India, Nov. 9 -- The Reserve Bank of India (RBI) has extended the period of supersession of the Board of Directors of Abhyudaya Co-operative Bank Ltd., Mumbai, by another year, effective November 24, 2026.
The RBI had initially superseded the bank's board for one year from November 24, 2023, citing material concerns over poor governance standards. The period was subsequently extended by one year each in November 2024 and November 2025.
Following a review, the central bank said it considered the further extension necessary in the public interest.
With the latest extension, Shri Satya Prakash Pathak will continue as the bank's Administrator, assisted by the existing Committee of Advisors comprising Venkatesh Hegde, Devendra Kumar and Suhas...