New Delhi: Bank of Maharashtra has appointed Saurabh Kumar, Joint Secretary in the Department of Financial Services (DFS), Ministry of Finance, as the Government of India Nominee Director on its Board of Directors. The appointment, made by the Central Government, came into effect on September 10, 2026, and will remain valid until further orders.
The bank informed the stock exchanges about the appointment through a disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Saurabh Kumar Appointed as Government Nominee Director
The Department of Financial Services notified the appointment of Saurabh Kumar as Government of India Nominee Director on the Board of Bank of Maharashtra through a notification dated September 10, 2026.
He has been appointed in place of Abhijit Phukon and will continue in the position until further orders.
Key Appointment Details
- Appointee: Saurabh Kumar
- Designation: Government of India Nominee Director
- Institution: Bank of Maharashtra
- Effective Date: September 10, 2026
- Tenure: Until further orders
- Previous Nominee Director: Abhijit Phukon
- Nominating Authority: Department of Financial Services, Ministry of Finance
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Appointment Under Banking Companies Act
The appointment has been made under Clause (b) of Sub-section (3) of Section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
The provision enables the Central Government to nominate a director to the board of a nationalised bank. The appointment reflects the Government of India’s role in the governance and oversight of public sector banks.
Who is Saurabh Kumar?
Saurabh Kumar is a 2009-batch Indian Administrative Service (IAS) officer of the Chhattisgarh cadre. He is currently serving as Joint Secretary in the Department of Financial Services under the Ministry of Finance.
He holds a Bachelor of Technology (B.Tech) degree in Electronics and has more than 17 years of administrative experience.
His professional experience covers several areas of government administration, including:
- District administration
- Urban development
- Revenue administration
- Policy-related matters
- Central government assignments
Before his current role in the Department of Financial Services, Kumar also served as a Director in the Department of Revenue, Government of India.
Saurabh Kumar’s Profile and Eligibility
According to the bank’s disclosure, Saurabh Kumar is 42 years old and has extensive experience in public administration.
The bank has also stated that:
- He is not related to any existing Director of Bank of Maharashtra.
- He is not debarred from holding the office of Director by SEBI or any other regulatory authority.
- His appointment has been made in accordance with the applicable statutory provisions.
His administrative background and current position in the Department of Financial Services bring experience in financial-sector policy and government administration to the bank’s Board.
Bank of Maharashtra Board Appointment
With the appointment of Saurabh Kumar, the Central Government has made a change in its nominee representation on the Board of Bank of Maharashtra.
The appointment of a Government of India Nominee Director is part of the governance framework applicable to nationalised banks. Kumar will represent the Central Government’s interests on the bank’s Board until further orders.
Bank of Maharashtra disclosed the development to the stock exchanges in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015.
About Bank of Maharashtra
Bank of Maharashtra is a public sector bank headquartered in Pune, Maharashtra. Established in 1935, the bank provides a range of banking and financial services through its branch and digital banking network across India. The bank operates under the ownership of the Government of India and is governed by the regulatory framework applicable to public sector banks.
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