Union Bank probes lapses in purchase of books for Rs 7cr

Mumbai:Union Bank of India said it is probing irregularities in the procurement of nearly 1.89 lakh books authored by former IMF executive director KV Subramanian. In response to a news article in The Economic Times, the bank stated, "The bank has made the said procurement. However, there were certain lapses in the procurement, which are being examined by the bank."According to the report, the bank contracted to buy the books for Rs 7.25 crore, which were to be distributed to various stakeholders. The book, India@100: Envisioning Tomorrow's Economic Powerhouse by KV Subramanian, was to be distributed by each of the 18 zonal offices. The purchase was later sought to be ratified by the board. A Manimekhalai is currently the MD & CEO of Union Bank.The bank later suspended a general manager who placed the purchase order. "It is clarified that the subject matter does not fall under the criteria prescribed for material events... The information reported does not have any material impact on the Bank's operations or financials at this stage," the bank said.