Mumbai: The Reserve Bank of India on Friday superseded the board of Abhyudaya Cooperative Bank for one year for poor governance standards and appointed an administrator to manage the affairs of the lender.

However, no business restriction has been placed by the RBI and the bank will continue to carry on with its normal banking

activities under the guidance of the administrator.

Satya Prakash Pathak, former Chief General Manager of State Bank of India (SBI), has been appointed as the administrator to manage the affairs of the Mumbai-based bank during the one-year period, the RBI said in a statement.

No Comments For This Post, Be first to write a Comment.
Leave a Comment
Enter the code shown:

Can't read the image? click here to refresh

Todays Epaper

English Weekly

neerus indian ethnic wear
Latest Urdu News

Do you think there should be a retirement age in politics?

Can't Say