Union Bank Under Scrutiny For Purchasing Over 1.8 Lakh Copies Of ‘india@100’ For Rs 7.25 Crore: Report

Public assemblage slope Union Bank of India has travel nether nan scanner for its reported largesse connected a book by erstwhile main economical advisor (CEA) Krishnamurthy V Subramanian. The slope decided to acquisition astir 2 lakh copies astatine a monolithic costs of Rs 7.25 crore to administer among its customers, section schools, colleges, libraries etc. 

According to a study by The Economic Times, Union Bank of India placed nan bid up of nan publication of Subramanian’s ‘India@100: Envisioning Tomorrow's Economic Powerhouse’. 

The study comes aft nan authorities prematurely terminated his tenure past week. As per nan daily, 1 of nan reasons for his exit is alleged improprieties astir promotion of his book. 

Ahead of nan book’s publication successful August past year, nan bank’s support services section astatine its cardinal agency wrote to 18 zonal heads, to pass them of nan determination to procure and administer nan books. The letters stated that 189,450 copies – 10,525 copies by each zonal agency – astatine nan costs of Rs 350 per paperback book, and 10,422 copies astatine Rs 597 per hardcover book were to beryllium purchased. This would magnitude to Rs 7.25 crore.

According to nan report, nan zonal offices were asked to administer nan books to nan location offices nether them. A 50 per cent beforehand was already sent to nan publishers Rupa Publications by nan clip nan missive was sent. The remaining costs was to beryllium made by nan location offices nether “miscellaneous” head. 

Union Bank managing head and main executive A Manimekhalai suspended Girija Mishra who was overseeing nan support services department. Mishra had travel nether nan scanner for authorising this payment. Manimekhalai informed nan committee that she had asked Mishra to make nan acquisition but to not break immoderate rules. Executive head Nitesh Ranjan, who oversees trading and publicity, said he was not informed of nan 50 per cent beforehand to Rupa. 

On May 4, an relation of slope labor wrote to Manimekhalai, asking for an investigation into nan wasteful expenditure. 

Published on: May 6, 2025 10:02 AM IST