Shri Sahebrao. R. Deshmukh and his colleagues had started collection of share Capital to form the co-op bank in 1972 and after the year-long hard work of collecting share capital from man
to man from amount of RS 10/- to 25/- in 1973, they succeeded in registering the Shramik Sahakari Bank Ltd.

In those days financial status of labourers in mumbai from western Maharashtra was very bad getting RS 50/- To RS 100/- was very difficult task and only source to them was Pathan & Marwaris.

Shri Sahebrao Deshmukh was also a handcart puller. He had also experienced same plight, and since he was involved in the formation of the shramik sahakari bank ltd he has got the idea of assisting financial help to laborers & working class of people in Mumbai. Initially, it was a challenge for him to run the bank, but his hard work & capacity to take firm decisions and dedication to the co-operative moment and bank ensured that his dream gradually turned to reality... He was made the chairman of bank and then real functioning and progress of the bank started. It was his acumen & foresight that helped Shramik Sahakari Bank Ltd. (Now Sahebrao Deshmukh Co-operative Bank Ltd.)