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, educational loan etc in order facilitate the customers in rural and semi urban areas.
Purpose – To extend finance against warehoused farm produce to get better marketing price at the time of sale
Eligibility – Farmers or Group of farmers who are engaged in producing food grains including fruits and have taken short term loan under KCC.
Amount of Loan – 70% of value of produce kept in storage maximum Rs.10.00 Lakh.
Margin – 30% of the project cost
Rate of Interest – 12.50% per annum
Repayment – After marketing of produce as per seasonality