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The Durgapur Steel Peoples' Co-operative Bank Ltd. (DSP Bank) was founded in the industrial metropolis of Durgapur, West Bengal, likely during the mid-to-late 20th century, a period marked by the establishment of major public sector undertakings like the Durgapur Steel Plant (DSP). The bank's name and branch network are directly tied to the steel plant community, reflecting its original mission to fulfill the financial needs of the "common people" in the newly established industrial area. This model positions the bank as a vital piece of local economic infrastructure, created to support the salaried and general populace of Durgapur's major industrial hub.

The bank is currently structured as a licensed Co-operative Bank and is not a public or private sector commercial bank. As a well-known financial institution in the Barddhaman district of West Bengal, its significance in the Indian financial system is primarily regional. DSP Bank plays an important role in the development of the local economy by focusing on a customer-first approach and delivering core banking solutions. It is technologically modernized, being core-banking enabled and offering modern services such as net banking, NEFT, and debit card facilities to its clientele.