Overview

• Union Bank of India purchased nearly 200,000 copies of K.V. Subramanian's book 'India@100' for Rs 7.25 crore as part of a centenary initiative, raising concerns over procedural lapses.
• The bank has admitted to lapses in the procurement process, suspended General Manager Girija Mishra, and initiated an internal investigation.
• K.V. Subramanian, the book's author and former IMF executive director, was prematurely recalled by the government, with allegations of impropriety linked to the book promotion.
• Opposition parties and employee unions have criticized the expenditure as wasteful and called for greater accountability and transparency.
• Union Bank's stock fell 6.18% on the Bombay Stock Exchange following the announcement of the internal probe.