Ichalkaranji, located in Western Maharashtra and included in Kolhapur district of Maharashtra for the last hundred years has been growing fast and has become one of the leading centers of textile industry. This city has historical importance also. This city is known as the Little Manchester of Maharashtra. One Naro Mahadev was the founder of the Ghorpade family. He made Ichalkaranji the seat of his capital in 1708 AD Previously this was a small hamlet situated on the left bank of the river Panchaganga.
There were 11 rulers who ruled the Ichalkaranji jaghir. One such ruler was Narayanrao Babasaheb Ghorpade(1892-1943) who made Ichalkaranji a textile city. In 1893, His Highness Shrimant Narayanrao Ghorpade laid the foundation for the municipal council of Ichalkaranji.
Many textile powerlooms and allied industries came into existence in Ichalkaranji. A number of cloth merchants, especially the Marwadi community from north India flocked to the city and invested their capital in textile Industries. Side by side some entrepreneurs started co-operative textile industries and spinning mills, like Deccan Spinning Mills, Inchalkaranji co-operative Spinning Mills, Kolhapur Zilla Sut Girani, Nava-Maharashtra spinning Mills etc. There was a need of labour workers for textile and spinning mills. Geographically Ichalkaranji is located near Karnataka side. Some local workers are also involved in this work.
Due to the textile industries Ichalkaranji is known as the little Manchester of Maharashtra. It is also an educational centre and main place in the boundary of South Maharashtra and Karnataka State.
Manchester City Ichalkaranji has lot of Textiles units manufacturing cotton yarns, threads and cloths, etc. The most of youngesters are involved in this business. This needs money to establish, grow and settle the business. Business needs financial support from the banking industry. To fulfill the need of Finance, some of the businessmens, doctors, farmers and social workers gathered together and founded the stone of this Financial Institution.
On the golden day of January 16, 1996 the bank was established by the name of the First Jain Tirthankar Shri 1008 Bhagwan Adinath in the well known manchester city Ichalkaranji. The Ex.Deputy-Mayor Late Shri Appasaheb Baburao Magdum took the initiative to establish this bank with his colleagues Shri. Kuntilal Patani, Shri. Subhash Kadappa, Shri.Balasaheb S. Chougule, Shri.Dr. Parisa Badabade, Shri.Balasaheb P. Chougule, Shri.Ravindra Devmore, Shri. Bapuso Jamdade and others. With the golden hands of these founders “Shri Adinath Co-operative Bank Ltd.,Ichalkaranji” was emerged to fulfill the financial needs of the businessmans, farmers, doctors, salaried persons, etc. The main motive behind the establishment of the bank is to uplift the lifestyle of poorest poor peoples.
The bank started its business in the rented building at Laxmi Market, Ichalkaranji. Shri. Appasaheb Baburao Magdum was unanimously selected as Founder Chairman of the bank on February 5, 1996. The bank got banking license from Reserve Bank of India on July 22, 1996.
From the first day the bank preserved the faith of all its members, depositors, borrowers and customers. The bank has its area of operation in the district of Kolhapur, Sangli and Satara.The bank began to expand its business with the branches at Main Branch Ichalkaranji (1997), Jaysingpur (2003), Sangli Naka (2012), Kabnur (2015), Sangli and Mangaon (2016).
Bank’s Head Office is situated at its own building at Adat Peth, Janata Chowk, Ichalkaranji with all the modern facilities required to serve the needs of the customers. To survive in the age of competition, the bank adopted the Core Banking System in 2013 with its own Data Center at Head Office and near DR at Kabnur.
To provide all the modern, upgraded and sophisticated services to the customers, the bank migrated to new CBS system with hosted data center at Nagpur on cloud system. Due to this, now bank is providing CTS clearing, any branch banking, ATM, PoS, E-Com, IMPS and UPI services. By getting all these services under one roof the customers are fully satiafied with the services of the bank.
From the establishment of the bank, the bank’s Audit Class is “A”. The bank has fulfilled all the criteria of Financially Sound and Well Managed (FSWM) norms. The management and the staff of the bank is taking huge efforts to increase the financial position and maintain the tradition of 0% NPA.
The management of the bank has decided to increase its business with new branches in the area of operation to delever the humble services to the customers.