Shatabdi Mahila Sahakari Bank in soup

The Reserve Bank of India has extended Directions issued to Shatabdi Mahila Sahakari Bank based in Thane, (Maharashtra) for a further period of six months from the close of business on February 19, 2015, subject to review.

Shatabdi Mahila Sahakari Bank is under directions since August 20, 2014.The Reserve Bank has issued these directions in exercise of powers vested in it.

The RBI release hastens to add that the issue of the Directions by the Reserve Bank should not be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of Shatabdi Mahila Sahakari Bank.

It has been found that the women cooperative banks default much less than male controlled urban co-operative banks but the rising trend of default as in the case of Shatabdi Mahila Sahakari Bank is a matter of grave concern. Hope the women cooperators, the future of cooperative movement in the country are taking serious note of the matter.