The objective of establishing the Bank was to cater to the needs of local people & furtherance of the objective/principles of co-operation. 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 Tondulkar, 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 owned premises, the inauguration of which was done by Shri Atalbihari Vajpayee, the then M.P. and Ex. Prime Minister of India.
In the beginning the area of operation of the Bank was limited only to Akola district. The Bank was granted licence to carry on banking business by RBI on 05/02/1984. Up to 1990 the Bank had only 8 branches in Akola district. After the liberalization policy of Government in 1991 the Bank opened 21 branches & one extension counter spread over the entire state of Maharashtra. The Bank was accorded Scheduled Status by RBI on 22/05/1999. After getting schedule status the Bank decided to expand its area of operation outside Maharashtra and approached Central Registrar, New Delhi for Multistate status and the Bank was granted multi-state status on 31/08/2000.
Since then the Bank is making steady progress the credit of which goes to our members customers, employees and well wishers. The Bank was started with a small capital of Rs.1.13 lacs which now stands at Rs.51.26 crores. In terms of size of business the Bank is the largest in the area of Vidarbha, Marathwada & Khandesh. The bank has declared profit continuously for last 25 years. The slogan of the Bank is "Sahkaren Jankalyanm" accounting to which the bank is extending help in financial & non financial way to various sections of the society. In 2003 the Bank shifted its Head office to newly constructed own four storied building which was inaugurated by Shri Narendra Modi, Chief Minister of Gujrat & late Shri K. Sudarshanji, the then Sarsanghchalak of RSS.