Government of India through a notification dated 12th January 2006 amalgamated the four Regional Rural Banks sponsored by the United Bank of India in the state of Assam to form Assam Gramin Vikash Bank (AGVB).
The erstwhile RRBs amalgamated were Pragjyotish Gaonlia Bank (Established on 06-07-1976), Lakhimi Gaonlia Bank (Established on 29-07-1980), Cachar Gramin Bank (Established on 31-03-1981) and Subansiri Gaonlia Bank (Established on 30-03-1982).
Thus Assam Gramin Vikash Bank (AGVB) came into existence from 12th January 2006 covering the areas of operation of the pre-amalgamated RRBs. The bank has its Head Office at Guwahati.
Purpose: This loan aims at boosting up trade.
Eligibility: The applicant should be a registered or licensed trader and should exclusively bank with the bank.
Loan amount: In case of term loan, the maximum amount that is granted as loan is Rs.1 crore and as working capital the maximum amount granted as Rs.25 lakh.
Security: The loan is backed by marketable tangible assets in the form of mortgage of immovable property or in the form of liquid securities like NSC/KVP/LIC policy (surrender value).