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 – The loan is offered in order to offer financial assistance to pensioners of Government or semi Government departments and educational institutions
Eligibility – Pensioners drawing pension from branches of the bank are eligible to receive this loan
Quantum Of Loan – Four times of monthly pension maximum Rs. 20,000/-
Margin – 25% of the project cost
Rate of Interest – The rate of interest 13% per annum
Repayment – Cash credit accounts on annual review