Govt removes Sushil Muhnot as CMD of Bank of Maharashtra

Posted on:28 Sep 2016 18:26:26
Govt removes Sushil Muhnot as CMD of Bank of Maharashtra
28 September 2016 Current Affairs: The government has removed Sushil Muhnot as chairman and managing director (MD) of Bank of Maharashtra,Muhnot was to retire on September 30.

Ravindra Marathe, has been executive director of Bank of India, has taken charge as CEO and MD of the bank on Monday. He was earlier expected to join the bank on October 1. Prior to joining Bank of India, Marathe was general manager at Bank of Baroda. 

This is one of the rare instance where government has removed CMD of a bank. Sources say that charges against him were that he occupied two accommodations one in Pune and other in Mumbai even as a CMD is entitled for only one accommodation. Later, the Pune accommodation was converted into a guest house. Both the accommodations belonged to the bank. 

The second charge against him was that the cost of refurbishing the houses were way too higher than what he was entitled to spend. Sources said that the cost rose to Rs 1.66 crore on refurbishing both the houses. 

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