While Ghandat is hopeful of getting relief, legal experts indicated that the courts are not inclined to interfere with the banking regulator’s decisions.
On November 24, the RBI superseded the Mumbai-based Abhyudaya Cooperative Bank s Board citing material concerns related to poor corporate governance standards, the regulator said in a statement.
Mumbai:The Reserve Bank of India on Friday superseded the board of Abhyudaya Cooperative Bank for one year for poor governance standards and appointed an administrator to manage the affairs of the lender.
However, no business restriction has been placed by the RBI and the bank will continue to carry on with its normal banking activities under the guidance of the administrator.
Satya