Mumbai, Nov 24 (PTI) The RBI on Friday superseded the board of Abhyudaya Cooperative Bank for one year over poor governance standards, and appointed an administrator to manage the affairs of the lender.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.

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)