The Reserve Bank of India (RBI) has extended the supersession of the board of directors of Abhyudaya Cooperative Bank Ltd., Mumbai, for an additional year. The extension will be effective from November 24, 2025, continuing the RBI’s direct oversight until November 23, 2026. This decision follows earlier action taken in November 2023 and November 2024.
Reasons Behind the Continued Oversight
The RBI superseded the bank’s board originally due to serious governance concerns and material irregularities observed within the bank’s management. The central bank’s ongoing intervention aims to protect depositors’ interests and ensure financial stability. After thorough review, the RBI concluded that extending the supersession remains necessary in the public interest.
Administrator and Advisory Committee Continue to Manage Affairs
Satya Prakash Pathak will continue as the Administrator of Abhyudaya Cooperative Bank, assisted by a committee of advisors comprising Venkatesh Hegde, Devendra Kumar, and Suhas Gokhale. Despite the supersession, the RBI has not imposed any business restrictions, and the bank continues normal operations under administrative guidance.
