Daijiworld Media Network - Mangaluru (SP)

Mangaluru, Nov 26: Mangalore Devadas Mallya (66), popularly known as M D Mallya in banking circles, who was retired chairman and managing director of both Bank of Baroda and Bank of Maharashtra, breathed his last on account of ill health at the residence of his son at Banashankari Bengaluru on Sunday November 25.

Mallya was 66. He is survived by wife, a son, and a daughter. He was from Mulky in the taluk and had been spending retired life at Bengaluru.

Mallya, after acquiring his bachelor of engineering degree from the then KREC Suratkal, completed the management diploma through Indian Institute of Science Bengaluru. He completed industrial finance certificate course of Indian Institute of Bankers and joined Corporation Bank in 1976. After serving that bank for 29 years, Mallya was appointed as the executive director of Oriental Bank of Commerce.

Mallya is remembered for his novel business strategies and pioneering in introducing new technology into banking. One of his better known feats was merging Global Trust Bank with Oriental Bank of Commerce. During his period as managing director of Bank of Maharashtra, he achieved all-round development of the bank, particularly in the sectors like growth of banking business, human resources development and other sectors. He also spearheaded phenomenal growth of Bank of Baroda in the capacity of its chairman and managing director from 2008 to 2012.

Mallya also functioned as director of State Bank of India between 2014 and 2017 and independent director of ICICI Bank from 2018 May 29 to October 4 this year. He was a director of New India Assurance Company for three years. He was also deputy chairman of Indian Banks Association.

M D Mallya had bagged the 'Best Banker' award of Business India magazine in the year 2011. He had headed a work force formed by Reserve Bank of India in 2009 on the subject of secularization of Trade Credit Receivables.