In the heartland of Bihar, where the rhythm of life is guided by the seasons and the land, a beacon of hope and progress shines brightly through the efforts of Uttar Bihar Gramin Bank. Amidst the lush fields and bustling hamlets, this financial institution stands as a catalyst for change, igniting the flames of development in rural Bihar.
The significance of Uttar Bihar Gramin Bank stretches far beyond its banking operations. In the tapestry of rural life, where aspirations are high but resources are often scarce, the availability of financial services can be the cornerstone of progress.
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Helping in Rural Development
In the heartland of India, where most of the population resides in rural areas, the potential for development is immense. However, limited access to financial resources and services has often been a stumbling block. Financial services are pivotal in empowering individuals and communities to harness their potential. They provide the much-needed capital for agricultural activities, entrepreneurship, and education. They bridge the gap between aspirations and reality, enabling villagers to invest in their futures.
The availability of banking facilities in rural areas goes beyond mere convenience; it’s a lifeline for economic growth. Financial services empower farmers to modernize their farming techniques, entrepreneurs to establish small businesses, and families to secure their children’s education.
History of Uttar Bihar Gramin Bank
Unification of Regional Banks
The roots of Uttar Bihar Gramin Bank (UBGB) run deep in the fertile soil of North Bihar, a region defined by the majestic presence of the holy Ganges River. The bank’s establishment is a story of amalgamation and progress that has left an indelible mark on the landscape of rural Bihar.
In the inaugural phase of this journey, seven distinct Regional Rural Banks embarked on a path of amalgamation, uniting their strengths and aspirations to form Uttar Bihar Kshetriya Gramin Bank (UBKGB) on the 1st of March 2006.
These founding banks are
- Mithila Kshetriya Gramin Bank
- Madhubani Kshetriya Gramin Bank
- Champaran Kshetriya Gramin Bank
- Vaishali Kshetriya Gramin Bank
- Saran Kshetriya Gramin Bank
- Gopalganj Kshetriya Gramin Bank
- Siwan Kshetriya Gramin Bank
The journey didn’t stop there. In the second phase of this transformative process, Kosi Kshetriya Gramin Bank (KKGB) joined hands with UBKGB on the 1st of May, 2008. This union marked the birth of Uttar Bihar Gramin Bank (UBGB), a formidable entity that aimed to redefine the contours of rural banking and development.
Headquartered in the vibrant city of Muzaffarpur, UBGB found itself sponsored by none other than the Central Bank of India. Its presence extended its reach across the picturesque landscape of eighteen districts in North Bihar.
Banking Network
UBGB’s growth was marked not just by numbers, but by its impact on communities. With a network comprising 1028 branches – strategically spread across rural, semi-urban, and urban settings – and bolstered by 3340 BC outlets (Sunahara Sapna Kendras), the bank stood as a testament to its commitment to accessibility and inclusivity.
A constellation of 14 regional offices served as nerve centers, steering the bank’s operations across key districts including Araria, Bettiah, Chapra, Darbhanga, Gopalganj, Hajipur, Jhanjharpur, Madhubani, Motihari, Muzaffarpur, Purnea, Saharsa, Sitamarhi, and Siwan. In these regional hubs, the essence of financial empowerment and development took shape.
Services and Products
Uttar Bihar Gramin Bank is committed to providing a comprehensive suite of financial products and services tailored to meet the diverse needs of rural communities. With a range of deposit schemes, loan offerings, and innovative financial inclusion (FI) products, the bank plays a pivotal role in fostering economic growth and empowerment within the region.
Deposit Schemes in Uttar Bihar Gramin Bank
- Saving Bank Account: A versatile account for individuals, providing easy access to funds while earning interest on the balance.
- Basic Saving Bank Account: A simplified savings account aimed at financial inclusion, offering essential banking services.
- Current Deposit Scheme: Facilitates easy transactions for businesses and individuals with frequent banking needs.
- Recurring Deposit Scheme: Enables systematic savings through regular deposits, fostering a habit of financial discipline.
