Arrested Syndicate Bank CMD suspended

Arrested Syndicate Bank CMD suspended

Two days after the CBI arrested him for soliciting a bribe of Rs 50 lakh to enhance the credit limit of some companies, the government on Monday suspended Syndicate Bank Chairman and Managing Director S K Jain.

Financial Services Secretary G S Sandhu said the Finance Ministry received a preliminary report from the CBI on the arrest of Jain on Saturday, based on which he was suspended.

Jain, 54, was appointed CMD of state-owned Syndicate Bank in July last year for a period of five years. He was one of the youngest CMDs of a public sector bank, and was due to retire in 2020.

“We have suspended him (S K Jain) and two executive directors have been given charge of the bank as an interim arrangement,” the Secretary said.

M Anjaneya Prasad and T K Srivastava are the two executive directors of the Manipal-based bank.

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