India, Oct. 8 -- The Reserve Bank of India (RBI) has announced the supersession of the Board of Directors of Irinjalakuda Town Co-operative Bank Ltd. for a period of 12 months, under the provisions of Section 36AAA read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies).
Following this decision, the RBI has appointed Shri Raju S. Nair, former Vice President of Federal Bank, as the Administrator to oversee and manage the bank's operations during the supersession period.
To assist the Administrator, the central bank has also constituted a Committee of Advisors, comprising Shri Mohanan K, former Deputy General Manager of South Indian Bank, and Shri T. A. Mohamed Sageer, former Vice President of Fede...