Mumbai, Nov 9 (PTI) The Reserve Bank on Monday extended the supersession of the Board of Directors of Abhyudaya Co-operative Bank for one more year.

    In November 2023, the RBI had superseded the Board of Directors of Abhyudaya Co-operative Bank, Mumbai, for one year due to material concerns arising from poor governance standards observed within the bank.

    The period of supersession was extended for a period of one year, effective November 24, 2024, and further extended for a period of one year, effective November 24, 2025.

    "Upon 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," the central bank said.

    After supersession of the board in November 2023, the Reserve Bank had appointed Satya Prakash Pathak, former Chief General Manager of State Bank of India, as "Administrator" to manage the affairs of the bank.

    The RBI also said Pathak will continue as the Administrator and will be assisted by the present Committee of Advisors comprising Venkatesh Hegde, Devendra Kumar, and Suhas Gokhale.

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