The central government has turned the heat on bankers after the Central Bureau of Investigation's (CBI) chargesheet in the Nirav Modi fraud case.

In its 7,500 page chargesheet, which names 23 individuals, 3 entities including the prime accused Nirav Modi, the investigative agency has booked the former managing director and chief executive officer of Punjab National Bank (PNB), Usha Ananthasubramanian, now the managing director and chief executive officer of Allahabad Bank.

The chargesheet has also named two executive directors of PNB, KV Brahmaji Rao and Sanjiv Sharan.

After the CBI filed the chargesheet, the central government initiated disciplinary action against these bankers and asked the respective bank boards to divest them of their roles.

Following the government's nudge, the PNB board sacked the two executive directors named by the CBI in the chargesheet.

Talking to media, Union Financial Services Secretary, Rajiv Kumar, vowed 'strong action' against errant bankers.

CNBC-TV18 caught up with Ashvin Parekh Advisory Services; S Narayan Former Secretary Financial Services and Sandeep Parekh, Founder, Finsec Law Advisors, to discuss the CBI chargesheet and its implications.

First Published:May 14, 2018 7:35 PM IST