The board of Bank of Maharashtra has relieved its MD and CEO R. Marathe and executive director R.K. Gupta of their responsibilities with immediate effect, following arrests made by the economic offences wing of the Pune police for allegedly violating RBI norms while granting a loan to a real estate developer. Both have since been granted bail.
The other Executive Director A.C. Rout has been given the responsibilities of MD and CEO, the bank said in a filing.
The board has ‘requested’ the finance ministry ‘to make suitable arrangements for the smooth functioning of the bank.’
