knowmyifsc.com

The Akola Janata Commercial Co-operative Bank Ltd. was formally established on the auspicious day of Dasera, October 20, 1969, at the hands of the then Chief Minister of Maharashtra, the late Shri Vasantrao Naik. Founded with a modest share capital of Rs. 1.09 lakhs, the bank's initial objective was to serve the common populace of Maharashtra and Madhya Pradesh while contributing to India's cooperative movement. The institution has demonstrated remarkable financial stability throughout its history, reporting continuous profitability and never suffering a loss since its inception.

As its name clearly indicates, the institution operates as a Co-operative Bank, specifically an Urban Co-operative Bank, making it neither a publicly listed nor a purely private commercial entity in the traditional sense. Today, the bank has expanded its footprint to over 36 computerized branches and four extension counters, primarily catering to customers in Maharashtra and Madhya Pradesh. Its significance in the Indian financial system is rooted in its role as a key regional cooperative entity, providing essential services like loans, deposits, and insurance, and actively focusing on social obligations, including schemes for women, senior citizens, and weaker sections of society. It has been recognized as an 'Excellent Schedule Bank,' underscoring its solid performance and commitment to the cooperative banking sector.