Odisha Gramya Bank (OGB) ( or, ଓଡ଼ିଶା ଗ୍ରାମ୍ୟ ବ୍ୟାଙ୍କ) is a Regional Rural Bank established on 7 January 2013 with the amalgamation of ''Neelachala Gramya Bank'' (Odia: ନୀଳାଚଳ ଗ୍ରାମ୍ୟ ବ୍ଯାଙ୍କ), ''Kalinga Gramya Bank'' (Odia: କଳିଙ୍ଗ ଗ୍ରାମ୍ୟ ବ୍ଯାଙ୍କ) and ''Baitarani Gramya Bank'' (Odia: ବୈତରଣୀ ଗ୍ରାମ୍ୟ ବ୍ଯାଙ୍କ) in terms of provisions of Regional Rural Banks Act 1976. The bank is sponsored by

Indian Overseas Bank Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai. It has about 3,214 domestic branches, about 4 foreign branches and representative office. Founded in February 1937 by M. Ct. M. Chidambaram Chettyar with twin object ...

& is jointly owned by the

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

, Government of Odisha and IOB. It is under the

ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...

of Ministry of Finance ,

. The shareholders of the Bank are Govt. of India (50%),

(35%) and Govt. of Odisha (15%). The Bank is operating in 13 districts of Odisha State with its Head Office at

Bhubaneswar Bhubaneswar (; ) is the capital and largest city of the Indian state of Odisha. The region, especially the old town, was historically often depicted as ''Ekamra Kshetra'' (area (''kshetra'') adorned with mango trees (''ekamra'')). Bhubaneswar is ...

. The bank has nine regional offices located at Balasore, Baripada, Cuttack, Chandikhol, Dhenkanal, Jashipur, Khurda, Keonjhar and Pipli.

History

The bank was established on 07.01.2013 with the branches of the erstwhile Neelachal, Kalinga and Baitarani RRBs. However, presently it has grown to a network of 549 branches, of which 446 are in remote rural areas. Presently, the Bank operates in 13 districts of Coastal, Central and Northern Odisha viz. Puri, Khurda, Cuttack, Jajpur, Jagatsingpur, Nayagarh, Bhadrak, Baleswar, Kendrapada, Keonjhar, Mayurbhanj, Dhenkanal and Angul, covering 37% of the geographical area and 52% of the total population of Odisha State.

Performance

The bank made a profit of Rs 14.42 Crore in the year 2013–14. The bank had a CD ratio of 59.5% at the time of amalgamation. In 2015, Odisha Gramya Bank came third in the ranking of all banks in Odisha on

Financial Inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...

parameters, with a score of 67 out of 100, becoming eligible to handle Government business including State PSU deposits.

National prominence

Immediately after its inception, Odisha Gramya Bank came into national prominence with its fast-track solving of the high-profile gold loan fraud caseOdisha Diary, 30 May 2013. involving Ratikant Kanungo. The situation improved after the formation of Odisha Gramya Bank.

References

{{Reflist Regional rural banks of India Banks established in 2013 Economy of Odisha Indian companies established in 2013 2013 establishments in Odisha

History

Performance

National prominence

See also

References