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 meet cost of tuition fee, hostel fee, examination fee, books, project work, study tours and refundable deposits. Air passage and maintenance for abroad studies
Eligibility – Age- 12 to 30 years for studies in India, 18 to 35 years for studies in Abroad ; Qualifying Marks Exempted
Quantum of Loan– Maximum: Rs.10.00 lakhs for studies in India; Rs.20.00 lakhs for studies in Abroad.
Margin – Up to Rs.4.00 lakhs exempted; above Rs.4.00 lakhs 5% in India and 15% for Abroad studies.
Security – Up to Rs.4.00 lakhs guarantee of parents; Above Rs.4.00 lakhs – collateral security of suitable value and guarantee of the parent.
Interest – Up to Rs.4.00 lakhs -12.25%; above Rs.4.00 lacs-13.50%