Bank of Maharashtra chief arrested

 

This is yet another blow to the prestige of banks. The Bank of Maharashtra MD & CEO Ravindra Marathe and its former chairman and managing director (CMD) Sushil Muhnot were arrested by the police. They were alleged to have given loans worth 2000 cr. in violation of norms. These were among the six persons arrested by the Economic and Offences Wing. They were caught in a scam where huge loans were given to a company named `D.S. Kulkarini’ group. Bank of Maharashtra is a state run bank with huge depositors in its pocket. However, the present scam could dent its prestige in  a hard way.