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Allahabad Bank CEO appointment process to commence soon

India's Finance Ministry has asked the Banks Board Bureau to shortlist candidates for the vacant CEO and managing director post at state-run Allahabad Bank, Press Trust of India reported May 22, citing an unnamed official of the ministry.

The report came after Allahabad Bank relieved CEO and Managing Director Usha Ananthasubramanian of her duties, effective May 14. Earlier, Ananthasubramanian was charged by the country's Central Bureau of Investigation for her alleged involvement in the US$2 billion fraud at Punjab National Bank. She served as managing director and CEO of Punjab National Bank from 2015 to 2017.