The Reserve Bank of India (RBI) has extended the supersession of the board of Mumbai-based Abhyudaya Co-operative Bank Ltd. by another year, effective November 24, 2026, citing public interest.<\/p>\n
\u201cUpon a review, the Reserve Bank of India is satisfied that, in the public interest, it is necessary to further extend the period of supersession beyond the close of business of the bank as on November 23, 2026,\u201d the RBI said in a circular.<\/p>\n
The RBI first superseded the bank\u2019s Board of Directors for one year on November 24, 2023, citing \u201cmaterial concerns arising from poor governance standards observed within the bank.\u201d<\/p>\n
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<\/div>\n<\/div>\n<\/div>\nThe supersession, initially imposed for a year, has since been extended annually, first in November 2024, again in November 2025 and now for a further year from November 24, 2026.<\/p>\n
With the latest extension, Mr. Satya Prakash Pathak will continue as the bank\u2019s Administrator. He will be assisted by the existing Committee of Advisors comprising Mr. Venkatesh Hegde, Mr. Devendra Kumar and Mr. Suhas Gokhale.<\/p>\n<\/div>\n