Honorable Sardar KhanBahadur Vikaji Pirojsha Bhiladwala was the founder and lifetime chairman of the bank. His main objective behind opening the bank was to help the common people. The bank was established on 01-01-1930 in the small town named Killa Pardi. The development of branches of bank has spread throughout Valsad district. The second step of success was when the second branch was developed at Vapi Town on 21-10-1933. The bank then went on flourishing and succeeding by developing various branches at following locations Udwada Station, G.I.D.C. Vapi, Parnera Atul, Koparli Road Vapi, Chanod, Chala, Bhilad, Valsad and Dharampur in Valsad District. There are in all 11 branches at present.
Silver Jubilee was celebrated in the year 1955 followed by Golden Jubilee in the year 1980. Diamond Jubilee was celebrated in the year 1990.
Reserve Bank of India has given Scheduled Status to the bank in the year 2000.