Employee unions today protested the decision of the board of Bank of Maharashtra to divest Managing Director and Chief Executive Officer Ravindra Marathe and Executive Director R K Gupta of their powers.
Members of the `United Forum of Mahabank Unions' protested the decision by wearing black ribbons.
"All unions have formed `United Forum of Mahabank Unions' to strongly condemn and protest the unfortunate, unwarranted decision taken by the Board and the directions given by the Department of Financial Services to the Board," the forum said in a release.
Employees will observe the period between June 30 to July 5 as "protest week" at BOM branches across the country, it said.
The board of Bank of Maharashtra yesterday divested Marathe and Gupta of their powers with immediate effect.
Both Marathe and Gupta, arrested by the Economic Offences Wing of Pune Police in a case of alleged cheating registered against city-based builder D S Kulkarni, are on bail.
The unions said that BOM is the financial lifeline of Maharashtra, and the decision to divest its top officers of their powers is a deliberate effort to tarnish the bank's image.
A delegation of unions' representatives met A C Rout, the acting MD and CEO, to put forth employees' stand, and assured the management of full support, it said.
If the Board and the Department of Financial Services do not take notice of employees' protest, a meeting of the forum will be held here on July 6 to decide further course of action, the release said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)