The Reserve Bank of India (RBI) on Monday further extended the supersession of the board of Mumbai-based Abhyudaya Co-operative Bank by another year, effective November 24, 2026, citing public interest.
The RBI had superseded the bank’s board of directors on November 24, 2023, for one year, citing material concerns arising from poor governance standards. The supersession was subsequently extended by a year each in November 2024 and November 2025.
“Upon a review, the Reserve Bank of India is satisfied that, in the public interest, it is necessary to further extend the period of supersession beyond the close of business of the bank as on November 23, 2026,” the banking regulator said in a statement.
While superseding the board in 2023, the RBI had said no business restrictions had been placed and the bank would continue to carry on its normal banking activities under the guidance of the administrator.
The administrator of the bank, Satya Prakash Pathak, will continue for another year, the RBI said. He will be assisted by the existing Committee of Advisors comprising Venkatesh Hegde, Devendra Kumar and Suhas Gokhale.
The lender started operations in 1964 and was conferred with ‘scheduled bank status’ by the RBI in September 1988. On January 11, 2007, the bank was registered as a multi-state co-operative bank by the Central Registrar, New Delhi. The bank’s operations are confined to three states: Maharashtra, Gujarat and Karnataka.
As of March 31, 2026, the bank’s deposits inched up marginally to ₹9,366.62 crore from ₹9,327.36 crore a year ago. Loans, however, declined to ₹4,323.24 crore as of March 31, 2026, from ₹4,865.31 crore.
The bank’s net profit nearly doubled to ₹10.11 crore in FY26 from ₹5.22 crore in the year-ago period.
The asset quality of the bank also improved, with gross non-performing assets (GNPA) declining to ₹842.42 crore from ₹949.01 crore last year, while net NPA dropped to ₹182.16 crore from ₹253.25 crore. The provision coverage ratio also improved to 78.2 per cent from 73.1 per cent.
The bank, on its website, said FY26 had been another year of meaningful progress in its turnaround journey, with a substantial increase in profitability, a continued reduction in NPAs, stronger provisioning levels and significant improvements in net worth and capital adequacy demonstrating that the bank is a going concern.
“Bank remain committed to maintaining the highest standards of governance, regulatory compliance, customer service and financial discipline while creating long-term value for its members and stakeholders,” the lender said.