The Assam-based Industrial Cooperative Bank Ltd has reappointed former Managing Director Subhra Jyoti Bharali to spearhead its revival, following approval of the AGM proceedings by the Registrar of Cooperative Societies (RCS), Assam.
The Board of Directors, on December 8, 2025, withdrew Bharali’s deemed suspension and directed him to resume charge as Managing Director with immediate effect.
Bharali had earlier led a turnaround of the bank between 2016 and 2021, raising its net worth from a negative Rs 5 crore to Rs 30 crore. As recorded in the AGM held on September 26, 2025, shareholders noted that the bank’s net worth stood at Rs 30 crore on Bharali’s last working day as MD, but declined to minus Rs 50 crore by 2025 during the period of RBI-appointed administration.
The AGM also placed on record shareholders’ allegations of a conspiracy by certain employees and vested-interest shareholders, which they claimed led to Bharali’s removal and subsequent legal cases.
After the elected Board assumed charge in June 2025, it convened a shareholders’ meeting in view of the bank’s deteriorating financial position and passed a resolution to bring back Bharali for revival.
The bank is currently under the RBI’s Supervisory Action Framework (SAF) and faces the risk of liquidation. Expressing gratitude to shareholders, Bharali acknowledged their recognition of his earlier work through an honorarium of Rs1 per month for 66 months. He said he is confident of restoring the bank’s financial health, provided regulatory breathing space is granted and support is extended by all stakeholders, including the Government of Assam.