RRB was established in India under the RRB Act 1976 [23(1)]. Maharashtra Gramin Bank is a regional rural bank in Maharashtra. MGB delivers all the major functionalities of a PSB. The major focus of the bank is to initiate appropriate interventions for the overall economic upliftment and advancement of the people of Maharashtra by providing financial assistance to sectors like agriculture, micro, small and medium enterprises, education, housing, micro credit, weaker sections.
There were various changes in the banking industry during the period 1976 to 2006 and Regional Rural Banks were no exception. Keeping in view the need for structural changes in Regional Rural Banks in view of the dynamically changing economic scenario, Govt. India’s own notification dt. 25.03.2008 merged the two RRBs i.e. Aurangabad Jalna Gramin Bank and Thane Gramin Bank into a single RRB named Maharashtra Godavari Gramin Bank. Maharashtra Gramin Bank came into existence on 20 July 2009 after the amalgamation of the erstwhile Maharashtra Godavari Gramin Bank and Marathwada Gramin Bank, Government of India, Ministry of Finance, Department of Financial Services Ref No. 1/4/2006-RRB(II) dated 20 July 2009 with its head office at Aurangabad. The bank is sponsored by Bank of Maharashtra. The share capital of the Bank is provided by Government of India, Government of Maharashtra and Bank of Maharashtra in the ratio of 50:15:35.
The objective of this bank is to “promote the rural economy by providing credit and other facilities, especially to small and marginal farmers, agricultural labourers, artisans and small entrepreneurs, with a view to the development of agriculture, trade, commerce, industry and other productive activities in rural areas”. and for matters connected therewith and incidental thereto”.
Establishing the bank in a competitive market by adopting IT solutions, providing basic services to a large population at their doorstep, adopting an effective IT model to deliver those services, increasing the flow of credit to agriculture, saving bank deposits, etc. Achieving quantum boom and moving forward Best practices for providing value added service to our customers by transforming branches into most preferred banking outlets in rural areas.