Mumbai, Nov 12:
The Reserve Bank of India (RBI) has extended the supersession of the board of directors of Mumbai-based Abhyudaya Co-operative Bank by another year, effective November 24, 2026, in the public interest.
The central bank had originally superseded the multi-state co-operative lender’s board on November 24, 2023, citing governance deficiencies, and subsequently extended the arrangement in 2024 and 2025 while permitting the bank to continue normal operations without business restrictions. Administrator Satya Prakash Pathak will remain at the helm for another year, assisted by the existing three-member Committee of Advisors.
The extension comes even as the lender—operating across Maharashtra, Gujarat, and Karnataka—posted steady financial recovery in FY26, nearly doubling its net profit to Rs 10.11 crore from Rs 5.22 crore in the prior fiscal, while reducing gross non-performing assets from Rs 949.01 crore to Rs 842.42 crore and lifting its provision coverage ratio to 78.2 per cent.