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The Department of Financial Services, Ministry of Finance, has placed Sudhir Kumar Jain, Chairman and Managing Director, Syndicate Bank, under suspension with effect from August 2, 2014, the bank said in a notice to the BSE. This action comes in the wake of the Central Bureau of Investigation registering a case against Jain for allegedly receiving a bribe of ₹50 lakh to grant credit extension to two private firms.
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