Mumbai: Union Bank's $1 Million Book Purchase Under Scrutiny

Union Bank of India has launched an investigation into alleged irregularities surrounding the procurement of nearly 189,000 books authored by former IMF executive director KV Subramanian. The bank confirmed the procurement but admitted to certain lapses currently under examination.

According to reports, the bank entered into a contract to purchase the books for Rs 7.25 crore, intended for distribution to various stakeholders. The book, titled India@100: Envisioning Tomorrow's Economic Powerhouse by KV Subramanian, was to be distributed by each of the bank's 18 zonal offices.

In response to the unfolding scandal, the bank has suspended a general manager responsible for placing the purchase order. The bank stated, "The subject matter does not fall under the criteria prescribed for material events... The information reported does not have any material impact on the Bank's operations or financials at this stage."

A Manimekhalai, currently the MD & CEO of Union Bank, is overseeing the situation as the board seeks to ratify the purchase.