The Reserve Bank of India on Friday superseded Board of Mumbai-based Abhyudaya Cooperative Bank for 12 months due to "material concerns".

• The banking regulator has appointed Satya Prakash Pathak, former Chief General Manager of State Bank of India, as “Administrator” to manage the affairs of the Mumbai-based bank during this period.
• RBI has also appointed a “Committee of Advisors” to assist the Administrator to discharge his duties.
• The members of the “Committee of Advisors” are Venkatesh Hegde (former General Manager, SBI), Mahendra Chhajed (Chartered Accountant) and Suhas Gokhale (former MD, COSMOS Co-operative Bank Limited).