The Reserve Bank of India (RBI), in exercise of its powers under Section 36AAA read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), had superseded the Board of Directors of Abhyudaya Cooperative Bank Ltd., Mumbai, for 12 months on November 24, 2023, due to material concerns arising from poor governance standards observed within the bank. 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 on November 23, 2024. Accordingly, the Reserve Bank of India (RBI), in exercise of its powers under sub-Section (1) of Section 36AAA read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), has extended the period of supersession for a further period of 12 months, effective from November 24, 2024. Consequently, Shri Satya Prakash Pathak will continue as the Administrator of the bank, assisted by the Committee of Advisors comprising Shri Venkatesh Hegde, Shri Devendra Kumar, and Shri Suhas Gokhale. (Puneet Pancholy)
Chief General Manager Press Release: 2024-2025/1534 | |