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 – Self employment through Bank credit to small enterprises
Eligibility – Self employment, Artisans, Small businessman, weavers, fishermen, Individuals, engaged in services, rickshaw pullers and SHG’s, etc.
Amount Of Loan – Rs.50, 000/ in the form of term loan and / or cash credit.
Margin – NIL
Rate Of Interest – 11.50% per annum
Repayment – 5 years in equal monthly installments or annual review