Union Bank flags lapses in ₹7.25-cr procurement of book by former CEA

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Union Bank flags lapses in ₹7.25-cr procurement of book by former CEA

AIMPWA

May 6, 2025

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Union Bank of India on Tuesday said there were certain lapses in the procurement of a book authored by former chief economic adviser (CEA) Krishnamurthy V Subramanian.

In a regulatory filing, the bank said it had made the procurement and is examining the lapses.

According to a media report, the public sector bank procured nearly two lakh copies of Krishnamurthy’s book India@100: Envisioning Tomorrow’s Economic Powerhouse for ₹7.25 crore ahead of its publication last year.

The government recently cut short Krishnamurthy’s tenure as its nominee Executive Director at the International Monetary Fund (IMF). The former CEA had joined the multilateral agency in November 2022.

“The information reported does not have any material impact on the bank’s operations or financials at this stage. There is no information that has not been disclosed by the bank which would impact the trading of its securities,” the filing stated.

Published on May 6, 2025

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