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 could be taken for various purposes related to agriculture. For example purposes like raising horticultural crops, land development, minor irrigation, farm mechanization, cattle sheds, Rural Godowns, Two Wheelers, purchase of Agricultural land, Agri Clinics & Agri Business Centers etc. this loan can be availed.
Eligibility: This loan facility is offered for the farmers. Land based loans are granted to only those farmers who own their own land.
Quantum of Loan: The quantum of loan is decided based on the unit costs decided by the NABARD from time to time.
Security: In case of land loans the land owned by the farmer is taken as security.
Repayment: The repayment schedule is decided as per the norms set by the NABARD from time to time.