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: Crop Loans and other Agricultural Loans
Eligibility: This personal loan is granted to agriculturists for raising crops, agricultural related development activities and seasonal agricultural operations in East Godavari, Guntur and West Godavari Districts. Working Capital Loans to Fish Tanks will also be considered under these cards.
Quantum of Loan: The quantum of loan is as per the scales of finance fixed by District Technical Committee / Bank from time to time.
Security: Crop Loans under Tie-up Agreement with sugar factory or Tobacco Board, will be financed without Collateral Security up to a maximum limit of Rs.1,00,000/- and Rs.1,50,000/-respectively.
Repayment: Tenure of the Card is 3 years with yearly revival.
Other features: Eligible Card holders will be covered under Personal Accidental Insurance scheme for an amount of Rs.50,000/-.