RBI Announces Extension in Supersession of Board of Directors of Abhyudaya Co-operative Bank for Another Year:

The Reserve Bank of India (RBI), on November 24, 2023, had announced the replacement of the board of directors of Abhyudaya Co-operative Bank Ltd., Mumbai, in exercise of its powers granted under Section 36AAA read with Section 56 of the Banking Regulation Act, 1949. This supersession was applied to the bank for a period of one year, and the action was taken due to material concerns arising from poor governance standards observed inside the bank.

This replacement was previously extended for a further one year, effective November 24, 2024, and further extended for a period of one year, effective November 24, 2025, in exercise of its powers under sub-Section (1) of Section 36AAA read with Section 56 of the Banking Regulation Act, 1949.

Now, vide a press release dated November 09, 2026, the RBI has again announced an extension in the supersession period. The press release reads "upon a review, the Reserve Bank of India is satisfied that, in the public interest, it is necessary to further extend the period of supersession beyond the close of business of the bank as on November 23, 2026."

The RBI has clarified that Shri Satya Prakash Pathak will remain employed in the role of Administrator of the bank and will be guided by the present Committee of Advisors, including Shri Venkatesh Hegde, Shri Devendra Kumar, and Shri Suhas Gokhale.