Board ousts Saraswat Bank MD Shirodkar

Our Banking Bureau
13 August 2002

Mumbai: D R Shirodkar, the managing director of Saraswat Cooperative Bank Ltd, a multi-state urban cooperative bank, has been ousted by the bank's board.

According to officials, the bank board, at its meeting on 10 August 2002, passed a 'no-confidence' resolution against Shirodkar.

While officials attribute “administrative“ reasons for the managing director's removal, sources in the bank allege political motives behind the board's action.

There were “differences“ between the board members and Shirodkar over the delay in the implementation of core-banking solutions provided by i-flex, says a bank official. “The board has held Shirodkar responsible for the delay in the implementation of the core banking solutions provided by i-flex Solutions.“

However, a bank source alleges that Shirodkar, who has been with the bank for the past 30 years, refused to follow directions from “political bosses.“

S K Banerjee, who has taken over as the bank's managing director, says: “Shirodkar has ceased to be an employee of the company on account of various administrative issues.“ He, however, declines to clarify as to what these “administrative issues“ were.