Kolkata: The Reserve Bank of India has extended the supersession on Abhyudaya Cooperative Bank board for another year till November 24, 2025 and asked Satya Prakash Pathak to continue as the administrator of the bank.
Earlier, the regulator superseded the board on November 24, 2023 for a year due to material concerns arising from poor governance standards observed within the bank.
RBI on Monday said that the extension of the deadline beyond the close of business on November 23, 2024 was necessary in public interest.
However, RBI has not placed any business restrictions and the bank is allowed to continue to carry on normal banking activities under the guidance of the administrator, who is being assisted by the committee of advisors comprising former State Bank of India general manager Venkatesh Hegde, chartered accountant Mahendra Chhajed and former managing director of COSMOS Co-operative Bank Suhas Gokhale.
