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: Loan facility under cluster approach in urban areas for Trade/Services or Business activity.
Eligibility: Group of Traders/businessman with business in the same market complex is eligible for this loan.
Rate of Interest: The rate of interest of the loan is equivalent to the PLR.
Quantum of Loan: Minimum amount granted as loan under this scheme of personal loan is Rs.5000/. The maximum amount that is granted as loan is Rs.1.50 lakh. (In case wife is Co-borrower loan may be raised to Rs.2.00 lakh) This is subject to the condition that loan amount does not exceed 15 months net income of the applicant and total deduction does not exceed 60% of Gross salary.