Government of India, Ministry of Finance announced the amalgamation of Chaitanya Grameena Bank and Godavari Grameena Bank sponsored by Andhra Bank into a single Regional Rural Bank with its Head Office at Guntur, Andhra Pradesh. The bank was thus established on 01.03.2006. The Head Office of the new Bank is situated at Guntur, Andhra Pradesh.
The bank ownership is shared between Government of India, Sponsor Bank and Government of Andhra Pradesh in the ratio of 50%:35%: 15%.
Purpose: This loan can be obtained for any personal needs related to agriculture.
Eligibility: Agriculturists can avail this personal loan.
for raising crops, agricultural related development activities and seasonal agricultural operations in East Godavari, Guntur and West Godavari Districts.
Quantum of Loan: The loan is granted at a rate of Rs.800/- per gram. The quantum of the loan is based on the gold ornaments pledged to the bank.
Security: Only gold ornaments with not less than 19 carats quality will be accepted to pledge for these loans. Gold biscuits or gold bars are not accepted by the bank for pledging.
Repayment: The repayment is decided based on the crop / activity. This is subject to a maximum period of one year.