Dhanlaxmi MD and CEO Amitabh Chaturvedi quits

In a surprise move, Dhanlaxmi Bank Managing Director and Chief Executive Amitabh Chaturvedi, who has been credited for turning around the bank since he took over in 2008, has put in his papers.

"It is true that our MD Amitabh Chaturvedi has resigned today. The board meeting is under way now to consider his resignation," a bank spokesperson told PTI.

The spokesperson scotched rumours that Chaturvedi was removed by the board. "There is no substance to this. He has resigned on his own and a formal announcement will be made after the board meeting."

Earlier, a section of the bank's officers' union had alleged about financial irregularities at the bank.

The section of the union having allegiance to the All- India Bank Officers Confederation had recently accused the bank of 'window-dressing' its books and showing inflated profits.
The bank had dismissed the allegations as baseless. The regulator RBI had also not found anything wrong with the books of the bank.

The RBI had even allowed Chaturvedi a two-year extension.
Chaturvedi, who earlier worked with ICICI Bank and Reliance Capital, took charge of the nearly a century-old bank in 2008.

The bank, which is yet to announce its results for the December quarter, had reported a net profit of Rs 4.35 crore in the September quarter.