CURRENT AFFAIRS : BANKING & FINANCE
Reserve Bank of India (RBI) Takes Control of Mumbai’s Abhyudaya Cooperative Bank, Disbands Board for a period of 12 Months
- In yet another instance of the regulator taking action against a bank due to governance-related concerns, the Reserve Bank of India (RBI) had superseded the board of Abhyudaya Cooperative Bank for a period of 12 months.
- Satya Prakash Pathak, former Chief General Manager of State Bank of India, has been appointed as the Administrator to manage the affairs of Abhyudaya Cooperative Bank during this period.
Reasons for Regulatory Intervention :
- This action was necessitated due to “certain material concerns emanating from poor governance standards observed in the bank”.
