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Bank of Maharashtra restores 'functional responsibilities' of MD & CEO Ravindra Marathe

The Bank of Maharashtra on Friday restored "functional responsibilities" of its Managing Director & Chief Executive Officer Ravindra Marathe and Executive Director R K Gupta. On October 21, Pune police had told a court here that it did not find sufficient evidence against Marathe and other top officials of the nationalised bank, arrested in connection with a cheating case registered against city-based developer D S Kulkarni.

Assistant Commissioner of Police (Economic Offences Wing) Nilesh More had filed a report before special EOW judge D G Murumkar seeking discharge for the accused.

"Board in its meeting held on November 2 restored the functional responsibilities of MD & CEO Marathe, Executive Director R K Gupta," said a BoM release here Friday. In June, the Pune EOW arrested Marathe and others for allegedly misusing their official positions for sanctioning a loan to Kulkarni's construction firm, DSKDL.

Following the arrests, the bank's board divested them of their powers on June 29. All accused officials including former CMD Sushil Muhnot are out on bail. "The restoration of functional responsibilities to Marathe and Gupta is a welcome move for the bank which has also shown good results in its Q2 of FY 2018-19 after 10 quarters," said the release. "Restoration of functional responsibilities of Bank's Officials has certainly boosted the morale of not only the staff of Bank of Maharashtra but also whole banking fraternity," it added.

(With inputs from agencies.)



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