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 fulfill entire needs of farmers for short term, medium term finance including repair of farm machinery, consumption needs.
Eligibility – Kisan Card holders having availed short term and medium term loan and whose repayment in last 3 years was regular and satisfactory are eligible under the scheme.
Quantum Of Loan – Ten times of net Agriculture income.
Margin – Production Credit up to Rs.50,000/ is NIL , for loans above Rs.50,000/ the margin is 15% , for investment Credit it is 15%
Rate of Interest – 7% to 12.50% depending upon project and project cost
Repayment – 5 to 7 years including gestation period