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: The loan provides assistance for renovation/expansion of rural godowns will however be restricted to the godowns constructed by co-operatives only.
Eligibility: Individuals, farmers, group of farmers/Growers, Partnership/Proprietary firms, Non- Government Organizations (NGO’s), Self Help Groups (SHG’s), Companies, Corporations, Co-operatives, Agro-Processing Cooperative Societies, Agricultural Produce Marketing Committees, Marketing Boards and Agro Processing Corporations in the entire country can avail these loans. The entrepreneur will be free to construct godown at any place and any size as per his commercial judgment except for the restrictions that it would be outside the limits of Municipal Corporation area and be of a minimum capacity of 50 MT.
Margin: Applicant’s Margin should be at least 25% of the project cost.
Repayment: Loan has to be repaid within 5 years including a grace period of one year.