Nidhu Saxena Appointed as MD & CEO of Bank of Maharashtra

In a significant development, the central government has approved the appointment of Nidhu Saxena as the Managing Director & Chief Executive Officer (MD & CEO) of the Bank of Maharashtra. This appointment will be effective for a period of three years starting from 27 March 2024.

Nidhu Saxena will take over the top leadership role at the Bank of Maharashtra from A.S. Rajeev, who has been selected as the Vigilance Commissioner in the Central Vigilance Commission. The appointment is subject to further orders and will remain in effect until the earlier of three years or until further instructions are issued.

Seasoned Banking Professional

• Nidhu Saxena brings with him over 26 years of experience in the banking sector, having worked across diverse areas.
• Prior to this appointment, he served as the Executive Director at Union Bank of India.
• During his tenure at Union Bank, Saxena oversaw crucial verticals such as treasury, international banking, human resources, stressed assets, retail assets, MSME, retail liabilities, and audit.

Educational Background

• Nidhu Saxena holds a Bachelor of Commerce (B.Com) degree, a Master of Business Administration (MBA), and is a Certified Associate of the Indian Institute of Bankers (CAIIB).

Diverse Experience

• Saxena’s banking career commenced at Bank of Baroda, after which he moved to UCO Bank.
• He has held key positions such as Branch Head, Zonal Head, and Vertical Head.
• Saxena has also served on the boards of Union Bank of India (UK) and Union Asset Management Company, as well as being a member of the Academic Council of the National Institute of Bank Management, Pune, and the Governing Body of the Indian Institute of Bank Management, Guwahati.
• Additionally, he has 8 years of experience in the corporate sector before embarking on his banking journey.

Bank of Maharashtra

• Bank of Maharashtra is a public sector bank in India, with the Government of India holding an 86.46% stake in the bank as of 30 September 2023.

Nidhu Saxena’s extensive banking experience and leadership skills are expected to contribute significantly to the growth and success of Bank of Maharashtra in the years to come.