RBI supersedes board of Irinjalakuda Town Co-operative Bank
RBI has superseded the Board of Directors of Irinjalakuda Town Co-operative Bank, citing the lender's "continued poor financial condition and governance standards". The regulator has appointed Federal Bank's ex-VP Raju S Nair as the administrator to manage the bank's affairs during the period of supersession. It has also constituted a Committee of Advisors.