Vidharbha Kshetriya Gramin Bank, sponsored by Central Bank of India, is established on 12/09/2005 as per GOI Notification No. F. No. 1 2)/2001/RRB dated 12/09/2005 amalgamating three RRBs working in Akola, Washim, Buldhana and Yavatmal district from 1983-84.
This Bank is 100% computerized, and is in the process of migration to CBS platform very soon. The Bank has played vital role by implementing Central and State Government’s Debt Relief and Debt Waiver scheme and extended relief to farmers who were distress. The loan portfolio of the bank comprises home loan, personal loan, agricultural loan etc
The bank offers banking assistance to women under its area of operation through or linkages of Self Help Groups and literate them by arranging various trainings, workshops with the assistance of NABARD.
PURPOSE – Financial assistance to farmers for crop production and consumption needs.
ELIGIBILTY – Short term cash credit limit for crop production to farmers having agricultural land and term loan for agriculture and allied activities.
LIMIT / LOAN AMOUNT – According to scale of finance of crops to be grown.
MARGIN – NIL
RATE OF INTEREST – 7% up to Rs. 3, 00,000/- (wherever 2% interest subvention is available) less interest subsidy for prompt paying borrowers; 11.5% above Rs.300, 000/-
REPAYMENT – After harvesting and marketing of produce