Amitabh Chaturvedi quits as MD and CEO of Dhanlaxmi Bank

by CXOtoday Staff    Feb 07, 2012

Amitabh ChaturvediP G Jayakumar, Executive Director, has been given the charge as MD and CEO of the bank, subject to the RBI’s approval.

Dhanlaxmi Bank’s Managing Director and Chief Executive, Amitabh Chaturvedi, has put in his papers.

The resignation has been accepted by the Board of Directors with effect from February 06, 2012.

Chaturvedi had joined the bank in October 2008 after working with ICICI Bank and Reliance Capital.

In October last year, the Reserve Bank of India (RBI) had extended his tenure as MD and CEO for a further period of three years.

P G Jayakumar, Executive Director, has been given the charge as MD and CEO of the bank, subject to the RBI’s approval.

He was in the news last year when the RBI initiated an inspection on the bank’s books, and issued a 15-point Monitorable Action Plan (MAP) to the bank. In July, the bank had called off a plan to raise Rs 290 crore via preferential allotment as it found one of the proposed investors ineligible for the deal.

The bank was in the news again when the All India Bank Officers’ Confederation (AIBOC) had accused the bank of manipulating accounts to show inflated profits. However, the bank dismissed the allegations made by them.

Dhanlaxmi Bank’s net profit surged 168 percent to Rs 4.35 crore from Rs 1.62 crore in the quarter ended September 30, 2011.