Mumbai | The Reserve Bank on Thursday said it has reconstituted the Committee of Advisors of Irinjalakuda Town Co-operative Bank.
In October, the Reserve Bank of India (RBI) superseded the Board of Directors of Irinjalakuda Town Co-operative Bank due to the lender's continued poor financial condition and issues related to governance standards.
Raju S Nair, former Vice President of Federal Bank, was appointed as 'Administrator' to manage the affairs of the bank during this period.
A two-member 'Committee of Advisors' (CoA) was appointed to assist the administrator in discharging his duties. The members were Mohanan K (former Deputy General Manager, South Indian Bank) and T A Mohamed Sageer (former Vice President, Federal Bank).
In a statement on Thursday, the RBI said Sageer has expressed his inability to continue as a member of the committee due to personal reasons.
Accordingly, the central bank reconstituted the CoA to the Administrator effective from November 13, 2025.
The CoA now consists of Mohanan K and Mohan T M, the former General Manager of South Indian Bank.
There is no change in the Administrator, the central bank said.
The Reserve Bank further said it is closely monitoring the developments and will continue to take necessary steps in the interest of the depositors of the bank.
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