Krushi Bank Board To Be Superseded

The Reserve Bank of India (RBI) Tuesday asked the Andhra Pradesh Registrar of Cooperative Societies (RCS) to supersede the board of Krushi Cooperative Bank and to appoint an administrator. The Secunderabad-based bank has been facing a run on its deposits.

The central bank, in an unprecedented move, has also asked the RCS to disqualify the directors of the bank from continuing with or joining boards of any other co-operative banks.