In a recent announcement on Thursday, Bank of Maharashtra has named Nidhu Saxena, the current Executive Director at Union Bank of India, as its new Managing Director and Chief Executive Officer (MD & CEO). This appointment, effective from March 27, 2024, is set for a three-year term or until further directives are issued.
The appointment was officially conveyed through a regulatory filing by Bank of Maharashtra, citing a notification from the Department of Financial Services (DFS) with reference to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The notification, eF. No. 4/3/2023-BO.I. dated March 27, 2024, appointed Nidhu Saxena to lead the bank.
Nidhu Saxena steps into this role following the departure of AS Rajeev, who has been selected as the Vigilance Commissioner in the Central Vigilance Commission (CVC).
Saxena brings with him a wealth of experience, having commenced his banking career at Bank of Baroda before moving to UCO Bank. With over 26 years in the banking sector, he has worked across various domains, from serving as Branch Head and Zonal Head to fulfilling roles in corporate and vertical management. His most recent position was as the Executive Director at Union Bank of India, where he played a pivotal role in the bank’s operations and growth.
Prior to his banking career, he spent 8 years in the corporate sector, bringing a diverse and extensive background to his new role as MD & CEO of Bank of Maharashtra.
