In an abrupt move, the Board of Directors of the Bank of Maharashtra on Friday resolved to remove arrested CEO and Managing Director Ravindra P. Marathe from all functional responsibilities with immediate effect.
According to a statement, Executive Director A.C. Rout has been appointed in his place, of the Pune-headquartered bank.
The development came nine days after the Pune police’s Economic Offences Wing (EOW) swooped on the bank and nabbed Marathe and six others in a case of around Rs 2,43 crore fraudulent loans extended to the Pune-based DSK Group.
The EOW has also arrested the public sector bank’s Executive Director Rajendra K. Gupta, Zonal Manager Nityanand Deshpande from Ahmedabad and former CMD Sushil Muhnot from Jaipur.
The 83-year-old bank is ranked among the leading PSBs in India.