New Delhi, Feb. 14 -- A day after imposing several restrictions on city-based New India Co-operative Bank, the RBI on Friday superseded its board citing poor governance standards.

A large number of bank's customers had gathered at its branches on Friday following RBI's restrictions, which included a bar on issuing new loans and suspension of deposit withdrawals for six months. The bank has 28 branches, mostly located in the Mumbai region.

In a statement, the Reserve Bank of India (RBI) said it has appointed Shreekant, a former chief general manager of State Bank of India (SBI) as 'Administrator' to manage the affairs of the bank.

The Board of Directors of New India Co-operative Bank, Mumbai, has been superseded for 12 months, the RBI s...