Bank of Maharashtra on Thursday announced the appointment of Nidhu Saxena, Executive Director, Union Bank of India as its Managing Director and Chief Executive Officer (MD & CEO). The appointment, it said, is for a period of three years with effect from the date of assumption of office, that is, from March 27, 2024 or until further orders, whichever is earlier.
“We would like to inform that Department of Financial Services (DFS) vide notification no. eF. No. 4/3/2023-BO.I. dated 27th March, 2024 has notified that in exercise of powers conferred by the proviso to Clause (a) of sub-section (3) of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, Central Government hereby appoints Shri Nidhu Saxena, Executive Director, Union Bank of India as Managing Director and Chief Executive Officer (MD & CEO) of Bank of Maharashtra,” it said in a regulatory filing.
Nidhu Saxena will be replacing AS Rajeev upon his selection as Vigilance Commissioner in CVC. Nidhu Saxena started his banking career at Bank of Baroda and later moved to UCO Bank. He has over 26 years of experience working in diversified areas of banking. Prior to joining Bank of Maharashtra, he was the Executive Director of Union Bank of India. During his tenure, he worked in all key banking functions and has been in several positions such as Branch Head, Zonal Head and Vertical Head. He also has 8 years of experience in the corporate sector before he started his banking career.
