ISB to Review Krishnamurthy Subramanian’s Role After Sudden Exit from IMF
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The Indian School of Business (ISB) in Hyderabad has set up a special committee to review the role of Krishnamurthy Subramanian, who is currently a professor of finance at the institute. According to a report by Mint, this internal review comes shortly after the Indian government unexpectedly ended Subramanian’s tenure as Executive Director (India) at the International Monetary Fund (IMF)—six months before his term was due to end.
Why Is ISB Reviewing His Role?
ISB’s executive board has referred the matter to a panel to assess whether Subramanian should continue in his academic role. Currently, he is on leave from the institute until November. Sources cited in the report say the review will help the institute decide his future at ISB.
In a statement to Mint, the institute said it remains committed to upholding the highest standards of integrity among its faculty and staff.
What Led to Subramanian’s Early Exit from IMF?
Earlier this month, the government removed Subramanian from his IMF position without providing a public explanation. The timing of the decision is notable, as it came just before the IMF Board was scheduled to review a key financial support package for Pakistan.
Although the government has not officially stated a reason for his removal, some media reports suggest that Subramanian’s persistent questioning of the accuracy of IMF data may have caused tensions. There were also reports hinting at concerns over the promotion of his book, India@100: Envisioning Tomorrow’s Economic Powerhouse, which some viewed as a possible conflict of interest.
One of the largest public sector banks in India – Union Bank of India, is also embroiled in this Book Controversy. Union Bank ordered books of Krishnamurthy Subramanian for Rs.7.25 crore. [Click here to read this full story]
All India Union Bank Employees’ Association (AIUBEA) has raised serious concerns about what it calls wasteful expenditure by Union Bank of India’s top management. In a circular dated May 15, 2025, the union questioned large-scale purchases of the book “India @ 100” and other alleged unnecessary expenses, calling them financial mismanagement and demanding clarity and accountability from the bank.
IMF Moves Ahead with Pakistan Funding
Despite the internal issues, the IMF continued with its financial support to Pakistan. On May 9, the IMF approved a $2.4 billion funding package, noting that Pakistan had made meaningful progress in stabilising its economy. This included an immediate disbursement of around $1 billion, taking total disbursements to about $2.1 billion so far.
The IMF also approved an additional loan under its Resilience and Sustainability Facility (RSF), granting Pakistan access to $1.4 billion. On May 14, Pakistan’s central bank confirmed it received the second tranche of Special Drawing Rights (SDRs) worth $1.023 billion under the IMF’s Extended Fund Facility (EFF).
