In response to Mahendra Chhajed's resignation, the Reserve Bank of India (RBI) on Thursday nominated Devendra Kumar to the Abhyudaya Cooperative Bank's "Committee of Advisors."

For personal reasons, Chhajed tendered his resignation from the Committee with effect from March 4, 2024, the RBI stated in a statement. The recently appointed Devendra Kumar was the State Bank of India's (SBI) previous Chief General Manager.

Citing inadequate governance standards, the RBI replaced the Board of Directors of Abhyudaya Cooperative Bank in November of last year. Satya Prakash Pathak, a former chief general manager of SBI, was named Administrator to oversee the bank's operations during this time.

The RBI stated that it has not imposed any limits on the bank's operations and that, with the administrator's direction, the lender will carry on with its regular banking operations.

Devendra Kumar, Venkatesh Hegde (former General Manager, SBI), and Suhas Gokhale (former Managing Director, COSMOS Co-operative Bank) will now make up the "Committee of Advisors."

The lender began operations in 1964, and in September 1988, the Reserve Bank of India granted it "scheduled bank status." The Central Registrar, New Delhi, registered the bank as a Multi­State Co-op Bank on January 11, 2007. The three states of Maharashtra, Gujarat, and Karnataka are where the bank operates.

The website for the Mumbai-based bank lists 109 of its branches. of which 18 branches are open seven days a week, and there are 113 ATMs operated by the bank.

The bank's deposits increased to Rs 10,952 crore as of March 31, 2021, from Rs 10,838 crore during the same period the previous year. As of March 31, 2021, the advances have increased from Rs 6,654 crore to Rs 6,711 crore.