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 is an agricultural loan for raising crops, agricultural related development activities and seasonal agricultural operations in East Godavari, Guntur and West Godavari Districts.
Eligibility: Homogeneous Group of Small and Marginal Farmers, Lessee / Tenant farmers and Share Croppers can avail this personal loan. The applicant must have a land not exceeding 5 acres of dry land or 2.5 acres of irrigated land.
Quantum of Loan: The quantum of loan is as per the scales of finance fixed by District Technical Committee / Bank from time to time.
Other features: All crops notified by Agricultural Insurance Corporation of India will be covered under Comprehensive Crop Insurance Scheme. Members of the Group will be covered under Personal Accidental Insurance scheme for an amount of Rs.50,000/-.