In a major development, the Reserve Bank of India (RBI) recently removed the Supervisory Action Framework (SAF) from Nagpur’s (Maharashtra) scheduled bank—Shikshak Sahakari Bank, which had been under SAF for many years.
The bank, which is headed by former MLA Anil M. Sole, has made significant financial progress, leading to this milestone decision by the RBI.
Sharing the news, Bank Director Vivek Jugade stated that the RBI recently issued an official letter to the bank, acknowledging its improved financial health and stability.
“With this milestone, the bank has transitioned from SAF to SAFE, marking a significant achievement in its journey toward financial resilience,” he said.
He further added, “Under the able leadership of Chairman and former MLA Anilji Sole and Vice Chairman and MLA Praveenji Datke, along with the dedicated efforts of the Board of Directors, CEO Alpeshkumar Joshi, senior officials, and staff, the bank has successfully strengthened its financial standing.”
Expressing gratitude, the bank acknowledged the unwavering support and trust of its shareholders, account holders, and well-wishers, which played a crucial role in achieving this success.
Today, Shikshak Sahakari Bank boasts a total business exceeding Rs 1,750 crore, with an “A” grade audit rating—a testament to its sound financial management.
The bank extended heartfelt thanks to all its stakeholders for their continuous support in this remarkable journey.
