RESERVE BANK OF INDIA, vide Press Release dated 24.08.1996, allowed establishment of local Area Bank in the Private Sector to cater the credit needs of people of non metropolitan areas and to provide efficient and competitive financial services.

Vinayak Local Area Bank Limited, a commercial bank is promoted by a team of professionals of Rajasthan, who are sons of the soil to serve the motherland.

The soil of Shekhawati has produced large number of leading industrialists, bankers, chartered accountants, and eminent administrators of the country. Inspite of this, the Shekhawati area is lacking in economic development and the districts are backward. Vinayak Bank aims at a proactive role in generating such activities in the area as would lead to economic growth and development.

The Bank’s Head Office is located at Tirupati Complex, Station Road, Sikar Road, Sikar. It will have branches in the districts of Sikar, Jhunjhunu and Churu.

The composition of the Board of the Bank is in conformity with the provision of the Banking Regulation Act, 1949. The Board of Directors consists of the experienced Lawyer, Chartered Accountant, Educationist, Farmer and Agricultural Specialist.

The Bank is bound to abide by all guidelines, directives, instructions or advices of Reserve Bank of India and NABARD. Its operations will be compatible with the economic policies of the Central and State Government and the overall economic situation in its area of operation.

The Bank’s operations commenced from 21st October, 2000 in Shekhawati region for promotion of rural savings and credit for viable economic activities with efficient modern banking services to weaker and other sections of rural, semi-urban and urban communities.

Thereafter, the banking operations were unknowingly closed by the RBI. As soon as the RBI Official left the bank, RBI issued show cause notice and directions u/s 35A of the Banking Regulation Act, 1949 for stoppage of banking activities on 29th September, 2001.

Vinayak Bank, a model institute will ensure continuous improvements and innovations subject to the restoration of License requested taken by the RBI. Vinayak Bank aims at providing warm hearted efficient Banking services to the dynamic local people..