The Government of India has not mentioned any specific reason in the termination order.
Prime Minister Modi must have seen the evidence of his gross misdemeanour before being persuaded to sack him, with all the attendant consequences and bad publicity.
What might his misdemeanors be?
The sack does not be entirely at the initiative of Government of India. The Union Bank of India purchase scandal took place in December 2024. The General Manager, who ordered the mass-purchase of Subramanian’s books, was placed under suspension in December/January, more than four months back.
As Union Bank of India is a public sector bank, the report must have reached the government much earlier. Subramanian would have known it all as well. He was confident about managing the situation. He was going about his business as if nothing unusual had happened. He was due to appear in a media event in New York on 1 May as well.
My sense is, though I don’t know the facts, that the Union Bank matter of book purchase must have reached IMF’s Ethics Committee, which reviews misconduct by EDs.
There could have also been a case of use or misuse of the IMF’s funds in paying for his visits to India for promotion of his book, including purchasing some. In addition, there is reportedly a case of use/misuse of the IMF’s confidential data or system in an unauthorised manner to promote India story or his book.