FE
The board of Abhyudaya Co-operative Bank will seek expert views on the legality of the Reserve Bank of India’s (RBI) action, superseding the bank’s board of directors, chairman Sandeep Ghandat told FE. “We will take experts’ view to ascertain the legality of this action. We are posting operating profits,” he said.
Ghandat said the lender already has an RBI-appointed additional director, Rajendra Kumar, on its board for the last two years. RBI officials, Ghandat said, conducted monthly reviews of the performance and said the next meeting was scheduled to be held in Mumbai suburbs on November 29.
