Andhra Pragathi Grameena Bank

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Andhra Pragathi Grameena Bank
Type Regional Rural Bank
Industry Financial
Commercial banks
Founded1 June 2006 (2006-06-01)
Headquarters
Kadapa
,
India
Area served
 Kadapa Anantapur Kurnool Nellore Prakasam districts
Key people
Chairman: Rakesh Kashyap. [1]
Owner Government of India(50%) Canara Bank (35%) Government of Andhra Pradesh (15%)
Parent Ministry of Finance , Government of India
Website www.apgb.in

Andhra Pragathi Grameena Bank is a Regional Rural Bank in India. It was established in 2006 as a Scheduled Commercial Bank as per Regional Rural Banks Act of 1976 to provide banking facilities in Ananthapuram, Kadapa, Kurnool, Nellore and Prakasam districts of Andhra Pradesh. It is under the ownership of Ministry of Finance, Government of India

Contents

The Government of India has amalgamated three rural banks namely Sri Anantha Grameena Bank, Pinakini Grameena Bank and Rayalaseema Grameena Bank to form Andhra Pragathi Grameena Bank.

The bank caters to the financial needs of the rural poor in one of the most backward regions of Andhra Pradesh state. [2]

The Bank is headquartered at Kadapa [3] and presently its area of operation is extended to 5 districts of Andhra Pradesh state. [2]

In 2010 the bank received the "best bank" award from Andhra Pradesh Chief Minister Konijeti Rosaiah. [4]

History and Administration

Andhra Pragathi Grameena Bank was formed in June 1, 2006 after approval from Government of India with the merger of Rayalaseema Grameena Bank, Sri Anantha Grameena Bank and Pinakini Grameena Bank. [3] Andhra Pragathi Grameena Bank was formed as per Regional Rural Banks Act 1976.The bank's operations are spread in 5 districts of Andhra Pradesh namely, Anantapur, Y. S. R (Kadapa), Kurnool, Nellore and Prakasam with headquarters in Kadapa. Till 2021, the bank is operating with 8 Regional offices with headquarters in Kadiri of Anantapur district, Nandyal of Kurnool district, Rajampeta of Kadapa district and 5 district Head Quarters. The Bank has a net worth of ₹2777.22 crore and lists on top of banks with those in similar lines of industry.

The bank had started initial banking operations with providing loans for priority sector services like loans for Crops and Self-help groups [5] and has now expanded to banking services at Urban and Semi-Urban areas. Additionally, the Bank has added other sectors for providing loans which includes Micro, Small & Medium Enterprises, educational loans, Vehicle loans, Personal loans and housing loans. The bank had also introduced Electronic Know Your Customer (EKYC) facility and is working through 985 business correspondents in these places. The bank has 552 branches in Andhra Pradesh. [6] In terms of bank's outreach in business, its only second after State Bank of India(SBI) in terms of its reach out and banking services to customers and for recovering the loans its placed on top. [7]

See also

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References

  1. ↑ "Kadapa: LIC capable of meeting any challenge, says APGB chief". thehansindia.com. 2 September 2021. Retrieved 12 October 2021.
  2. 1 2 "APGB".
  3. 1 2 "Andhra Pragathi Grammena Bank expands; to recruit 350 staff". deccanchronicle.com. 14 October 2017. Retrieved 12 October 2021.
  4. ↑ "AP Grameena Bank top among RRBs in net profit". The Hindu . 1 May 2010. Archived from the original on 7 May 2010. Retrieved 13 October 2012.
  5. ↑ "Andhra Pragathi Grameena Bank distributes loans worth 15 crore to Self Help Groups". thehansindia.com. 10 March 2018. Retrieved 12 October 2021.
  6. ↑ "Grameena bank earns ₹286 crore profit". The Hindu. 18 June 2021. Retrieved 12 October 2021.
  7. ↑ "Andhra Pragathi Grameena Bank only Grameena Bank to achieve 98% loan recovery: Regional Manager". thehansindia.com. 2 October 2018. Retrieved 12 October 2021.
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