The Reserve Bank of India (RBI) on Friday outdated the Board of Directors of Abhyudaya Cooperative Bank Ltd. for a interval of 12 months and appointed Satya Prakash Pathak, former chief common supervisor of State Bank of India as administrator to handle the affairs of the bank in the course of the interval.
The above motion is necessitated on account of sure materials considerations emanating from poor governance requirements noticed within the bank. No enterprise restrictions have been positioned by RBI and the bank shall proceed to hold on its regular banking actions as is hitherto, underneath the steering of the administrator, the RBI stated in a round.
The central bank has additionally appointed a ‘committee of advisors’ to help the administrator to discharge his duties. The members of the committee are Venkatesh Hegde, former common supervisor, SBI; Mahendra Chhajed, chartered accountant; and Suhas Gokhale, former MD, COSMOS Cooperative Bank Ltd.
