The Central Registrar of Co-operatives has superseded the board of Bombay Mercantile Co-operative Bank Ltd. This follows close on the heels of changes at the apex level in three co-operative banks in Maharashtra. While the chief executives of two banks have been removed, the other has proceeded on a long leave.
According to a Reserve Bank of India (RBI) spokesperson, the central bank had last week recommended superseding the bank's board to the Registrar of Co-operative Societies because the bank was not functioning in the interest of depositors.
The Registrar has appointed a three-man administrative board
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app