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The GS Mahanagar Co-operative Bank Limited was initially founded on October 6, 1973, in Mumbai, under the name "The Ahmednagar Sahakari Bank Limited" by Late Solicitor Shri. G.S. Shelke and his colleagues. The institution underwent a major reformation and subsequent name change, becoming "The Mahanagar Co-operative Bank Limited" in early 1998, and later adopting its current name, "GS Mahanagar Co-operative Bank Limited," in February 2018. A pivotal moment in the bank’s history occurred on January 30, 1998, when it received 'A' grade recognition and was granted Scheduled Bank status by the Reserve Bank of India (RBI).

As an urban co-operative bank, its mandate and significance lie in serving the financial needs of the middle and poor classes in Maharashtra. Operating with a network of approximately 67 to 70 branches and a presence across the state, the bank is a notable entity within the Indian co-operative banking sector. It is recognized by sources as a "financially sound and well managed" (FSWM) institution that has rapidly grown, with its business mix exceeding ₹4,400 crore and achieving an important milestone of 'Zero' net Non-Performing Assets (NPA) in the 2023-24 financial year. This financial health and service-oriented model underscore its general significance in providing accessible banking services and contributing to financial inclusion in its area of operation.