Union Bank of India has found itself embroiled in controversy over its ₹7.25 crore purchase of nearly two lakh copies of India@100: Envisioning Tomorrow’s Economic Powerhouse, written by former Chief Economic Adviser Krishnamurthy V Subramanian. Notably, Subramanian was recently sacked by the Government of India from his post at the International Monetary Fund (IMF).
The move to purchase such a large number of copies is claimed to be aimed at promoting economic awareness as part of the bank’s centenary-linked initiatives. However, it has triggered calls for a probe by employee unions, and even the bank’s board has raised eyebrows over the decision.
The book deal involved the purchase of 1,89,450 paperback copies priced at ₹100 and 10,422 hardcovers at ₹597. Distribution of the book was intended through the 10 zonal offices to customers, schools, libraries and corporates. However, the scale and cost of the order raised concerns, especially after Subramanian was sacked from the IMF. By the time concerns were raised, half of the payment had already been made.
‘Wasteful expenditure must be probed’
The All India Union Bank Employees’ Association (AIUBEA) has called for an internal investigation into the deal. N Shankar, general secretary of the association, said in a statement, “With the news item of alleged impropriety over promotion of the book purchased by the bank… it has become the responsibility of the bank to ascertain how far the authority who has approved the expenditure has colluded in promoting the alleged impropriety.”
He added, “The bank has also to disclose whether proper procedure was followed in this high-value purchase, and what benefits, if any, were achieved through this mass distribution.”
Suspension, audit, and silence
The general manager of the bank, Giriraj Mishra, who was overseeing the deal, was suspended in December 2024 following internal objections and the refusal of Executive Director Nitesh Ranjan to ratify the expenditure.
However, bank chairperson A Manimekhalai later said in a statement that she had authorised the purchase, suggesting it was done without directing any rule-breaking. A KPMG audit was commissioned in January, but its findings remain undisclosed.
The union believes that Mishra is being made a scapegoat in the matter and has insisted on accountability from higher authorities within the bank. Union Bank is yet to publicly respond to the matter.
