Ananthasubramanian was named by the CBI in the charge sheet relating to the Punjab National (PNB) unearthed in mid-February.
The government has reportedly granted the Central Bureau of Investigation (CBI) sanction of prosecution against Usha Ananthasubramanian, who was divested of her position as Managing Director and Chief Executive Officer of Allahabad Bank in May, after being named in the Rs 13,000 crore-plus Punjab National Bank (PNB) fraud.
According to a CNBC-TV18 report, Ananthasubramanian is likely to be removed from service effective August 13. She continued to be on Allahabad Bank's payroll and is retiring today
Post-retirement benefits available to her as a government official may not be available now.
She was at the helm of PNB from August 2015 to May 2017 after serving as the executive director at PNB from July 2011 to November 2013, which was reportedly in the time frame that the fraud was carried out.The government has also sanctioned prosecution against former PNB ED Sanjiv Sharan.