Malwa Gramin Bank is a project of State Bank of Patiala. The Bank was established on 27th Feb 1986. It is 100 % computerised on CBS platform. At present the Bank is operating in 371 villages with 53 branches and is operating in 5 Districts of Punjab.
The Bank has achieved tremendous growth in business during the year 2010-11. In bank’s deposits grew to the level of Rs. 563.84 crore with a net increase of Rs. 52.11 crore over 2009-10. The advances of the Bank grew to the tune of Rs. 471.62 crore, a net increase of Rs. 61.18 crore over 2009-10. The bank is mainly involved in offering help to the farmers in the rural areas; it offers home loan, personal loan, festival loans etc. The scheme is introduced for financing Commission Agents/ Arthias
Purpose – To meet financial needs of commission agents/ Arthias dealing in crops, vegetables, fruits etc.
Period of Loan – To be liquidated twice in a year or within one month of harvesting of the crop (Rabi/ Kharif)
Quantum of loan – Up to Rs.10.00 lakh
Margin – 40%
Security required – Adequate tangible collateral security having value at least 1.5 times the amount of loan sanctioned
Rate of interest – 11.50% p.a. with monthly rests