The period of 1970-71 was favourable for opening Urban Co-operative Banks.This was a very conducive ground for these veterans to bring their dream of establishing the bank to reality.

After various discussions among various social activists from Hadapsar (such as Hon. (Late) Shri. D.A. alias Mama Hajare, Hon. (Late) Shri. Devramji Abnave, Hon. Shri. Madhukarraoji Temgire etc.) and the then Prant Pracharak Hon.(Late) Shri. Babarao Bhide, it was decided to establish the Bank in co-operative sector.

After rigorous compliance,Reserve Bank of India, granted permission to open the Bank. The name 'Janaseva' was arrived at after considering various names such as Hadapsar Janata Bank, Janalaxmi Bank, Bhagyalaxmi Bank, etc. The Bank was formally established with the name 'Janaseva Sahakari Bank Ltd. Pune' on auspicious day of Dussera on 24th October 1972 (with initial paid up capital of Rs. 56,000/-) and later inaugurated on 7th November 1972 by the auspicious hands of the then Mayor of Pune City Shri. Nilubhau Limaye. The bank started working from, Gandhi Chowk, Hadapsar in a very small premises owned by Shri. Laxminarayan Mundada with office area of only 160 feet.