Nidhu Saxena appointed MD and CEO of Bank of Maharashtra

The government of India has approved the appointment of Nidhu Saxena, Executive Director of Union Bank, as the  Managing Director (MD) and Chief Executive Officer(CEO) of the public sector bank Bank of Maharashtra.

Mr Nidhu Saxena's term will be three years, effective from 27 March 2024.

He replaced A.S Rajeev,  who has been recently appointed a Vigilance Commissioner in the Central Vigilance Commission by the government of India.

About Nidhu Saxena 

Nidhu Saxena started his banking career at the Bank of Baroda and later shifted to UCO Bank and the Union Bank of India.

He has more than 26 years of experience in banking, working in various positions and departments.

In the Union Bank of India, Nidhu Saxena held several important positions like the Branch Head, Zonal Head and Vertical Head.

At Union Bank, Nidhu worked in the treasury, domestic foreign business, international banking, human resources, stressed assets, retail assets, MSME, retail liabilities, CISO, wealth management and audit verticals.

He has been on the Boards of the Union Bank of India (UK) and Union Asset Management Company, which runs the mutual fund business of the Union Bank of India. Nidhu Saxena is also a member of the  Governing Body of the Indian Institute of Bank Management, Guwahati, and the Academic Council of the National Institute of Bank Management, Pune.

How are Public Sector Bank's MDs and CEOs appointed?

Under the Union Ministry of Finance, the Financial Services Institutions Bureau (FSIB) recommends the name of the person appointed as the Managing Director and Chief Executive Officer (CEO) to the government of India. However, the government is not bound to accept the FSIB's recommendations.

The FSIB also recommends names for appointing full-time directors and non-executive chairpersons of the boards of Public Sector Banks, Financial institutions, and Insurance Companies.

The government of India set up the Financial Services Institutions Bureau (FSIB) on 1 July 2022. It has replaced the Bank Board Bureau, which was set up on 1 April 2016.

Bank of Maharashtra 

Bank of Maharashtra was established as a private bank on 16 September 1935. It started operating from Pune in 1936.

It was nationalised by the government of India in 1969, along with 13 other private banks.

Currently, the government of India holds around 86 per cent of the bank's shares.

Tagline : Ek Parivaar,Ek Bank 

Headquarters: Pune, Maharashtra 

MD and CEO: Nidhu Saxena