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

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.

By Connect Gujarat Desk 07 May 2025 in Business

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

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 sources.

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 sources, 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.

A 50 per cent advance was paid to Rupa Publications before the book’s publication in August 2024, with the rest to be covered through the bank’s miscellaneous revenue budget.

For context, English-language books in India rarely sell beyond 10,000 copies, making Union Bank’s purchase of close to 200,000 copies highly unusual, the report pointed out.

The order was executed through the bank’s 18 zonal offices, each assigned over 10,000 copies for further distribution.

#Business news #Business #India #Union Bank of India

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