The government terminated the services of S.K. Jain as CMD of Syndicate Bank, who is an accused in the bribery scandal and is now in judicial custody. The dismissal is with immediate effect. Syndicate Bank said in a regulatory filing that the central government in its letter dated September 22 has ‘terminated the term of office” of Sudhir Kumar Jain as chairman-cum-managing director of the bank with immediate effect. Jain was placed ‘under deemed suspension’ with effect from 2 August in the wake of his arrest by CBI for allegedly accepting a bribe to hike the credit limit of some private companies bypassing rules
