The government has suspended S.K. Jain, CMD, Syndicate Bank, two days after CBI arrested him for allegedly accepting a bribe of Rs 50 lakh to enhance credit limits of some companies. The finance ministry, which received a report from CBI on the arrest of Jain, has issued the suspension orders. Jain, 54, appointed CMD of the bank in July 2013 for a period of five years, was one of the youngest CMDs of a public sector bank. He was due to retire in 2020. Financial services secretary G.S. Sandhu said Jain has been suspended and two EDs of the bank, Anjaneya Prasd and T.K. Srivastava have been given charge of the bank as an interim measure. Jain, along with seven other accused were remanded in CBI custody for four days.
