Working on the Board of RBI, she was a member of the Malegam Committee set up to study how microfinance institutions should be regulated. At Nabard, she was a member of the UC Sarangi committee set up to study farmer indebtedness.
Commenting on her death, D Subbarao, Governor, Reserve Bank of India, said, “Shashi’s death is an irreplaceable loss for the entire RBI family.
Rajagopalan joined the Cooperative Development Foundation (CDF) in mid-seventies. CDF is a society set up in 1975 to promote cooperatives in India. It was here Rajagopalan and her colleagues developed thrift and credit cooperatives. It was a instant success offering both savings and credit to farmers
She belonged to an era of cooperative movement when cooperative leaders will travel form village to village asking people to buy share in the upcoming cooperative banks.True Cooperator at heart she would never interfere with the decision of members.
She fought for the creation of new co-operative laws — first in Andhra Pradesh and then in other states like Karnataka, Orissa, Bihar, Jharkhand, MP, Chattisgarh and Uttarakhand.
A strong votary of cooperative spirit she always saw it as a solution to people’s ill. It is a model where those who have common needs come together and fulfill needs through a joint enterprise.