Supersession of Board of Directors of Abhyudaya Co-operative Bank Ltd., Mumbai - Extension of period
RBI - Press Releases · Published 10 November 2026 · Last updated
RBI has extended the supersession of Abhyudaya Co‑operative Bank’s board by another year, now running until 24 Nov 2027.
Key points
- The Reserve Bank of India exercised powers under Section 36AAA read with Section 56 of the Banking Regulation Act, 1949 to extend the board supersession.
- The extension is for one year, effective 24 Nov 2026, and will continue until 24 Nov 2027.
- The supersession was first imposed on 24 Nov 2023 due to material concerns arising from poor governance standards.
- Previous extensions were granted on 24 Nov 2024 and 24 Nov 2025, each for one year.
- RBI justified the latest extension on the basis of public interest and the need to oversee the bank beyond its close of business on 23 Nov 2026.
- Shri Satya Prakash Pathak remains the Administrator of the bank during the supersession period.
- The Administrator is assisted by the Committee of Advisors: Shri Venkatesh Hegde, Shri Devendra Kumar, and Shri Suhas Gokhale.
- The announcement was issued as Press Release 2026‑2027/1473 by the RBI’s Chief General Manager, Brij Raj.
Background
- On 24 Nov 2023, RBI superseded the Board of Directors of Abhyudaya Co‑operative Bank Ltd., Mumbai, citing governance lapses.
- The Banking Regulation Act, 1949, provides RBI the authority to intervene in cooperative banks under Section 36AAA for public‑interest reasons.
- Annual extensions were subsequently made in Nov 2024 and Nov 2025, each for a one‑year period.
- Abhyudaya Co‑operative Bank is a scheduled urban cooperative bank operating primarily in Mumbai’s retail and small‑business segments.
- Supersession means the elected board is removed and an RBI‑appointed administrator manages the bank’s affairs.
UPSC relevance, Prelims facts and Mains angle for this issue are in the full SWAदेSH note.
Original report: RBI - Press Releases