In the year 1979 a very popular chartable institute named as ‘Deshastha Rugvedi Sanstha Nashik’decided to establish a good bank to serve for common people at Nashik. By taking the inspiration from that discussion Late Shri. Madhukar Damodar Kulkarni (Madhu Kaka) is the first person who take the challenge to establish the bank and as per his nature he starts to work hard for that. Along with all founder directors he made tremendous efforts to establish the bank. At that time minimum required share capital for establishment of the bank were Rs.2.00 lacs i.e. the huge amount at that time. To gather this amount amongst peoples two years passed. The founder’s directors after compliance of necessary documents submitted the proposal to Reserve Bank Of India for new bank opening. Unfortunately one day before that Madhavdas Commission Report reached to Reserve Bank Of India and according to the recommendations of this report permission to banks has been denied. After that for fourteen years the follow-up has been made to Reserve Bank Of India for bank permission and during this period all the founder directors maintained the faith of members.After the change in Reserve Bank Of India policy, at last on 6th September 1994 the permission to open the bank has been granted and on 14th November 1994 the bank started its working.
After that all directors made tremendous efforts to strengthen the bank and on 5th March 1999 the second branch of the bank i.e. Gangapur Road Branch has been started in own premises. On 22nd August 1999 the third branch i.e Shivaji Nagar Branch has been started in own premises. To serve the industrial area and to satisfy the financial need for SME in that area we have been started two extension counters i.e. Satpur and Ambad extension counters on 16th November 2000. On 6th August 2003 the Satpur Extension counter has been converted in to full-fledged branch and after that on 24th June 2004 Ambad Extension counter has been converted in to full-fledged branch. On 2nd August 2008 Panchavati Branch has been started and on 27th October Rajiv nagar Branch and on 21st April 2016 Pavan Nagar Branch has been started.