The formation of the bank in a new form was first proposed to Nasser al-Din Shah Qajar in 1258 AH (1296 AH) ten years before the establishment of the Royal Bank by Haj Mohammad Hassan Amin Dar al-Zarb, one of the great money changers of Tehran.

On 23 Aban 1285, Mirza Abolghasem Nasser al-Molk, the then Minister of Finance of Muzaffar al-Din Shah, appeared in the National Assembly and informed of the country’s poor financial situation and suggested that the government receive a loan from European countries to solve this problem, which was strongly opposed by the deputies. After deliberation and follow-up, on December 30, the same year, the deputies agreed to establish a bank that could benefit the country and work with the people’s deposits for the benefit of the country and the people.