Earlier at a media briefing, Financial Services Secretary Rajiv Kumar said the government has initiated action for removal of Allahabad Bank CEO and also two executive directors of the Punjab National Bank following the CBI's first chargesheet in in the scam. Kumar also said the Allahabad Bank board has been asked to divest Ananthasubramanian of all powers and initiate further action. The government holds a little over 65 per cent stake in Allahabad Bank and close to 62 per cent in the Punjab National Bank. The CBI today filed its first chargesheet in the Punjab National Bank scam, the country's largest financial fraud so far.