Bank of Maharashtra restores powers of its CEO, executive director

The board also reinstated functional responsibilities of R K Gupta

The board of Bank of Maharashtra (BoM) has restored powers of R P Marathe as managing director and chief executive officer with immediate effect. This follows the decision of the police in Pune to withdraw charges against Marathe and R K Gupta, executive director, in a case related to sanctioning loans to Pune-based real estate developer D S Kulkarni.

The police moved court in October to remove their names from the First Information Report (FIR), saying sufficient evidence was not found against the top bank officials to frame charges.