Latest News | RBI Reconstitutes Abhyudaya Coop Bank's Committee of Advisors

Mumbai, Mar 14 (PTI) The Reserve Bank of India on Thursday reconstituted the Committee of Advisors of city-based Abhyudaya Cooperative Bank.

In November last year, the RBI superseded the board of Abhyudaya Cooperative Bank on concerns emanating from "poor governance" and appointed an administrator to manage the affairs of the lender.

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Consequent upon the resignation of Mahendra Chhajed from the Committee for personal reasons with effect from March 4, 2024, RBI said it has been decided to reconstitute the panel and appoint Devendra Kumar as a member in his place with immediate effect.

Venkatesh Hegde (former General Manager, SBI) and Suhas Gokhale (former MD, COSMOS Co-operative Bank Limited) of the other two members of the committee.

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Satya Prakash Pathak, former chief general manager of the State Bank of India, is the administrator.

The action against the cooperative bank was necessitated due to certain material concerns emanating from poor governance standards observed in the bank, the RBI had said while superseding the bank's board.

However, it had not placed any business restrictions and the bank was allowed to continue to carry on its normal banking activities.

At the time of superseding of the board, the bank had a deposit base of Rs 10,800 crore and a loan book of Rs 6,400 crore. It is headquartered in central Mumbai's Parel, which was the heart of the mill-land.

(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)