knowmyifsc.com

Janata Sahakari Bank Limited was established in Pune, India, on October 18, 1949, by a group of individuals dedicated to a social cause, with a foundational goal to serve the economically weaker sections of society and establish itself as a "bank of masses." Its early history is marked by this social commitment, including involvement in relief efforts for the 1961 Pune flood and the 1993 Latur earthquake. This cooperative structure, emphasizing community service over pure profit, has defined its role within the regional financial landscape since its inception.

The bank is currently classified as a Multi-State Scheduled Co-operative Bank, operating under the Multi-State Co-operative Societies Act, 2002. A significant milestone in its history was its inclusion in the Reserve Bank of India's (RBI) second schedule, conferring it with Scheduled Co-operative Bank status on September 1, 1988. This distinction made it the first among Co-operative Banks in India to achieve Scheduled Bank Status. Its general significance in the Indian financial system lies in its pioneering role within the cooperative sector, being the first co-operative bank to successfully amalgamate a weaker peer in 1978 and the first to become an authorized banker to the Pune Stock Exchange. Today, it maintains a network of 71 branches and 2 extension counters across Maharashtra and Gujarat.