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 – Financial assistance to farmers for crop production and consumption needs.
Eligibility – Short term cash credit limit for crop production to farmers having agricultural land and term loan for agriculture and allied activities.
Quantum of Loan – According to scale of finance of crops to be grown.
Margin – NIL
Rate Of Interest – 7% up to Rs. 3,00,000/ (wherever 3% interest subvention is available); 9% up to Rs. 50,000/ (wherever 3% interest subvention is not available); 12% above
Rs.50,000/ (wherever 3% interest subvention is not available)
Repayment – After harvesting and marketing of produce