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The government has appointed Ravindra Prabhakar Marathe as the new Chairman and Managing Director of Bank of Maharashtra with immediate effect. Currently he is working as the executive director of Bank of India. He has replaced the current CMD Sushil Muhnot.
Muhnot was due to retire on 30th September 2016, but the government has sacked him just four days ahead of his retirement due to the flimsy charges that he occupied two homes - one in Mumbai and
the other in Pune - which are anyway owned by the bank itself. Earlier this year, the finance ministry had served a show-cause notice to Muhnot, asking him to explain why he should not be terminated for allegedly occupying two houses.