Union Bank of India, a government-owned public sector bank headquartered in Mumbai, Maharashtra, came under scrutiny for a questionable expenditure of approximately USD 869,000 (INR 7.25 crore). The bank reportedly purchased nearly 200,000 copies of the book India@100: Envisioning Tomorrow’s Economic Powerhouse by Krishnamurthy V Subramanian before its official release in 2024. The transaction, made without full board ratification, has sparked concerns over internal governance, leading to a probe by global audit firm KPMG.
Union Bank of India, a public sector banking institution based in Mumbai, Maharashtra, is facing internal and public scrutiny after reportedly spending INR 7.25 crore (approximately USD 869,000) on nearly 200,000 copies of a book before its release. The bulk purchase, allegedly directed by top management, is now being questioned for procedural lapses and lack of transparency.
The book, India@100: Envisioning Tomorrow’s Economic Powerhouse, authored by Krishnamurthy V Subramanian, India’s former Chief Economic Adviser, was intended to be distributed across schools, colleges, libraries, and corporate clients. However, internal communications reviewed by media sources indicate that the purchase order—comprising 189,450 paperback copies at INR 350 each and 10,422 hardcover editions at INR 597—was executed even before the board had formally approved the expenditure.
Union Bank’s zonal offices were reportedly instructed to manage the distribution and final payments from their respective “miscellaneous” revenue budgets. When the matter came up for ratification at a December 2024 board meeting, Executive Director Nitesh Ranjan raised objections, claiming he was unaware of the order and refused to approve the already disbursed advance to Rupa Publications, the publisher.
Further controversy unfolded when it was revealed that General Manager Girija Mishra authorized the payment, allegedly at the instruction of Managing Director A Manimekhalai. Mishra was later suspended on December 26, 2024. The bank then appointed KPMG in January 2025 to assess irregularities in the procurement process. While the consulting firm has submitted its report, the contents remain confidential.
This development has raised serious questions about oversight and accountability within Union Bank, with concerns mounting over procedural breaches and potential misuse of public funds.
