Usha Ananthasubramanian
Usha Ananthasubramanian | |
|---|---|
| Occupation | Banker |
| Years active | 1982–2018 |
| Known for | Former managing director and CEO of Allahabad Bank; first female chairman of Indian Banks' Association |
Usha Ananthasubramanian previously held the positions of managing director and chief executive officer at the now-closed Allahabad Bank.
Education and early career
Ananthasubramanian earned master's degrees in statistics from the University of Madras and in Ancient Indian culture from the University of Mumbai. Her statistical knowledge facilitated her initial appointment as an actuarial specialist at Life Insurance Corporation (LIC), while her background in cultural studies contributed to her proficiency in risk evaluation. During her time at Punjab National Bank, she was implicated by the CBI in connection with the Nirav Modi fraud investigation.
Career in banking
Starting her banking profession in February 1982, Ananthasubramanian joined the Bank of Baroda as a planning specialist officer. She served as managing director of Punjab National Bank from August 2015 until May 2017, prior to which she was CEO of Allahabad Bank. Subsequently, she took on a role at Bhartiya Mahila Bank.
Fortune India ranked her as the 19th Most Powerful Woman in business, and she made history as the first female chairman of the Indian Banks' Association (IBA).
Punjab National Bank Scam
In relation to the Punjab National Bank Scam, Ananthasubramanian was named in the CBI’s chargesheet concerning fraudulent Letters of Undertaking issued to Nirav Modi. The investigation asserts that senior PNB officials, under Ananthasubramanian’s leadership as CEO, neglected to address RBI advisories regarding weaknesses in system controls, which facilitated the $2-billion fraud. The RBI had instructed banks to acknowledge such cautionary notices and report incidents or submit NIL reports if none existed. However, PNB did not comply until February 2018 when the fraud was detected. At that time, Ananthasubramanian held the position of MD at PNB when these warnings were issued.
On 20 August 2018, a Special CBI court in Mumbai granted bail to Usha Ananthasubramanian on a surety bond of Rs 1 lakh. The government had terminated her employment with immediate effect a week prior, coinciding with her final working day.