Union Bank of India Investigates Procurement Lapses for K V Subramanian's Book Worth Rs 7.25 Crore

Union Bank of India is investigating issues related to the purchase of around 200,000 copies of a book by former IMF Executive Director K V Subramanian. The books, valued at approximately Rs 7.25 crore, are under scrutiny due to procurement lapses. Subramanian's tenure as India's representative at the IMF was terminated on April 30, 2025, six months before its scheduled end.

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The bank disclosed in a regulatory filing that it is examining the procurement process for the book titled "India@100: Envisioning Tomorrow's Economic Powerhouse." The bank acknowledged the purchase but noted certain lapses that are currently being investigated. This has raised questions about the use of public funds.

Allegations and Political Reactions

Congress has alleged that Subramanian's premature termination was due to impropriety. They questioned the expenditure of public money on the Union Bank's order for his book. Congress spokesperson Supriya Shrinate claimed these books were intended for distribution through the bank's zonal and regional offices to schools, colleges, and libraries.

According to Shrinate, each of the bank's 18 zonal offices was supposed to receive 10,525 copies. She suggested that evidence of this procurement has embarrassed the government, leading to Subramanian's early removal from his IMF position. The opposition party accused him of supporting flawed government policies.

Concerns Over Book Promotion

Sources have indicated concerns about alleged impropriety in promoting Subramanian's book. It is claimed that he used his official position to pressure institutions into purchasing it. These allegations have added to the controversy surrounding his tenure and subsequent removal.

Subramanian began his role as India's executive director at the IMF on November 1, 2022, with a three-year term. Before this appointment, he served as the chief economic adviser to the government. The IMF executive board consists of 25 directors elected by member countries or groups.

The situation has sparked debate over the use of public funds and potential misuse of official positions for personal gain. As investigations continue, more details may emerge regarding these allegations and their implications for those involved.

With inputs from PTI