Appointment of Nidhu Saxena as MD and CEO of Bank of Maharashtra

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Nidhu Saxena was appointed Managing Director and Chief Executive Officer (MD and CEO) of Bank of Maharashtra by the Central Government.

An Overview of the News

  • The appointment of Nidhu Saxena is effective from March 27, 2024, for a tenure of three years.

  • Saxena replaces A S Rajeev, who has been selected as Vigilance Commissioner in the Central Vigilance Commission.

  • The appointment is subject to further orders and remains valid for three years or until further instructions are issued.

About Nidhu Saxena

  • Before this appointment, Saxena held the position of Executive Director at Union Bank of India, where he oversaw critical areas including Treasury, International Banking, Human Resources, and Audit.
  • Saxena's banking career commenced at Bank of Baroda before he moved to UCO Bank, where he held various significant positions including Branch Head, Zonal Head, and Vertical Head.

  • He has also served on the boards of Union Bank of India (UK) and Union Asset Management Company.

Expectations for Bank of Maharashtra:

  • With his extensive corporate and banking experience, Saxena is expected to significantly contribute to the growth and success of Bank of Maharashtra.

  • Bank of Maharashtra is a public sector bank with the Government of India holding an 86.46% stake as of September 30, 2023.

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