Supersession of Board of Directors of Abhyudaya Co-operative Bank Ltd., Mumbai
The Reserve Bank of India extended the supersession of Abhyudaya Co-operative Bank Ltd.’s board by one year, effective November 24, 2026, citing governance concerns.
The Reserve Bank of India (RBI) announced the extension of the supersession of the Board of Directors of Abhyudaya Co-operative Bank Ltd., Mumbai, for an additional year starting November 24, 2026. This decision follows prior extensions in 2024 and 2025 due to governance deficiencies observed within the bank. The RBI cited public interest as the primary reason for the further extension beyond November 23, 2026.
The supersession, enacted under Section 36AAA read with Section 56 of the Banking Regulation Act, 1949, places the bank under the administration of Shri Satya Prakash Pathak. Pathak will continue to oversee operations with support from the existing Committee of Advisors, including Shri Venkatesh Hegde, Shri Devendra Kumar, and Shri Suhas Gokhale.
The RBI’s action reflects ongoing concerns about governance standards at Abhyudaya Co-operative Bank Ltd., which prompted the initial supersession on November 24, 2023. The bank’s operations will remain under direct RBI oversight until the supersession period concludes on November 23, 2027.
The extension ensures continuity in the bank’s administration while addressing governance issues. The RBI’s decision underscores its commitment to maintaining stability and public confidence in the cooperative banking sector through regulatory intervention.