Aryavart Gramin Bank, a Regional Rural Bank, was constituted on 3rd October 2006 after amalgamation of three Regional Rural Banks (RRBs) namely Avadh Gramin Bank, Barabanki Gramin Bank and Farrukhabad Gramin Bank as per Government of India notification no. F.No.1/4/2006-RRB dated 03-10-2006. The said three RRBs were sponsored by Bank of India and had location proximity. Like the parental bodies, the amalgamated entity functions under Regional Rural Banks’ Act 1976 and is sponsored by Bank of India.
The Aryavart Gramin Bank, henceforth mentioned as the Bank, has 306 branches, six Regional Offices and a Head Office. The bank offers home loan, personal loan, agricultural loan etc in order facilitate the customers in rural and semi urban areas.
Purpose – To provide credit facility for purchasing tractor, trolly and other agricultural implements to perform farm operations smoothly, to resolve the problem of human labour, to arrange transportation of agriculture inputs and marketing of agriculture produce quickly
Eligibility – Famers who hold minimum 5 acre perennially irrigated agricultural land singly or jointly.
Quantum Of Loan – As per project cost.
Margin – 15 to 25% of the project cost
Rate of Interest – 12.25% p.a.; 12% under tie-up arrangement in case of Tractors
Repayment – Maximum in 9 years