Dhanlaxmi Bank continues to see senior-level exits

Last Updated: Tue, Nov 20, 2012 20:11 hrs

Dhanlaxmi Bank continues to witness senior-level exits, with three more top management executives resigning from their positions in recent months.

Muralidharan Rajamani, the chief operating officer, left the bank last month. “It was a personal choice and there was no specific reason as such,” Rajamani told Business Standard, confirming the development.

Rajamani was the chief executive officer (CEO) of Brics Online Services prior to joining the Bank and has also worked with ICICI Bank and State Bank of India. He joined the Thrissur-based private lender in 2009 under Amitabh Chaturvedi, the former chief executive and managing director of Dhanlaxmi Bank.

Bipin Kabra, who has been the chief financial officer at the Bank since 2009, tendered his resignation and left the bank in October. Manish Kumar, the president and head of human resources and corporate social responsibility at the bank, also resigned. While Kumar was not immediately available for comments, Kabra confirmed his resignation. With these exits, the entire top management team, set up by Chaturvedi, has now left the bank.

In February, 2012 Chaturvedi had resigned from his position, as CEO, following serious disagreement with other board members over the functioning and management of the bank’s operations. P G Jayakumar took charge as the new chief executive of the bank.

Since then several senior executives have put in their papers. Salil Datar, head of branch banking and non-resident business, Rajrishi Singhal, head of policy and research, Rajeev Deoras, head of wholesale banking, and Arvind Hali, head of retail banking, have all left the bank.

The controversial exit of Chaturvedi was preceded by a series of allegations over the functioning of the bank.

The All India Bank Officers' Confederation had accused the bank of window dressing its accounts to show inflated profits. The bank's management had dismissed these allegations and claimed that it was a motivated attempt to de-recognise the bank's performance.

The bank’s financial position has shown signs of improvement in the last couple of quarters, though it continues to incur losses. In July-September quarter, the bank reported a net loss of Rs 18.6 crore.

More from Sify: