Rushikulya Gramya Bank, the first of three Regional Rural Banks sponsored by Andhra Bank was established on 14th day of February, 1981 under provision of Section 3 of the Regional Rural Bank Act, 1976 with its Head Office at Berhampur (Ganjam), Orissa.
As a Scheduled Commercial Bank, it is authorized to conduct all types of banking activities under Section-5B of the Banking Regulation Act 1949. The Bank has been vigorously pursuing its social objective and is committed to serve the economically backward people, agriculturists, rural women and small business entrepreneurs for the all round development of Ganjam & Gajapati District. The bank offers home loan, personal loan, agricultural loan, business loan etc.
Purpose – To finance for tractors, power tiller to improve farm mechanisation
Eligibility – To get finance for purchase of tractors farmers must have four acres of irrigated (owned) or 8 acres of dry land (owned). For Power Tiller: 2 acres of cultivable land
Quantum of loan – Up to the unit cost of the tractor
Margin – 15% of the unit cost
Repayment – 9 yearly or 18 half yearly installments linked to harvesting season3
Security – Co-lateral security in the form of mortgage of land / charge creation under state laws.
Rate of interest – 12.5% (01/02/2009)