Reserve Bank extends period of supersession of Abhyudaya Co-operative Bank's board

The Reserve Bank of India (RBI) has extended the period of supersession of the Board of Directors of Mumbai's Abhyudaya Co-operative Bank Limited by another year. According to a report by The Hindu, this decision has been taken keeping public interest in mind and this new period will be effective from November 24, 2026. The RBI stated in its circular that after review, since it is necessary in the public interest to extend this period of supersession even after the completion of the bank's business hours on November 23, 2026, this step has been taken.

According to reports by Business Standard and The Hindu, with this extension Satya Prakash Pathak will continue his services as the administrator of the bank. A committee of advisors already exists to provide assistance to him, which includes Venkatesh Hegde, Devendra Kumar and Suhas Gokhale, and all these members will continue to assist the administrator ahead as well.

According to The Hindu report, the central bank had earlier superseded the Board of Directors of the bank for one year on November 24, 2023. The main reason behind this action was serious concerns regarding weak governance standards observed in the bank. In the initial stage, this supersession was applicable for only one year, but thereafter it has been extended every year. First, this term was extended in November 2024, then the period was extended again in November 2025 and now, according to the recent decision, after November 2024, 2025, this term has been extended for another one year from November 24, 2026.