Jan 20, 2020 351


In 1979 a very popular charitable institute called 'Deshastha Rugvedi Sanstha Nashik' decided to establish a good bank to serve the common people in Nashik. Taking the inspiration from that discussion Late Shri. Madhukar Damodar Kulkarni (Madhu Kaka) is the first person who takes the challenge of setting up the bank and according to his nature begins to work hard for that. Together with all the founding directors, he made enormous efforts to establish the bank. At that time the minimum capital required for the establishment of the bank was Rs.2.00 lacs, that is, the huge amount at that time. To gather this amount among the peoples passed two years. The directors of the founder after the compliance of the necessary documents submitted the proposal to Reserve Bank Of India for the opening of new banks. Unfortunately one day before the report of the Madhavdas Commission arrived in the Indian Reserve and according to the recommendations of this report permission has been denied to the banks. After that for fourteen years the monitoring has been made to Reserve Bank Of India for bank leave and during this period all the founding directors maintained the members' faith.
After the change in policy of the Reserve Bank of India, finally on September 6, 1994 permission to open the bank was granted and on November 14, 1994 the bank began work.



CHAIRMAN: Shri. Balkrushna Haribhau Kulkarni