BoM has decided to reinstate its CEO and ED

BoM has decided to reinstate its CEO and ED

The board of Bank of Maharashtra (BoM) is to reinstate and restore its Managing Director (MD) and Chief Executive Officer (CEO) Ravindra Marathe and Executive Director (ED) R.K.Gupta’s financial responsibilities, a move which will be a huge morale booster for the public sector bank’s staff.

Their powers were taken away in June after they were arrested by the economic offences wing of Pune Police following allegations of violation of norms while extending loans to real estate developer. Mr.Marathe will retire from the bank on November 30.