- Quarterly Deposit Scheme: Offers flexibility with quarterly interest payouts, catering to periodic financial needs.
- (555 Days) Gramin Super Deposit Scheme: An attractive fixed deposit scheme with a tenure of 555 days, designed to maximize returns.
- Monthly Interest Deposit Scheme: Ideal for those seeking regular interest payouts, providing a steady income stream.
- Gramin Swa-Shakti Flexi Recurring Deposit: A flexible recurring deposit that empowers individuals to save at their convenience.
- Money Multiplier Deposit Certificate: A scheme that multiplies savings with competitive interest rates and convenient terms.
- Gramin Tax Saving Scheme: A tax-saving fixed deposit that offers dual benefits of savings and tax deductions.
- Gramin Lakhpati Recurring Deposit Scheme: A unique scheme that enables customers to become lakhpati (millionaires) through disciplined savings.
- Short-Term Deposit Scheme: A flexible fixed deposit option catering to short-term savings goals.
Loan Schemes in Uttar Bihar Gramin Bank
- Housing Loan: Empowers individuals and families to build their dream homes in rural Bihar.
- Vehicle Loan (Personal Use): Provides access to personal vehicles, enhancing mobility and convenience.
- Gold Loan: Offers instant access to credit by pledging gold ornaments, supporting immediate financial needs.
- Business Loan (New Business): Encourages entrepreneurship by offering funding for new business ventures.
- Business Loan (Existing Business): Supports the growth and expansion of existing rural businesses.
- Commercial Vehicle (SRTO) Loan: Facilitates the purchase of commercial vehicles, boosting local transportation services.
- Loan Against Mortgage of Property: Leverages property assets to secure funds for various purposes.
- Integrated Dairy Development Scheme: Aims to promote dairy farming through specialized financial assistance.
- Fishery Credit Card: Empowers fishermen with credit access for their fishing activities.
- Loan / Overdraft Against Bank Term Deposit & Approved Securities: Allows customers to unlock the value of their fixed deposits and securities.
- General Credit Card (G.C.C): Provides a convenient credit line for multiple purposes.
- Prime Minister Employment Generation Programme: Supports job creation and self-employment initiatives in rural areas.
- Swarojgar Credit Card (S.C.C) Scheme: Fosters entrepreneurship by providing credit for various income-generating activities.
- Capital Subsidy Scheme for Installation of Solar Off Grid: Promotes sustainable energy solutions through financial support.
- Joint Liability Group: Facilitates group lending to promote financial inclusion and community support.
- Kisan Credit Card: Provides comprehensive credit facilities to farmers for various agricultural activities.
- Loan for Power Tiller/ Agricultural Machinery: Supports agricultural mechanization for enhanced productivity.
- Loan for Tractor, Harvester, Etc (For Agriculture Purpose Only): Enables farmers to acquire modern agricultural equipment.
Financial Inclusion Products in Uttar Bihar Gramin Bank
- Saving Account – Gramin Vikas Khata: A savings account tailored to cater to rural customers’ unique needs.
- Smart Flexi RD: A recurring deposit product facilitated through Business Correspondents (BCs), promoting regular savings.
- Inward Remittance Through NEFT: Enables easy and secure inward remittances for rural customers.
- Interoperability: Enhances convenience by allowing customers to access services through various banking touchpoints.
Role in Rural Development
Uttar Bihar Gramin Bank stands as a pillar of progress in the landscape of rural development, going beyond conventional banking to weave a tapestry of empowerment, economic growth, and transformation across the villages of North Bihar.
Initiatives to Promote Financial Literacy
Recognizing that knowledge is the key to financial empowerment, Uttar Bihar Gramin Bank has taken significant steps to enhance financial literacy in rural communities. Workshops, seminars, and awareness campaigns are organized to educate individuals about the importance of responsible financial management, budgeting, and the effective utilization of banking services. By fostering financial literacy, the bank equips individuals to make informed decisions that positively impact their financial well-being.
