In a heartening development for the UCB sector, the Reserve Bank of India withdrew the restrictions imposed on Satara (Maharashtra) based Shrimant Malojiraje Sahakari Bank under Supervisory Action Framework (SAF), as the bank’s financial position improved as on 31st March 2023.
The RBI’s Deputy General Manager Shariq Hoda issued a letter in this connection on Thursday, with a title, “Withdrawal of restrictions imposed under Supervisory Action Framework (SAF)”.
It bears recalling that the RBI imposed certain supervisory restrictions under the SAF on the bank on 1st July 2020.
The bank’s financial conditions have improved well in recent years. The net NPA reduced to 4.63 percent (2021-22) to 1.53 percent (2022-23) whereas gross NPA decreased from 11.52 percent to 8.03 percent as on 31st March 2023.
Besides, the deposits of the bank grew from Rs 261.73 crore (2021-22) to Rs 273.84 crore and advances increased from 137.33 crore to Rs 154.72 crore in the 2022-23 FY. The bank has a network of 14 branches in Satara, Sangli and Pune.
It bears recalling that the last election of the bank was held sometime in March 2022 for five years, in which Shrimant Sanjivraje V. Naik Nimbalkar was elected as the bank’s Chairman and his leadership proved to be lucky for the bank.
