Union Bank's ₹7.25 cr book purchase faces heat amid Subramanian's IMF exit

Public sector lender Union Bank purchased 189,450 paperback and 10,422 hardcover copies of Krishnamurthy V Subramanian's book 'India@100: Envisioning Tomorrow's Economic Powerhouse' for ₹7.25 crore

Public sector lender Union Bank of India spent an estimated ₹7.25 crore to purchase nearly 200,000 copies of a book authored by former Chief Economic Adviser (CEA) Krishnamurthy V Subramanian, according to a report by The Economic Times. The report comes amid Subramanian's recent exit from his post as India’s executive director at the International Monetary Fund (IMF), six months ahead of schedule.

 

According to internal correspondence cited by The Economic Times, the bank’s central office ordered 189,450 paperback and 10,422 hardcover copies of 'India@100: Envisioning Tomorrow’s Economic Powerhouse', to be distributed among customers, corporates, schools, colleges, and libraries across India. Priced at ₹350 and ₹597 respectively, the total procurement cost amounted to over ₹7 crore.