RBI supersedes Board of Directors of Abhyudaya Cooperative Bank for 12 months

Mumba (Maharashtra) [India], November 24 (ANI): The Reserve Bank of India (RBI) on Friday superseded the Board of Directors of Abhyudaya Cooperative Bank Ltd for a period of 12 months.

Consequently, the RBI has appointed Satya Prakash Pathak, former Chief General Manager of State Bank of India as "Administrator" to manage the affairs of the bank during this intervening period.

The central bank has also appointed a "Commit