Case Brief
In a fresh action under Section 36 AAA read with Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), RBI superseded the Board of Directors of New India Cooperative Bank Ltd., Mumbai for 12 months. The regulator cited material concerns arising from poor governance standards observed in the bank. During the supersession period, Shri Shreekant has been appointed as Administrator to manage the bank’s affairs, assisted by a Committee of Advisors comprising Shri Ravindra Sapra and Shri Abhijeet Deshmukh.
Action Snapshot
- Primary Impact
- Board supersession
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date