History

Agriculture is the backbone of Indian economy and majority of Indian population is depending on agriculture. The hilly track areas of Jaoli, Mahabaleshwar, Wai, Satara and Khandala talukas in Satara districts in Maharashtra State were no exception for the same; but far away from the economic, social, educational and infrastructural development. Most of the population in these areas was so poor and illiterate. In order to earn some income for the family, some of the member of the families were and are migrating to Mumbai in search of jobs. The recognition of these working-class people was Mathadis in the Mumbainagari, as most of them were working in transports and godowns Even they were not having shelter of their own and remaining apart from their families years together. In order to meet expenses of children education and other family perils they were having no option but to obtain loan from the Marvadi´s and Pathans at higher rate of interest in those days. The intelligent Marvadi´s and Pathans were exploiting this poor working class people. Although they were repaying the loan regularly; principal loan amount was remaining unpaid year after year. This working class was living in the darkness and in search of the destiny that will find them the path to come out. The destiny by way of Dattatraya Maharaj Kalambe emerged in their life in the Bhajans & Kirtana. He was the real founder of paradise in the life of working class.

In the midst of 1970´s the co-operative movement was extending with great strength in Mumbai and Western part of the Maharashtra state. Dattatray Maharaj Kalambe, the great freedom fighter & senior most leader of Satara District, Hon. Bhilare Guruji and various followers built unity with the co-operation in the working class people by ways of Bhajan and Kirtana. They collected Rs.1.25 lacs capital within a short span of one month not from the rich people but from 1000 ordinary working class people and established the “JAOLI SAHAKARI BANK” on 19 July, 1973.

Establishment of a co-operative bank by the working class people was the then rare incidence before the co-operative movement and banking sector. By obtaining licence from the Reserve Bank of India, bank started functioning on 7th September, 1973 from Masjid Bundar, Mumbai in the presence of the then Hon. Chief Minister of Maharashtra State Late Vasantrao Naik. Eminent leaders viz. Vasantdada Patil, Narendra Tidke, W.C. Shreemal managing director MSC Bank were the chief guest of the inaugural function of the bank. Eminent leaders of Maharashtra state, Hon.Yashwantrao Chavan, Annasaheb Patil, Sharadchandraji Pawar were the followers of Dattatray Maharaj Kalambe and well wishers of the bank.

Till 1986, the bank was functioning through the sole branch. At the initial stage, the approach was to assist financial needs of deprived class of the society the progress of the bank was steady but the performance was solid. Dattatray Maharaj Kalambe, spreading the thought ” instead of funding Rs. one lakh to one individual; 20 needy individuals be funded with rupees five thousand for their better living” among his followers. The bank was continuously upgrading its quality of customer services and opened its Second Branch at Bhandup in sub-urban areas of Mumbai in April, 1986. Now area of operation of the Bank is Brihanmumbai, Thane, Satara, Pune & Raigad districts of Maharashtra state and functioning through the network of 24 Branches. As on 31 March, 2022 Bank is one of the renowned non-scheduled Co-operative Bank with a business mix over Rs.1290 crores. At its commencement, the members were only 1000 now they have increased up to 51531. A small plant seeded in the year 1973 is now transmitted to a big tree. Bank has flown life of lakhs of people during its history of 50 Glorious Years of Banking. In real terms, Dattatraya Maharaj Kalambe have dignified working class people.