MUMBAI Nov 25 State Bank of India said
it had asked a deputy managing director of the bank Shyamal
Acharya, who is under investigation by Indian federal police in
an alleged bribery case, to go on leave.
Indian federal police said they had put the deputy managing
director under investigation in the case, in which he is alleged
to have received Rolex and Omega watches after approving a loan
to Worlds Window Group, a metals trading company.
"Incriminating documents recovered during searches are being
scrutinised for further investigation," the Central Bureau of
Investigation (CBI) said in a statement on Monday.
State-run SBI, the country's biggest bank, said that a
committee of two managing directors would investigate the matter
A spokeswoman for Worlds Window Group denied the company
paid a bribe to anybody and said it was seeking legal advice.
Reuters was not able to reach Acharya on his mobile phone.
SBI said it is cooperating with the CBI. The bank also said:
"We stand committed to probity in our dealings and assure that
SBI will continue to hold highest standards of honesty and
transparency in its operations."
Indian officials have said the CBI has been scrutinising the
30 biggest defaults at Indian banks for any evidence that
borrowers colluded with bankers for personal gain. CBI
spokeswoman Kanchan Prasad said the SBI case announced on Monday
was not part of that probe.
($1 = 62.8900 Indian rupees)
(Reporting by Swati Pandey. Editing by Jane Merriman)