.jpg)
Synopsis: Union Bank of India is under investigation for purchasing approximately 1.8 lakh copies of former Chief Economic Adviser Krishnamurthy V Subramanian’s book, India@100: Envisioning Tomorrow's Economic Powerhouse, at a cost of Rs7.25 crore. The bulk procurement, intended for distribution to customers and educational institutions, has raised concerns about potential misuse of public funds and procedural lapses within the bank.
Background
Union Bank of India, a prominent public sector bank, reportedly placed a substantial order for India@100, a book authored by former Chief Economic Adviser Krishnamurthy V Subramanian. The order comprised 189,450 paperback copies priced at Rs350 each and 10,422 hardcover copies at Rs597 each, totaling Rs7.25 crore. The bank aimed to distribute these books across its network, including customers, schools, colleges, and libraries.
Internal Concerns and Actions
The decision to procure such a large number of books ahead of its publication in August last year has led to internal scrutiny. Managing Director and CEO A. Manimekhalai suspended Girija Mishra, who oversaw the support services department responsible for the purchase. Manimekhalai stated that while she had approved the acquisition, she had instructed Mishra to adhere strictly to procurement guidelines. However, the advance payment of 50% to Rupa Publications, the book's publisher, without informing the marketing and publicity department, raised red flags.
Executive Director Nitesh Ranjan, overseeing marketing and publicity, expressed that he was unaware of the advance payment, indicating a communication gap within the bank's departments.
Employee Association's Response
On May 4, a bank employees' association formally requested an investigation into the expenditure, labeling it as potentially wasteful. The association's letter to the MD highlighted concerns over the justification and necessity of such a significant purchase, especially given the bank's fiduciary responsibilities.
Broader Implications
This incident adds to the challenges faced by Union Bank of India, which has been striving to enhance its operational efficiency and digital initiatives. The bank's recent annual report emphasizes its commitment to transparency and sustainability, aiming to balance commercial objectives with social responsibilities.
Disclaimer: This article is based on publicly available information and aims to provide a comprehensive overview of the reported events. It does not intend to cast aspersions on any individual or institution involved.
.jpg)