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.
Purpose – To provide hassle free credit, based on the assessment of cash flow without insistence on security, purpose or end use of credit
Nature of Facility – Revolving Cash Credit
Eligibility – Bank’s individual customers with sources of adequate income in rural & semi-urban areas
Validity – Valid for 3 years subject to satisfactory operation of account and renewed on a yearly basis; the aggregate credits in the account during the 12 months period should normally be equal to the maximum outstanding in the account. No withdrawal in account should remain outstanding for more than 12 months.
Quantum of loan – Maximum Rs.25, 000/-
Rate of interest – 11% p.a. with monthly rests.