Syndicate Bank said that Central Government has terminated the term of office of Sudhir Kumar Jain as chairman and managing director of the bank with immediate effect. This is in terms of sub-clause (1A) of clause 8 of the nationalized banks (management and miscellaneous provisions) scheme, 1970/1980.

On August, police has arrested the chairman of Syndicate Bank on Saturday over allegations of taking bribes to grant loan extensions to a company. The Central Bureau of Investigation has filed a case against Syndicate Bank chairman Sudhir Kumar Jain and 11 others, including two directors of a Delhi-based company, and is further investigating the allegations.

Shares of the bank gained Rs 0.35, or 0.28%, to trade at Rs 125.50. The total volume of shares traded was 73,313 at the BSE (12.09 p.m., Tuesday).