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Syndicate Bank CEO steps down

India's Syndicate Bank Ltd. said Melwyn Oswald Rego stepped down as managing director and CEO, effective Aug. 14.

Rego's term in the role expired Aug. 13.

In May, The Economic Times reported that Rego may step down or retire voluntarily amid investigations over his role in an alleged 6-billion-rupee loan fraud at IDBI Bank Ltd.

Media reports said in April that India's Central Bureau of Investigation was looking into alleged fraud at IDBI Bank between 2010 and 2014. Rego was deputy managing director at IDBI Bank at the time.