Asks GoI to prevail upon IMF not to grant $1.2 billion loan to Pakistan
New Delhi: The Congress has demanded an investigation into the purchase of two lakh copies of a book “India @100: Envisioning Tomorrow’s Economic Powerhouse” by the Union Bank of India, at a cost of ₹7.25 crore.
The book has been written by K.V. Subramanian, a former Chief Economic Adviser to the Government of India, whose tenure as the Executive Director at the International Monetary Fund was cut short recently by the government.
Addressing a press conference at the AICC office, party spokesperson and Chairperson of the Social Media and Digital Platforms, Supriya Shrinate, revealed that the public sector bank, Union Bank of India, had purchased two lakh copies of the book for a whopping sum of ₹7.25 crore. She said Subramanian was removed from his post at the IMF six months ahead of the completion of his three-year tenure. She added that the government was yet to come out with an authorised version as to why he was removed.
The senior Congress leader pointed out that Subramanian was the same person who repeatedly praised Prime Minister Narendra Modi and his policies, while shamelessly maligning previous governments. He appeared to be more interested in becoming a cheerleader for the government than serving as an Economic Adviser, she remarked.
Pointing out that it was a conflict of interest, she asked whether Finance Minister Nirmala Sitharaman knew about it, since Union Bank of India is a PSU bank under the control of the finance ministry.
Shrinate asked whether Union Bank of India had taken approval from its Board of Directors for such a massive purchase involving such a large amount of money. She said the regional and zonal offices which were assigned the task of promoting the sale of books were asked to show the expenses under the ‘miscellaneous’ category.
She pointed out that it was depositors’ money and had not come from the BJP headquarters. She asserted that the Bank should not have done it.
She disclosed that during the year 2023–24, ₹2,300 crore in penalties was charged from account holders with zero balance. She noted that these were individuals who could not maintain the minimum balance as they were struggling to make ends meet. Union Bank of India alone collected ₹126 crore as penalty from such account holders, she added.
Supriya Shrinate asked the Finance Minister how such a conflict of interest was allowed. She also questioned whether it had anything to do with the extension of Union Bank of India MD and CEO Ms Manimekhalai, whose tenure is set to end this year.
On Pakistan seeking an IMF loan, Shrinate also referred to Pakistan having applied for a $1.3 billion loan from the International Monetary Fund on April 29. She said the Congress had flagged the matter with the Government of India, urging it to prevail upon the IMF not to grant this loan to Pakistan, given its continued role in sponsoring terror in India.
The senior Congress leader said the Government of India must aggressively pursue the matter with the IMF, and asserted that Pakistan must not get this loan at any cost.
