RBI Extends Abhyudaya Co-operative Bank Board Supersession for Another Year
MUMBAI, (Economy India): The Reserve Bank of India (RBI) has extended the supersession of the Board of Directors of Mumbai-based Abhyudaya Co-operative Bank for another year, continuing the regulatory oversight of the lender over governance concerns.
The latest extension will take effect from November 24, 2026, and will remain in force for a further period of one year.
The RBI originally superseded the bank’s board on November 24, 2023, for 12 months after identifying material concerns arising from poor governance standards within the institution.
The central bank subsequently extended the supersession for another year, effective November 24, 2024, and again from November 24, 2025.
RBI Cites Public Interest for Fresh Extension
In its latest order, the RBI said that following a review, it was satisfied that continuing the supersession beyond the close of business on November 23, 2026, was necessary in the public interest.
The decision has been taken under Section 36AAA, read with Section 56 of the Banking Regulation Act, 1949.
The provision empowers the central bank to supersede the board of a co-operative bank under specified circumstances and make arrangements for its administration.
Satya Prakash Pathak to Continue as Administrator
Following the supersession of the board in November 2023, the RBI appointed Satya Prakash Pathak, a former Chief General Manager of the State Bank of India, as Administrator to manage the bank’s affairs.
With the latest extension, Pathak will continue in the role for another year.
He will be assisted by the existing Committee of Advisors comprising:
- Venkatesh Hegde
- Devendra Kumar
- Suhas Gokhale
The administrative arrangement will continue under the RBI’s supervision during the extended period.
Three Consecutive Extensions Since 2023
The latest decision marks the third extension of the board’s supersession since the RBI’s initial intervention in November 2023.
| Date | Regulatory action |
|---|---|
| November 24, 2023 | RBI superseded the bank’s board for one year |
| November 24, 2024 | First extension for another year |
| November 24, 2025 | Second extension for another year |
| November 24, 2026 | Fresh one-year extension |
Regulatory Oversight Continues at Abhyudaya Co-operative Bank
The continued supersession means the bank will remain under the administration of the RBI-appointed Administrator rather than its superseded Board of Directors.
The RBI’s decision underscores the importance of governance standards, regulatory compliance and proper management in the co-operative banking sector.
The latest extension keeps the existing administrative structure in place as the central bank continues its oversight of Abhyudaya Co-operative Bank.
The order was issued by the RBI on November 9, 2026.
(Economy India)
