RBI Reshapes Advisory Committee Amid Banking Turmoil

The Reserve Bank of India (RBI) has restructured the Committee of Advisors for Irinjalakuda Town Co-operative Bank following persistent financial challenges. Former members were replaced, and new appointments were made to guide the bank's administrator. The RBI remains vigilant in safeguarding the bank's depositors' interests.

The Reserve Bank of India (RBI) announced a reconstitution of the Committee of Advisors for the Irinjalakuda Town Co-operative Bank amidst ongoing financial and governance challenges.

This decision follows RBI's earlier action in October to supersede the bank's Board of Directors. Raju S Nair, the former Vice President of Federal Bank, continues as the Administrator.

The committee now includes Mohanan K and Mohan T M. The RBI assured it is closely monitoring the bank's situation to protect depositors.

(With inputs from agencies.)