The Reserve Bank of India has directed that Bank of Rajasthan should remove its deputy managing director, Deepak Saruparia. The apex bank has also banned Sarupariya from managing any bank for 5 years.

It strictly said that Sarupariya "shall not in any way either directly or indirectly be concerned with or take part in the management of any banking company for a period of five years from June 12, 2010."

"Reserve Bank of India ... has directed that Deepak Saruparia shall stand removed from the post of deputy managing director in Bank of Rajasthan with immediate effect," BoR said.

Sarupariya said in his defense that the charges against him were not appropriate as he was not the only one to have taken the decisions. He emphasized that the decisions were collectively approved by the board of BoR.

"All the decisions were taken unanimously by the Board ... there were RBI nominees also on the Board that time ... singling me out therefore is not proper," Saruparia said.

RBI had imposed a penalty of Rs 25 lakh on the bank on charges of for violation of a host of norms like the acquisition of immovable properties, deletion of records, non-adherence to KYC norms and anti-money laundering guidelines amongst others.

A senior BoR official said, "The charges (against Sarupuria) are mainly in relation to the acquisition of immovable properties and certain corporate transactions."