- The Reserve Bank of India has decided to extend the supersession of the Abhyudaya Cooperative Bank’s board for another year, pushing the deadline to November 24, 2025.
- They’ve asked Satya Prakash Pathak to continue serving as the bank’s administrator.
- Previously, the regulator had taken this step on November 24, 2023, for a year due to serious concerns about the bank’s governance standards.
- On Monday, the RBI stated that extending the deadline beyond the close of business on November 23, 2024, was essential for the public’s interest.
- That said, the RBI hasn’t imposed any restrictions on the bank’s operations, allowing it to continue its normal banking activities under the administrator’s guidance.
The Reserve Bank of India has decided to extend the supersession of the Abhyudaya Cooperative Bank’s board for another year, pushing the deadline to November 24, 2025. They’ve asked Satya Prakash Pathak to continue serving as the bank’s administrator.
Previously, the regulator had taken this step on November 24, 2023, for a year due to serious concerns about the bank’s governance standards.
On Monday, the RBI stated that extending the deadline beyond the close of business on November 23, 2024, was essential for the public’s interest.
That said, the RBI hasn’t imposed any restrictions on the bank’s operations, allowing it to continue its normal banking activities under the administrator’s guidance. Pathak is being supported by a committee of advisors, which includes former State Bank of India general manager Venkatesh Hegde, chartered accountant Mahendra Chhajed, and former managing director of COSMOS Co-operative Bank, Suhas Gokhale.