Union Bank probes lapses in procurement of Subramanian’s book costing Rs.7.25 cr. Bank MD Manimekhalai‘s role under scanner

Union Bank admits ordering 2 lakh copies of KV Subramanian’s book, flags procurement ‘lapses’

State-owned Union Bank of India on Tuesday said it is examining lapses in the procurement of about 2 lakh books of former IMF Executive Director K V Subramanian, valued at about Rs.7.25 crore. The government is expected to order a CBI probe on the grave misuse of bank funds, and Bank MD and CEO A Manimekhalai’s role in this Rs.7.25 crore bulk purchase is under the scanner.

Though a General Manager level office is suspended to avoid the controversial book purchase, in the coming days government is expected to order a CBI probe, and MD Manimekhalai’s role is expected to be probed. The government had terminated the services of Subramanian, who was representing India, Bangladesh, Sri Lanka, and Nepal as ED at the International Monetary Fund with effect from April 30, 2025, six months ahead of his three-year tenure.

Union Bank of India, in a regulatory filing, said that it has started examining the lapses in the bulk procurement of the book titled ‘India@100: Envisioning Tomorrow’s Economic Powerhouse‘.

“The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank,” Union Bank India said in a regulatory filing.

Meanwhile, Congress on Tuesday claimed the government had suddenly terminated Subramanian’s position due to “impropriety”, and raised questions of “wastage of public money” over the Union Bank of India allegedly placing an order for two lakh copies of his book. The opposition party also alleged that the cost of this “blatant propaganda” was borne by the public exchequer, and was being done because Subramanian justified every economic blunder and flawed policy of the government.

Citing internal documents of the public sector Union Bank of India, Congress spokesperson Supriya Shrinate claimed these books were meant to be distributed through zonal and regional offices of the Union Bank of India to its depositors in schools, colleges, and libraries. Each of the bank’s 18 zonal offices was meant to receive 10,525 copies, she alleged.

“But it now seems that hard evidence has left the government embarrassed and forced his premature removal from the post of India’s executive director at the IMF, six months before the completion of his three-year term,” she claimed.

Former Chief Economic Advisor Subramanian used his official position to pressure the Union Bank to purchase his book in large quantities. Subramanian was appointed as the executive director (India) at the IMF with effect from November 1, 2022, for a period of three years. Prior to this, he served as the chief economic adviser to the Government. The Executive Board of the IMF is composed of 25 directors (executive directors or EDs) elected by the member countries or groups of countries.

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