On October 07, 2025, the Reserve Bank of India superseded the Board of Directors of Irinjalakuda Town Co-operative Bank Ltd. for 12 months, due to certain material concerns emanating from continued poor financial condition and governance standards observed in the bank. Shri Raju S Nair, former Vice President, Federal Bank has been appointed as ‘Administrator’ to manage the affairs of the bank during this period. A ‘Committee of Advisors’ has been appointed to assist the Administrator, and its members are Shri Mohanan K (former Deputy General Manager, South Indian Bank) and Shri T.A. Mohamed Sageer (former Vice President, Federal Bank).
Attention is drawn to the Press Release 2025-2026/807 dated July 30, 2025, published by Reserve Bank on its website for information of the public, that certain directions have been issued to this bank, under sub section (1) of Section 35 A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). This action was taken under Section 36 AAA read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies).
Press Release number: 2025-2026/1269. Brij Raj, Chief General Manager.
Reserve Bank of India contact information:
Website: www.rbi.org.in
Email: helpdoc@rbi.org.in
Phone: 022 - 2266 0502.
Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort, Mumbai - 400 001
Key Entities Referenced
Banking Regulation Act, 1949: Law under which the Reserve Bank took action, specifically Sections 36 AAA, 56, and 35A.
Reserve Bank of India: Regulator that superseded the Board of Directors of Irinjalakuda Town Co-operative Bank Ltd.
Irinjalakuda Town Co-operative Bank Ltd.: The co-operative bank whose Board of Directors was superseded by the Reserve Bank of India.
प्रेस प्रकाशनी PRESS RELEASE
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
वेबसाइट : www.rbi.org.in/hindi संचार वर्भाग, केंद्रीय कायाालय, शहीद भगत ससिंह मागा, फोटा, म िंबई - 400 001
Website : www.rbi.org.in Department of Communication, Central Office, Shahid Bhagat Singh Marg, Fort,
ई-मेल/email : helpdoc@rbi.org.in Mumbai - 400 001 फोन/Phone: 022 - 2266 0502
October 07, 2025
Supersession of Board of Directors of Irinjalakuda Town Co-operative Bank Ltd.
In exercise of the powers conferred under Section 36 AAA read with section 56 of the
Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), the Reserve
Bank has today superseded the Board of Directors of Irinjalakuda Town Co-operative
Bank Ltd., for a period of 12 months. Consequently, the Reserve Bank has appointed
Shri Raju S Nair, former Vice President, Federal Bank as ‘Administrator’ to manage the
affairs of the bank during this period. The Reserve Bank has also appointed a ‘Committee
of Advisors’ to assist the Administrator in discharging his duties. The members of the
Committee of Advisors are Shri Mohanan K (former Deputy General Manager, South
Indian Bank) and Shri T.A. Mohamed Sageer (former Vice President, Federal Bank).
The above action is necessitated due to certain material concerns emanating from
continued poor financial condition and governance standards observed in the
bank. Attention is also drawn to the Press Release 2025-2026/807 dated July 30,
2025, published by Reserve Bank on its website for information of the public, that
certain directions have been issued to this bank, under sub section (1) of Section 35
A of the Banking Regulation Act, 1949, read with Section 56 of the Banking Regulation
Act, 1949 (as applicable to Co-operative Societies).
(Brij Raj)
Press Release: 2025-2026/1269 Chief General Manager