IANS | 25 Nov, 2023
The Reserve Bank of India (RBI) on Friday superseded the Board of
Directors of Abhyudaya Cooperative Bank Ltd., Mumbai, for a period of 12
months.
Consequently, the Reserve Bank has appointed Satya
Prakash Pathak, former Chief General Manager of State Bank of India, as
the Administrator to manage the affairs of the bank during this period.
The
RBI has also appointed a Committee of Advisors to assist the
Administrator to discharge his duties. The members of the committee are
Venkatesh Hegde (former General Manager, SBI); Mahendra Chhajed
(Chartered Accountant); and Suhas Gokhale (former MD, COSMOS
Co-operative Bank Limited).
“The above action is necessitated due
to certain material concerns emanating from poor governance standards
observed in the bank. No business restrictions have been placed by RBI
and the bank shall continue to carry on its normal banking activities as
is hitherto, under the guidance of the Administrator," RBI said.
