and demoted from Chief General Manager to General Manager due to serious negligence. Nevertheless, she later regained confidence from RBI’s senior leadership, was reinstated to her former rank, and entrusted with significant responsibilities including oversight of commercial banks and NBFCs. With support from then Deputy Governor Shyamala Gopinath, she earned a promotion in 2007 and was assigned to oversee fraud control within NBFCs, where she proved highly effective.
Important assignments
- Principal, Reserve Bank of India Staff College, Chennai
- Member Secretary, RBI's NBFC Rule Review Panel (March 2011)
- Vice Principal, Bankers' Training College, Mumbai