Case Brief
RBI has extended the period of supersession of the Board of Directors of Abhyudaya Cooperative Bank Ltd., Mumbai for a further 12 months, effective November 24, 2024. The extension follows an earlier supersession order dated November 24, 2023, and is issued under Section 36AAA read with Section 56 of the Banking Regulation Act, 1949 as applicable to co-operative societies. RBI cited material concerns arising from poor governance standards observed within the bank and stated that continuation of supersession is necessary in the public interest. Shri Satya Prakash Pathak will continue as Administrator, assisted by a Committee of Advisors comprising Shri Venkatesh Hegde, Shri Devendra Kumar, and Shri Suhas Gokhale.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai