Anyonya Co-operative Bank Limited (ACBL) located in the city of Vadodara (formerly Baroda) in Gujarat, is the first co-operative bank in India. The Reserve Bank of India ordered the bank to stop most of its operations under Section 35 of the Banking Regulation Act, on September 14, 2007, and ABCL closed in March 2008. Its annual general meeting in September 2008 formed a committee to re-open the bank. Its administration is governed by a group of nine board directors, three of whom are elected every year for a three year term.