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The Deogiri Nagari Sahakari Bank Ltd. was founded in Aurangabad, Maharashtra, on January 24, 1984, with its first branch opening the following year in January 1985. The bank's concept was originally conceived by the late Pralhadji Abhyankar, and its establishment involved the active participation of a group of notable local leaders, including Shri Haribhau Bagade. As an Urban Co-operative Bank (UCB), its structure is inherently that of a cooperative society, placing it in the private, member-driven segment of the Indian banking system, though it is regulated by the Reserve Bank of India (RBI). It has since expanded beyond its headquarters in Aurangabad (now Chhatrapati Sambhajinagar), with the RBI having granted it an area of operation covering all of Maharashtra.

The bank holds a significant place in the financial history of the Marathwada region, particularly for its early adoption of modern banking infrastructure. It was the first bank in Marathwada to implement a core banking pattern, utilizing fully computerized and interconnected offices across its network of over thirty branches. This technological embrace has allowed it to provide a wide range of retail, commercial, and financial services to its customers in districts including Aurangabad, Pune, and Mumbai. Its sustained growth and presence across multiple key cities solidify its role as a prominent regional co-operative institution supporting local economies and financial inclusion.