Bank of Maharashtra MD, ED reinstated
The board of directors of Bank of Maharashtra has decided to restore and reinstate the functional responsibilities of its MD and CEO R P Marathe and Executive Director R K Gupta with immediate effect. This move is seen an indication that the two top executives, who were taken into custody by the Pune police for the bank's Rs 96.52-crore exposure to DSK Developers, have got a clean chit from the authorities. Earlier, the board had divested these two top executives of all their functional responsibilities. The Pune-headquartered bank has said that it has not flouted norms while sanctioning and disbursing loans to the company.