Encouraging Savings Habits
Savings are the foundation of economic stability and growth. Uttar Bihar Gramin Bank actively encourages the habit of saving among the rural population. Through its various savings products and educational initiatives, the bank motivates individuals to set aside a portion of their income, creating a safety net for unforeseen expenses and future investments. This culture of saving empowers individuals and contributes to the overall stability of rural economies.
Providing Credit and Loans
Local Farmers: Agriculture is the backbone of rural Bihar, and local farmers form the bedrock of this sector. The bank plays a pivotal role in supporting these farmers by offering tailored credit and loans. These funds enable farmers to invest in modern farming techniques, purchase quality seeds, and access essential resources. As a result, agricultural productivity and income levels increase, leading to improved livelihoods and sustainable growth.
Entrepreneurs: Beyond agriculture, Uttar Bihar Gramin Bank extends its support to budding entrepreneurs and small businesses. By providing credit and loans, the bank empowers local entrepreneurs to start new ventures and expand existing ones. This injection of capital invigorates local economies, generates employment opportunities, and contributes to the overall development of the region.
Facilitating Economic Growth
The impact of Uttar Bihar Gramin Bank on the economic growth of the region extends far beyond banking transactions. By providing financial solutions that address the unique needs of rural communities, the bank acts as a catalyst for economic growth. As farmers improve their productivity, entrepreneurs establish businesses, and families access credit for various purposes, a ripple effect is set in motion. This ripple effect translates into increased income, enhanced standards of living, and a more vibrant local economy.
Through its multifaceted initiatives, Uttar Bihar Gramin Bank stands as an agent of change, transforming aspirations into reality. As it empowers individuals with financial knowledge, encourages responsible savings, extends credit to farmers and entrepreneurs, and fuels economic growth, the bank weaves a narrative of progress that resonates in every corner of rural Bihar. With each transaction, each initiative, and each success story, the bank redefines the contours of rural development, nurturing a future of prosperity for generations to come.
Future Plans of Uttar Bihar Gramin Bank
As Uttar Bihar Gramin Bank continues its journey of empowerment and growth, its forward-looking strategies and innovative initiatives pave the way for a future where rural Bihar thrives on the wings of technology, accessibility, and holistic development.
Outward Remittance through NEFT
In an interconnected world, enabling outward remittances is a testament to Uttar Bihar Gramin Bank’s commitment to serving its customers’ evolving needs. By facilitating secure and convenient outward remittance through the NEFT (National Electronic Funds Transfer) platform, the bank empowers families to seamlessly send money beyond the borders of their village, contributing to improved livelihoods and enhanced financial flexibility.
Distribution of Financial Products through BC
The bank’s reach goes beyond conventional banking channels. Embracing innovation, Uttar Bihar Gramin Bank envisions distributing insurance, pension, and mutual fund products through Business Correspondents (BCs). This initiative ensures that even the most remote customers can access vital financial products that provide security, future planning, and investment opportunities.
Last-Mile Connectivity for Developmental Interventions
The bank’s commitment to rural development extends to providing last-mile connectivity in villages for all developmental interventions. By collaborating with government, quasi-government, NGO, and private entities, Uttar Bihar Gramin Bank acts as a bridge, ensuring that developmental initiatives reach the grassroots level. This endeavor promises to uplift communities, drive progress, and create a more inclusive and prosperous rural society.
Embracing Technology
In the age of digital transformation, Uttar Bihar Gramin Bank is embracing technology as a catalyst for change. The bank’s journey towards digitization and mobile banking is a testament to its commitment to providing accessible and convenient banking services to its rural customers. Embracing technology enhances efficiency, reduces transaction times, and ensures that customers can access their accounts and services anytime, anywhere.
Expansions and Innovations
In its pursuit of enhancing customer experience, Uttar Bihar Gramin Bank aims to expand its reach and innovate across its service spectrum. The bank’s expansion plans cater to the dynamic needs of the rural populace, ensuring that banking services are available to everyone. These expansions and innovations translate into improved accessibility, personalized services, and a more enriching banking experience for customers.