Saraswat Co-operative Bank on Saturday said Smita Sandhane has taken charge as Managing Director of the bank with effect from April 1. She is the first woman chief of India's largest urban co-operative bank.

Prior to her elevation, Sandhane was the Joint Managing Director of the bank. She has been with the bank since 1982.

Sandhane has taken over from S.K. Banerji, who retired from the services of the bank on March 31, 2017. Banerji is now an Advisor to the bank's board.

According to a bank statement, the new MD has worked across various operational spheres at branches, departments and zones. She has served as Head - Wholesale Banking Department and Head – Planning, Accounts and Stressed Assets.

She successfully executed the merger and consolidation plans of three other co-operative banks into Saraswat Co-operative Bank Ltd., laying the operational road-map for their smooth transition into the bank’s mainstream business and was also instrumental in substantial recoveries in the NPA accounts of these banks.