RBI's power to supersede the board of a multi-State co-operative...

RBI's power to supersede the board of a multi-State co-operative bank under the Banking Regulation Act operates independently of the six-month ceiling in Article 243ZL(1) of the Constitution. The constitutional provision substantively applies the Banking Regulation Act to co-operative societies conducting banking business, while the exclusion of multi-State co-operative societies from the fourth proviso supports this position. Supersession may be extended beyond the former board's tenure, subject to the aggregate statutory limit of five years; the Administrator must arrange election of new directors before the specified supersession period expires. Consultation is not required because that proviso applies only to banks registered with a State Registrar of Co-operative Societies.