Union Bank Of India Reviews Lapses In Bulk Procurement Of KV Subramanian's Book
The government ended Subramanian’s IMF tenure early on April 30, 2025, cutting six months from his three-year term.
Union Bank of India, a state-owned entity, announced on Tuesday that it is reviewing lapses in the bulk procurement of approximately 2 lakh copies of former IMF Executive Director K V Subramanian’s book, valued at around Rs 7.25 crore.
The government had terminated Subramanian's tenure as Executive Director at the IMF—where he represented India, Bangladesh, Sri Lanka, and Nepal—effective April 30, 2025, six months before completing his three-year term.
In a regulatory filing, Union Bank of India confirmed that while the procurement was made, certain irregularities in the process are under scrutiny.
Meanwhile, the Congress party alleged that Subramanian’s sudden removal was due to "impropriety" and raised concerns over "wastage of public money" regarding Union Bank’s purchase of the books. The opposition party claimed that this expenditure was public-funded and politically motivated, asserting that Subramanian had supported government policies despite their economic shortcomings.
Congress spokesperson Supriya Shrinate, citing internal Union Bank documents, stated that the books were intended for distribution through the bank’s zonal and regional offices to schools, colleges, and libraries. She further alleged that each of the 18 zonal offices was slated to receive 10,525 copies.
"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.
According to sources, concerns were raised over an 'alleged impropriety' relating to the promotion and publicity of Subramanian's latest book.
It is also alleged that Subramanian used his official position to pressurise some institutions to purchase his book.
Subramanian was appointed as the executive director (India) at the IMF with effect from Nov. 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.
(With PTI Inputs)
