AGVB stands for Assam Gramin Vikash Bank. It is the sole regional rural bank of Assam, India, which falls under the ownership of the central government's Ministry of Finance. The bank was officially established on 12 January 2006 through the amalgamation of four other rural banks, namely Pragjyotish Gaonlia Bank, Lakhimi Gaonlia Bank, Cachar Gramin Bank, and Subansiri Gaonlia Bank. Additionally, these banks were previously sponsored by the United Bank of India, which is now a part of the Punjab National Bank.
Following the government's instructions to establish state-wise RRBs or Regional Rural Banks, AGVB merged with Langpi Dehangi Rural Bank, which was sponsored by the State Bank of India. Further, this amalgamation on 1 April 2019 formed the AGVB as its known today. Notably, the bank's name remained unchanged despite the amalgamation.
History of AGVB
In 1975, the Indian Government primarily introduced the concept of Regional Rural Banks (RRBs) in order to improve the rural economy. Following this, the officials and government soon released an order regarding RRB's formation. However, the Parliament replaced this order with the Regional Rural Banks Act 1976.
Subsequently, the government formed five RRBs in Assam, with Pragjyotish Gaonlia Bank being the first one. Further, these banks' proactive attitude and rural bias resulted in creating a thrift habit among the masses. Moreover, the banks started offering credit to priority sector activities.
Next, on 12 January 2006, the central government merged four RRBs sponsored by the Union Bank of India. This led to the formation of AGVB. However, in 2019 the AGVB and Langpi Dehangi Rural Bank (Sponsored by the State Bank of India) were amalgamated. Additionally, this amalgamation was done as per the Indian government notification under the sponsorship of the United Bank of India. Consequently, the new structure of Assam Gramin Vikash Bank (AGVB) was established, which presently has 472 branches to serve the entire state.
Mission of AGVB
The primary goal of AGVB is to become the best rural bank in India. Therefore, it benchmarks against the best standards and practices for product offerings, service levels, and professional integrity. Additionally, as a rural bank with the largest network of branches in Assam, AGVB focuses on offering banking facilities to the rural masses. Additionally, it works for bringing the following changes in the state:
- Providing financial assistance for improving agricultural production. Additionally, it functions to uplift the economically weaker sections of society and create employment opportunities for rural youth.
- Overall development of rural Assam. To make it possible, AGVB implements various initiatives.
- Additionally, AGVB works towards strengthening the cultural identity of Assam.
Vision of AGVB
The primary goal of AGVB is to achieve financial inclusion and promote banking literacy among the common masses of Assam. Additionally, the bank focuses on offering appropriate interventions that will benefit the people we serve. Furthermore, by implementing its banking and financial initiatives, AGVB creates a positive impact on the lives of the people in rural Assam.
Objectives of AGVB
While the origins of AGVB may be traced back to the interests of consumers, stakeholders, and employees, the broader goals of the merger are as follows:
- Offering better customer service as a result of improved infrastructure and advanced technology. This includes the installation of the CBS or Core Banking Solution, which is a pool of skilled employees. Additionally, CBS helps coordinate public relations and marketing initiatives.
- Moreover, getting profit from scale economies with a broader region of business and increased credit exposure limitations.
- Furthermore, AGVB creates possibilities for a wide range of banking activities. This results in efficient business growth.
Structure of AGVB
The AGVB is organised into three levels for smooth functioning. Additionally, it has one headquarters in Guwahati, nine regional offices, and 472 branches within the state. The most prominent offices of AGVB are located in Nalbari, Lakhimpur, Tezpur, Golaghat, Guwahati, Kokrajhar, Dibrugarh, Silchar, and Diphu.
The following table displays the number of AGVB branches registered under each regional office:
| Regional Office |
Number of Branches |
| Lakhimpur |
50 |
| Guwahati |
55 |
| Nalbari |
57 |
| Tezpur |
53 |
| Golaghat |
50 |
| Dibrugarh |
51 |
| Silchar |
54 |
| Diphu |
50 |
| Kokrajhar |
52 |
Mobile Banking Services of AGVB
AGVB attempts to keep its customers updated on all the financial and banking advancements. Therefore, it offers multiple offline and online services to the rural masses of Assam. In addition to all the offline banking products and services, AGVB offers the following mobile banking services:
- Getting the account statement, which helps account holders know all the deposit and withdrawal information.
- View the account balance.
- Self-transfer of finances.
- NEFT for payment of money to other bank account holders.
- Fund transfers through IMPS.
Conclusion
In conclusion, AGVB plays a significant role in providing banking and financial services to the rural areas of Assam. Additionally, with its wide network of branches and digital channels, AGVB has connected to unbanked segments of society. This way, it helps promote financial inclusion and economic development in Assam. Furthermore, it offers a range of products and services that cater to the diverse needs of its customers, such as loans, savings accounts, insurance, and other banking services.
Overall, this rural bank has made a remarkable contribution to the development of rural areas in Assam. Further, it is poised to continue its growth trajectory, focusing on innovation, technology, and a customer-centric approach.
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