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Allahabad Bank said May 15 that Usha Ananthasubramanian was relieved of her duties as managing director and CEO, effective May 14.
The move follows a directive from the Indian government released after the country's Central Bureau of Investigation named Ananthasubramanian in the US$2 billion fraud at Punjab National Bank, The Economic Times reported May 15. She headed Punjab National Bank from August 2015 to May 2017.