The Reserve Bank of India (RBI) dissolved the board of directors of Abhyudaya Co-operative Bank for one year, citing poor governance standards.

The Reserve Bank of India (RBI) dissolved the board of directors of Abhyudaya Co-operative Bank for one year, citing poor governance standards. The regulator appointed Satya Prakash Pathak, former chief general manager of State Bank of India (SBI), as 'administrator' to manage the affairs of the bank during this period. "The above action has become necessary due to certain material concerns arising from poor governance standards in the bank," RBI said. It has not imposed any restrictions on the business of the bank and it will continue its normal banking activities under the guidance of the Administrator. The lender began operations in 1964 and was granted '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 limited to three states: Maharashtra, Gujarat and Karnataka. According to the Mumbai-based bank's website, it has 109 branches. Of these, 18 branches provide service seven days a week; The bank also has 113 ATMs.