RBI replaces bank’s management over governance concerns

Reserve Bank of India
Reserve Bank of India

The Reserve Bank of India (RBI) replaced the board of directors of Abhyudaya Cooperative Bank with its own appointees on November 24, citing failures of the bank’s governance.

The move came two days after RBI governor Shaktikanta Das warned banks about excessive increases in credit supply and reliance on expensive funding.

The RBI named Satya Prakash Pathak as administrator of the bank for a period of 12 months. Pathak, a former chief general manager at State Bank of India, the country’s

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