The promoters of Centurion Bank -- 20th Century -- are on the lookout for a new person to head the bank. While senior bank officials have maintained that Sen has stepped down from his post on account of a prolonged illness, insiders view his departure against the backdrop of a Rs 13-crore letter of credit scam in October 1997, due to which the bank took a big hit.

"Sen had been informed by the promoters that his contract will not be renewed in January. They (the promoters) have held him responsible for the scam," said an executive at Centurion Bank. Soon after the scam broke out, the bank's president and chief operating officer MG Ramakrishnan was sacked.

Sen's exit adds to an increasing list of new private bank chiefs who havefallen out with promoters. In June 1998, the promoters of Times Bank decided not to renew managing director NG Pillai's contract after a Rs 10-crore LC scam was detected at the bank's Trivandrum branch. Pillai has been replaced by a senior ANZ Grindlays executive Nani Jhaveri who took charge on October 1, 1998.

IndusInd Bank managing director S Solomon Raj was asked to step down after the promoters held him responsible for a Rs 38-crore bill-discounting scam at the bank's Ahmedabad branch. Incidentally, the branch was headed by Raj's nephew. Raj has, however, been appointed chairman of the bank. KR Maheshwari, formerly managing director of State Bank of Bikaner & Jaipur, has been appointed as the bank's managing director.