The Nawanagar (New Town) was founded by Jam Shri Rawalji in the year 1540. It was one of the most important and largest princely states of Saurashtra region. After many years, the name of Nawanagar was changed to Jamnagar.
Over the years the Jamnagar city has shown excellent development in every corner be it economy, commerce, education, infrastructure or social status.
Jamnagar has many ancient temples. City is known as “Brass City” as thousands of small and large scale Brass Units operate here. It is one of the biggest hubs for brass products across the country. World's biggest refinery is located near Jamnagar belonging to Reliance Industries Ltd. City has base stations of all three wings of Defense viz., Indian Air Force, Indian Navy and Indian Army. Bedi Port is just 7 kms away from the city. Jamnagar is well connected by Rail, Road and Air. M. P. Shah Medical College is considered to be one of the top colleges in India. Gujarat Ayurveda University of Jamnagar is considered to be the best one in the world for Ayurvedic Medicines. Legendary Jam Ranjitsinhji, Jam Sahib of Nawanagar was well known Cricketer all over the world. Shri Vinoo Mankad, Shri Ajay Jadeja, Shri Ravindra Jadeja also belong to City of Jamnagar.
To add one more name in the series “The Nawanagar Co-operative Bank Ltd.”, registered under Gujarat Co-operative Societies Act 1961, popularly known as “Nawanagar Bank” commenced its banking business with a small capital of Rs. 1.36 lakh at Jamnagar in the year 1980. The Reserve Bank of India has issued Bank License No. ACD/GJ/196-P dt. 2/4/1980. The idea of establishing of Bank was the dream of young and dedicated like-minded persons like Shri Jaysukhbhai Hathi, Shri Gulabbhai Shah, Shri Jayantilal Anjaria, Shri Ramnikbhai Shah and many dignitaries of Jamnagar
Since then the Bank has never looked back. As on today the Bank has 10 branches in the City plus 1 extension counter at Haria School.
Technological Up-gradation :-
All the 10 branches of the Bank are connected under CBS platform. Customers receive SMS alerts for their transactions. Bank has already launched ATM Cum Debit Cards and is in process of putting ATMs at various places. Bank has also started process to open E-Nawanagar in ground floor of Head Office premises wherein ATM, Passbook Printer, Cash Depositing Machine and Cheque Deposit machine are planned to be put up in a phased manner.
SAGA of Successful Growth: - Business Figures
Bank has also tie-up arrangement with M/s. Exide Life Insurance Company Ltd., for insurance business.
Bank has launched several schemes for the benefit of its stake holders, shareholders and customers. Bank has taken unique steps that if all the owners of the unit are female, special concession in rate of interest is granted. If there is regular repayment in Housing Loan additional benefit in rate of interest is passed on to the Borrowers.
All Share Holders have facility to receive amount up to Rs. 12,500/- in case of hospitalization expenses. In case of Death of a shareholder Rs. 11,000/- are given to the bereaved family.