Published By: Mohammad Haris
Last Updated: November 24, 2023, 19:01 IST
No enterprise restriction has been positioned by the RBI and Abhyudaya Co-operative Bank will proceed to hold on its regular banking actions.
Satya Prakash Pathak, former Chief General Manager of State Bank of India, is the ‘Administrator’ to handle the affairs of the Mumbai-based financial institution through the one-12 months interval, says the Reserve Bank of India
The RBI on Friday outdated the board of Abhyudaya Cooperative Bank for one 12 months over poor governance requirements, and appointed an administrator to handle the affairs of the lender. Satya Prakash Pathak, former Chief General Manager of State Bank of India, is the ‘Administrator’ to handle the affairs of the Mumbai-based financial institution through the one-12 months interval, the Reserve Bank of India (RBI) stated. Also, a committee of advisors has been appointed to help the administrator to discharge his duties.
“The action is necessitated due to certain material concerns emanating from poor governance standards observed in the bank,” the RBI stated, whereas superceding the board of administrators of Abhyudaya Cooperative Bank.
However, no enterprise restriction has been positioned by the RBI and the financial institution will proceed to hold on its regular banking actions, underneath the steering of the administrator, it added. The members of the ‘Committee of Advisors’ are Venkatesh Hegde, former General Manager, SBI, Mahendra Chhajed, Chartered Accountant, and Suhas Gokhale former MD, COSMOS Co-operative Bank Ltd.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
