This Banking Society was established on 17.11.1919 as a Credit Society. First of all, the registration of this organization took place under the Marwar Registration Act 1899.The Marwar Co-operative Societies Act 1923 came into force on the institution from 03.02.1926. After Independence dated 07.06.1950 the orders of the Chief Secretary, Government of Rajasthan came into effect on the institution from 1953. After that the Rajasthan Co-operative Societies Act 1965 came into force on the institution. The Multi State Co-operative Act 1984 came into force on the institution from 02.02.1987. Multi State Cooperative Act 2002 is applicable to the institution from 19.08.2002. Organization registration no. 1/39-40 is. Institution’s RBI license no. – UBD.RAJASTHAN 0006(P), which was issued by Reserve Bank of India on 18.03.2002.

Thus since its inception till now i.e. after 103 years today this bank is functioning as a co-operative bank.

The objective of setting up this banking society is to encourage railway employees to save and to provide them credit facilities at reasonable rates. Under this, initially 25 paise monthly membership fee was charged as mandatory monthly savings deposit from the members for membership of this bank. Which has been increased to Rs 1000/- to Rs 2500/- today. In this banking society only employees working in Jodhpur Division of Railways are made members and loans are given. Deduction of monthly savings deposit amount and loan repayment deduction required by Railways are deducted from the salary of the said employee and remitted to the banking society every month.

This bank has been approved by the Central Registrar to deal in housing loans, education loans, vehicle loans, insurance. Due to this, the shareholders can be provided general loan up to Rs.25 lakh, emergency loan up to Rs.05 lakh, housing loan up to Rs.50 lakh, vehicle loan up to Rs.20 lakh.

The trust of common citizens is constantly increasing on this bank, for example, deposits of about 300 crores are deposited in this bank. Today, this bank’s ATM has been linked to the ATM of other banks in India and also the customers are getting the benefit of many important facilities like bank transfer.

Many welfare facilities are provided by this bank for the shareholders. Under which on the death of the shareholder he or his surety does not have to pay the principal amount of the outstanding loan. The principal amount of the said outstanding loan is being paid by the bank. In case the shareholders is suffering from cancer, the bank provides assistance up to Rs. 15 thousand. On the death of the member, his family is provided with assistance up to Rs.10,000. 10 thousand rupees is being given on retirement of railway employees. An amount of Rs.10,000 is paid in case of self-injury or a dependent, Rs.15,000 in case of self-sterilization and Rs.01,000 in case of sterilization by spouse. Also as we all want a daughter to be born in every house. To promote this thinking, after the birth of a daughter of the shareholder, a small amount has been provided on completion of that daughter’s 18 years. Which is a commendable step. Meritorious students of the participants are felicitated by awarding a certificate and money along with a pure silver medal. In order to keep connected with the shareholders, a hearty congratulatory message is being sent by the bank to every shareholder on his/her birthday.

Apart from railway employees, this banking society also accepts deposits from general public. It accepts deposits in Savings Account, Current Account, Term Deposit, Recurring Deposit, Monthly Income Scheme, Railway Bank Bond. Compared to other banks, members and customers can open a savings account with an amount of Rs. 02 thousand and a current account with an amount of Rs. 05 thousand.

If we look at the progress of this bank, we see that at the time of establishment of this banking society, its membership was 937 in the year 1920-21, which has increased to 4351 in March 2022. The share capital which was Rs 48 thousand 6 hundred and 28 in the year 1920-21 has increased to Rs 30 crore 22 lakh in March 2022. Deposits which were Rs 7 thousand 6 hundred 99 in the year 1920-21 have increased to Rs 301 crore 62 lakh in March 2022. Outstanding loans which were 76 thousand 560 rupees in the year 1920-1921 increased to 216 crore 23 lakh rupees in March 2022. The working capital which was Rs 56 thousand 3 hundred 27 in the year 1920-1921 increased to Rs 375 crore 03 lakh in March 2022. The profit which was 3 thousand 31 rupees in the year 1920-1921 has increased to 362 lakh 28 thousand in March 2022.

Thus, today 103 years of the establishment of this institution have been completed and if we look at the history of this 103 years, this bank has made great progress compared to other banks of the country and with your help, this bank is in a very good position today. This bank is working like a nationalized bank.