Ratnakar Bank, a private sector lender has decided to reframe its management structure and rise with a fresh look. The bank has moved the RBI to appoint Vishwavir Ahuja as the new CEO of the bank.

Ahuja was the former MD and CEO of the Indian operations of Bank of America.

The current CEO of the bank, SG Kutte would then take the post of non executive chairman of the bank.

Other members of the bank's board include former Morgan Stanley India CEO Narayan Ramachandran and Vijay Mahajan, MD of Hyderabad-based microfinance firm BASIX, who has been roped in as adviser.

"The bank's board, which met last week, has submitted a proposal to RBI, recommending Mr Ahuja as the new CEO apart from ratifying the appointments of Mr Ramachandran and Mr Mahajan," a source familiar to the developments said.

"If RBI permits, portions of the unsubscribed rights could be offered to institutional shareholders," said a source having knowledge about the issue.

The 60-year-old bank was founded by Babgonda Bhujgonda Patil, an advocate based in Sangli, and Gangaram Siddhappa Chougule, a merchant from Kolhapur.

Investment banking officials also hinted that former executive of Bank of America, Nitin Chopra may also join in a senior post.