Mumbai:The Reserve Bank of India on Friday superseded the board of Abhyudaya Cooperative Bank for one year for poor governance standards and appointed an administrator to manage the affairs of the lender.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