Politics · India · 14 hrs ago
RBI extends Abhyudaya Co-operative Bank board's supersession for one year
The RBI extended its control over Abhyudaya Co-operative Bank’s board for another year.
The Mumbai-based bank’s board was first superseded in November 2023 over concerns about poor governance.
The latest extension continues the arrangement beyond the close of business on November 23, 2026.
RBI-appointed administrator Satya Prakash Pathak will remain in charge of the bank’s affairs.
He will continue to be assisted by the bank’s existing Committee of Advisors.
The extension keeps the board from returning to management for another year, as the RBI says this is necessary in the public interest.
The Reserve Bank of India extended the supersession of Abhyudaya Co-operative Bank’s board for one more year.
The extension takes effect beyond the close of business on November 23, 2026.
The RBI said it considered the extension necessary in the public interest.
The bank’s board was first superseded in November 2023 over concerns about poor governance standards.
Satya Prakash Pathak will continue as the bank’s Administrator, assisted by the existing Committee of Advisors.
- Who
- The Reserve Bank of India and Abhyudaya Co-operative Bank.
- What
- The RBI extended the supersession of the bank’s board for one more year.
- When
- The extension runs beyond the close of business on November 23, 2026.
- Where
- Mumbai.
- Why
- The RBI said the extension was necessary in the public interest. The board was first superseded over concerns about poor governance standards.
This story does not have two clearly opposing sides.
The RBI superseded the bank’s board for one year over concerns about poor governance standards.
The RBI’s one-year supersession period was extended, effective from this date.
The supersession period was extended for a further year, effective from this date.
The RBI announced a further one-year extension beyond the close of business on November 23, 2026.
- Bank
- Abhyudaya Co-operative Bank
- First board supersession
- November 2023
- Latest extension
- One year
- Extension date
- Beyond close of business on November 23, 2026
- Administrator
- Satya Prakash Pathak
What people are saying
Upon a review, the Reserve Bank of India is satisfied that, in the public interest, it is necessary to further extend the period of supersession beyond the close of business of the bank as on November 23, 2026