The founder chairman of the bank, Late Shri Appasaheb Magdum was born on April 9, 1938 in an ordinary farming family. Schooling was done at Govindrao High School Ichalkaranji. Also while pursuing his engineering studies at Walchand College of Engineering Sangli, he had to leave his studies due to the sudden death of his father. Hence all the family responsibilities came to him. In 1975, against the injustice of not getting the right price for the sugarcane crop, he did a great job fighting to get a good price for the farmers crops by establishing the Farmers Youth Association.
He got the opportunity to work in the cooperative sector as he was elected to the post of director in Babasaheb Ghorpade Vikas Society. Also he got the opportunity to work as a Councilor for 11 years, Health Committee Chairman and Deputy Mayor in Ichalkaranji Municipal Council. Shri Adinath Co-op Housing Society was established for the people of Jain community to live together. He had in-depth knowledge of agriculture and agri-business industries and he tried to encourage farmers to set up their own businesses. Many farmers had approached many banks for getting loan. But, banks do not provide loans to farmers despite their repayment capacity. This is why he got an idea of opening a bank for Jain and other Communities. He established Shri Adinath Co-op Bank Ltd. Ichalkaranji in the year 1996 with the co-operation of many colleagues in order to have a bank for their financial needs. With the support of cooperative rules and regulations, he made common farmers, entrepreneurs, traders, employees, workers etc. as members of the bank and gave them huge financial support through the bank and raised their standard of living. By accepting deposits from the general public and providing financial assistance to the needy, the bank became viable. He did not think about the profit made by the bank but mainly thought about the progress of the borrowers from the bank. If the borrower is in trouble, he understands his problems and helps them accordingly. Not only took care of the depositors, but also took care of the borrowers with affection. Although, Shree Adinath Bank is representing the Jain community, it has created the identity as a bank of Bahujans. Due to this, the financial position of the bank has become strong today. Through the bank, he created a good image in the cooperative sector by fostering social commitment. His nature is extremely disciplined and insists on quality work. The death of such a great personality was happened on 16th August 2020. Even today, the bank is following the goals and policies set by him and still standing tall to raise the standard of living of all the peoples in the society. Salute to his holy memory..!