The Central Registrar of Co-operatives has superseded the board of Bombay Mercantile Co-operative Bank Ltd.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
