Supersession of Board of Directors of Abhyudaya Co-operative Bank Ltd., Mumbai - Extension of period
The Reserve Bank of India, in exercise of its powers under Section 36AAA read with Section 56 of the Banking Regulation Act, 1949, had superseded the Board of Directors of Abhyudaya Co-operative Bank Ltd., Mumbai (the bank) for one year on November 24, 2023 , due to material concerns arising from poor governance standards observed within the bank . The period of supersession was extended for a…
On November 24, 2023, the Reserve Bank of India (RBI) superseded the Board of Directors of Abhyudaya Co-operative Bank Ltd., Mumbai, due to governance issues. The period of supersession was initially extended by one year, taking effect until November 24, 2024. The RBI subsequently extended the period again, this time until November 24, 2025. However, upon further review, the RBI determined that it was in the public interest to extend the period of supersession once more.
The RBI, exercising its powers under the Banking Regulation Act, 1949, extended the period of supersession for an additional year, effective from November 24, 2026. Consequently, Shri Satya Prakash Pathak will continue his role as the Administrator of the bank. He will be assisted by the Committee of Advisors, composed of Shri Venkatesh Hegde, Shri Devendra Kumar, and Shri Suhas Gokhale.
Written by urgent.news from Reserve Bank of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
