  Herein, we report the magneto-transport and exchange bias effect in a "314 -
type" oxygen - vacancy ordered material with composition
SrCo$_{0.85}$Fe$_{0.15}$O$_{2.62}$. This material exhibits a ferrimagnetic
transition above room temperature, at 315 K. The negative magnetoresistance
starts to appear from room temperature (-1.3 $\%$ at 295 K in 70 kOe) and
reaches a sizable value of 58 $\%$ at 4 K in 70 kOe. Large exchange bias effect
is observed below 315 K when the sample is cooled in the presence of a magnetic
field. The coexistence of nearly compensated and ferrimagnetic regions in the
layered structure originate magnetoresistance and exchange bias in this sample.
The appearance of a sizable magnetoresistance and giant exchange bias effect,
especially near room temperature indicates that "314-type" cobaltates are a
promising class of material systems for the exploration of materials with
potential applications as magnetic sensors or in the area of spintronics.
