Union Financial institution of India, a state-owned entity, introduced on Tuesday that it’s reviewing lapses within the bulk procurement of roughly 2 lakh copies of former IMF Govt Director Ok V Subramanian’s ebook, valued at round Rs 7.25 crore.
The federal government had terminated Subramanian’s tenure as Govt Director on the IMF—the place he represented India, Bangladesh, Sri Lanka, and Nepal—efficient April 30, 2025, six months earlier than finishing his three-year time period.
In a regulatory submitting, Union Financial institution of India confirmed that whereas the procurement was made, sure irregularities within the course of are below scrutiny.
In the meantime, the Congress social gathering alleged that Subramanian’s sudden elimination was because of “impropriety” and raised issues over “wastage of public cash” concerning Union Financial institution’s buy of the books. The opposition social gathering claimed that this expenditure was public-funded and politically motivated, asserting that Subramanian had supported authorities insurance policies regardless of their financial shortcomings.
Congress spokesperson Supriya Shrinate, citing inside Union Financial institution paperwork, said that the books had been meant for distribution by way of the financial institution’s zonal and regional workplaces to colleges, schools, and libraries. She additional alleged that every of the 18 zonal workplaces was slated to obtain 10,525 copies.
“But it surely now appears that tough proof has left the federal government embarrassed and compelled his untimely elimination from the submit of India’s government director on the IMF, six months earlier than the completion of his three-year time period,” she claimed.
In accordance with sources, issues had been raised over an ‘alleged impropriety’ regarding the promotion and publicity of Subramanian’s newest ebook.
Additionally it is alleged that Subramanian used his official place to pressurise some establishments to buy his ebook.
Subramanian was appointed as the manager director (India) on the IMF with impact from Nov. 1, 2022, for a interval of three years. Previous to this, he served because the chief financial adviser to the federal government.
The manager board of the IMF consists of 25 administrators (government administrators or EDs) elected by the member international locations or teams of nations.
(With PTI Inputs)
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