Under CBI scanner, ex-Canara Bank MD S Raman quits RBI panel

MUMBAI: S Raman, the former chairman and managing director of Canara Bank being probed by the Central Bureau of Investigation in connection with loans to Winsome Diamonds, has resigned from the Reserve Bank of Indiaconstituted committee on bad loans and frauds.

In a letter to the regulator, Raman said he had shown the highest standards of integrity in his professional career and the loans to the group were given after following established standards. Till his name was cleared, Raman said, he wouldn’t take up positions at the regulator or within the government. Raman confirmed his resignation to ET.

The CBI on Thursday filed a chargesheet against two former chairmen of Canara Bank — Raman and AC Mahajan — in connection with a Rs 146 crore loan default by Winsome Diamonds. The diamond firm has defaulted on more than `7,000 crore of loans. Raman said the development has caused a lot of anguish to him.