Irinjalakuda Town Co-operative Bank Board Superseded by RBI
Why in the news
The central bank replaced the board of a co-operative lender for one year.
Key facts
| Item | Detail |
|---|---|
| Bank | Irinjalakuda Town Co-operative Bank Ltd. |
| Action | Board of Directors superseded by RBI |
| Duration | 12 months |
| Law | Act of 1949 (Banking Regulation): Sections 36AAA and 56 combined |
Why such action is taken
- Protect depositors, improve governance, ensure stability.
Exam angle
- Sections 36AAA and 56; supersession period 12 months.