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

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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