The Bank was established with an initial capital of Rs.10.00 lacs. Late Seth Shri Govind Ram Seksaria, an eminent Industrialist of the country, was the founder Chairman. The first Broad of Directors comprised such men of eminence as Shri Rai Bahadur Seth Rameshwarlal Ji Duduwala, Seth Shri Subhhag Mal Ji Lodha besides the Mansighka brothers, Seth Shri Pusa Lalji Mansighka and Seth Shri Damodar Lal ji Mansighka. The other members of the board were Major Rajadhiraj Amar Singhji of Banera and the then Accountant General of Mewar, Rai Bahadur lala Sukhdayalji.

In line with the contemporary practice of naming the bank after the location or princely state, the suggested names for the bank were Bank of Mewar State or Bank of Udaipur. The promoters, being very clear in their vision, expressed the view that the word ‘Rajasthan’ will be more advantageous in future for expanding activities in other princely states since under the new constitution grouping of the then local princely states was expected under one umbrella. As now is history, the individual princely states were merged under the final name for the state – Rajasthan. The naming of the bank, The Bank of Rajasthan Ltd., glaringly reflected the foresight of the promoters.

It was set up at Udaipur in 1943 with an initial capital of Rs.10.00 lacs. An eminent Industrialist Late Seth Shri Govind Ram Seksaria was the founder Chairman. It was classified as the Scheduled Bank in 1948. The Bank also established a rural (Gramin) bank Mewar Anchlik Gramin Bank in Udaipur District in Rajasthan on 26th January, 1983.

The bank’s central office is located at Jaipur, while registered office is in Udaipur. Presently the bank has 463 branches.