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RBI superseded the board of Mumbai-based Abhyudaya Co-op Bank for a year

Published on December 02, 2023
Current Context: The Reserve Bank of India (RBI) superseded the board of directors of the Mumbai-based Abhyudaya Co-operative Bank for one year.
RBI superseded the board of Mumbai-based Abhyudaya Co-op Bank for a year
  • This action was taken due to certain material concerns emanating from poor governance standards in the bank.
  • The RBI has appointed Satya Prakash Pathak, a former Chief General Manager of State Bank of India, as the Administrator to manage the affairs of the bank during this period.
  • A Committee of Advisors has also been appointed to assist the Administrator.
  • The members of this committee are Venkatesh Hegde (former General Manager, SBI), Mahendra Chhajed (Chartered Accountant), and Suhas Gokhale (former MD, COSMOS Co-operative Bank Ltd.

Question:

Q.1 Who superseded the board of directors of the Mumbai-based Abhyudaya Co-operative Bank?
a. State Bank of India
b. Reserve Bank of India
c. Government of India
d. Securities and Exchange Board of India

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