Yak Banking Concern Of Maharashtra Ceo Removed : A C Rout Is The Novel Head

The Board of Directors of the Bank of Maharashtra decied to take away the arrested Managing Director & Chief Executive Officer Ravindra P Marathe and Executive Director R K Gupta from all functional responsibilities alongside immediate effect.

The evolution came nine days afterwards the Pune police's Economic Offences Wing (EOW) arrested Marathe in addition to Gupta inward a illustration of to a greater extent than or less Rs. 2,43 crore fraudulent loans extended to the Pune-based DSK Group.

According to a tilt released past times the board, Executive Director A C Rout has taken over the responsibilities of doc & CEO. Rout was heading banking concern operations inward absence of Marathe in addition to Gupta in addition to had presided over the bank’s AGM on June 21. It was unclear whether Rout was taking temporary accuse until farther arrangements could survive made or it would survive a long-term tenure.

Last month, the board of PNB divested executive directors K V Brahmaji Rao and Sanjiv Sharan of their powers inward connectedness alongside the USD 2-billion fraud perpetrated past times billionaire diamond jeweller Nirav Modi.

Allahabad Bank likewise accept away all the powers of its CEO in addition to doc Usha Ananthasubramanian, quondam primary of Punjab National Bank, inward connectedness alongside the same fraud.

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