Arrested Syndicate Bank chief suspended

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NEW DELHI: Two days after CBI arrested him for allegedly accepting bribe of Rs 50 lakh to enhance the credit limit of some companies, the government on Monday suspendedSyndicate Bank chairman and managing director SK Jain. 

Financial services secretary GS Sandhu said the finance ministry received a preliminary report from the CBI on the arrest of Jain on Saturday, based on which he was suspended. 

Jain, 54, was appointed CMD of state-owned Syndicate Bank in July last year for a period of five years. He was one of the youngest CMDs of a public sector bank and was due to retire in 2020. 

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