The Crossbill News Desk
The Union Bank of India is facing scrutiny over its decision to spend Rs 7.25 crore on nearly two lakh copies of a book authored by former Chief Economic Advisor K.V. Subramanian, titled India@100.
The public sector bank reportedly placed the order ahead of the book’s publication in August 2024, with internal communications dating back to June and July 2024 revealing that the purchase was mandated by the bank’s top management.
According to a report by The Economic Times, the bank’s support services department directed all 18 zonal offices to procure 189,450 paperback copies and 10,422 hardcover copies of the book, priced at Rs 350 and Rs 597 each, respectively. The stated intention was to distribute the books among customers, schools, colleges, and libraries.
At the time of the directive, 50% of the total amount had already been paid to publisher Rupa Publications. The remaining amount was to be disbursed by regional offices using funds from the “miscellaneous” head of the revenue budget.
However, controversy erupted when the advance payment was brought up at a board meeting in December 2024. Executive Director Nitesh Ranjan, who oversees marketing and publicity, reportedly refused to approve the payment, citing lack of prior information.
Union Bank’s managing director and CEO, A. Manimekhalai, later stated that she had instructed the general manager of the support services department, Girija Mishra, to proceed with the purchase—but insisted that no rules be violated. Mishra was subsequently suspended, drawing backlash from employee unions who accused the bank of making him a scapegoat.
The controversy gained further traction after The Indian Express reported that Subramanian was recalled early from his position as India’s executive director at the International Monetary Fund (IMF), with sources citing concerns over alleged impropriety in the promotion of India@100 and violations of IMF internal protocols.
In January 2025, the bank engaged global consulting firm KPMG to investigate the matter. However, there is no public clarity yet on the firm’s findings or whether Union Bank has acted on any recommendations.
Employee unions have condemned the decision and the disciplinary actions taken. In a letter to the CEO, N. Shankar, general secretary of the All India Union Bank Employees’ Association, asserted that the bank must investigate how those who approved the expenditure may have contributed to damaging the institution’s credibility.
The public sector bank reportedly placed the order ahead of the book’s publication in August 2024, with internal communications dating back to June and July 2024 revealing that the purchase was mandated by the bank’s top management.
According to a report by The Economic Times, the bank’s support services department directed all 18 zonal offices to procure 189,450 paperback copies and 10,422 hardcover copies of the book, priced at Rs 350 and Rs 597 each, respectively. The stated intention was to distribute the books among customers, schools, colleges, and libraries.
At the time of the directive, 50% of the total amount had already been paid to publisher Rupa Publications. The remaining amount was to be disbursed by regional offices using funds from the “miscellaneous” head of the revenue budget.
However, controversy erupted when the advance payment was brought up at a board meeting in December 2024. Executive Director Nitesh Ranjan, who oversees marketing and publicity, reportedly refused to approve the payment, citing lack of prior information.
Union Bank’s managing director and CEO, A. Manimekhalai, later stated that she had instructed the general manager of the support services department, Girija Mishra, to proceed with the purchase—but insisted that no rules be violated. Mishra was subsequently suspended, drawing backlash from employee unions who accused the bank of making him a scapegoat.
The controversy gained further traction after The Indian Express reported that Subramanian was recalled early from his position as India’s executive director at the International Monetary Fund (IMF), with sources citing concerns over alleged impropriety in the promotion of India@100 and violations of IMF internal protocols.
In January 2025, the bank engaged global consulting firm KPMG to investigate the matter. However, there is no public clarity yet on the firm’s findings or whether Union Bank has acted on any recommendations.
Employee unions have condemned the decision and the disciplinary actions taken. In a letter to the CEO, N. Shankar, general secretary of the All India Union Bank Employees’ Association, asserted that the bank must investigate how those who approved the expenditure may have contributed to damaging the institution’s credibility.
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