The objective of establishing the Bank was to cater to the needs of local people & further of the objective/principles of cooperation. With this objective in mind some social workers came together, notable among them were late Shri Shankarlalji Khandelwal, late Shri Narayanrao Gangavate, late Shri Vasudeorao Manbhekar, late Shri Naryanrao Tendulkar, late Shri Mangilalji Sharma, late Shri Jawaharlalji Lunkad, Shri Madhukarrao Pasarkar, late Shri Prabhakarrao Sontakke, late Shri Bhausaheb Godbole and registered the Bank on 19.4.1963 at Akola with the support of local traders & others. The working of its first branch started on the eve of Vijaydashmi on 28/09/1963 in a rented building at Akola. The Bank acquired its own premises, the inauguration of which was done by Shri Atal Bihari Vajpayee, the then M.P. and Ex. Prime Minister of India.

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