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New RBI director on UBI board

DirectorParvathy V. Sundaram, a chief general manager in RBI, has been appointed as an independent non-executive director on the board of crisis-hit United Bank of India. She replaces Surekha Marandi, who has been representing RBI on the bank’s board so far. The 54-year old CGM is an expert on investigations relating to frauds in the banking sector. In December last, she represented RBI and presented a paper at the Bank Fraud – Annual Summit 2013 organized by Fintelekt. Besides, she has made several observations on various frauds in the financial sector in several meets like National Conference on Financial Fraud organised by industry body Assocham at New Delhi in July. At the RBI, she introduced various norms for classifications and reporting of frauds that were later sent out to all scheduled commercial banks as a guiding note for their asset class.

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