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The Janakalyan Sahakari Bank Limited was formally established on May 29, 1974, under the provisions of the Maharashtra State Co-operative Societies Act, 1960, and officially commenced banking operations later that year on August 15. The Reserve Bank of India (RBI) granted it a license, and the institution went on to achieve the significant 'Scheduled' status on January 30, 1998. Its operations, initially centered in and around Mumbai, were characterized by a commitment to transparent service, professional administration, and social responsibility, which became a hallmark of the institution's growth over several decades.

As an Urban Co-operative Bank, Janakalyan Sahakari Bank is neither a purely public nor private sector bank but rather a cooperative entity, owned by its over 55,000 shareholders. It holds significance in the Indian financial system as one of the leading cooperative banks in Maharashtra, focusing its services primarily on middle-class customers. The bank has recently demonstrated a notable turnaround, reporting a zero Net Non-Performing Asset (NPA) ratio as of March 31, 2025, which underscores its improved financial health and stability. Its current strategic ambition involves achieving multi-state cooperative bank status, actively pursuing a merger with a well-performing bank to expand its footprint beyond Maharashtra.