The RBI on Friday superseded the board of Abhyudaya Cooperative Bank for one year over poor governance standards, and appointed an administrator to manage the affairs of the lender.
Satya Prakash Pathak, former Chief General Manager of State Bank of India, is the 'Administrator' to manage the affairs of the Mumbai-based bank during the one-year period, the Reserve Bank of India (RBI) said.
Also, a committee of advisors has been appointed to assist 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 said, while superceding the board of directors of Abhyudaya Cooperative Bank.
However, no business restriction has been placed by the RBI and the bank will continue to carry on its normal banking activities, under the guidance 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 NDTV staff and is auto-generated from a syndicated feed.)
Featured Video Of The Day
Thousands Await Dream Home In Greater Noida
RBI Gets Bomb Threat In Russian Language, 2nd Time In A Month Sanjay Malhotra Takes Charge As RBI's 26th Governor Shaktikanta Das: Man Behind GST, Monetary Response During Covid BJP To File Police Case Against Rahul Gandhi After MPs Allege Injury Video: Rahul Gandhi Approaches BJP MP Who Fell During Protest, This Happens "Entitled To Relief": Vijay Mallya On Banks Recovering Rs 14,131 Crore Assets "Don't Take Orders From Anyone": Giorgia Meloni Defends Musk Friendship Video: Rahul Gandhi Approaches BJP MP Who Fell During Protest, This Happens Want To Improve Heart Health With Mediterranean Diet? 7 Tips To Get You Started Track Latest News Live on NDTV.com and get news updates from India and around the world.