Regional Rural Banks were established under the provisions of the Ordinance promulgated on 26th September, 1975 and RRBs Act 1976 with a view to develop the Rural economy as well as to create an alternative channel to “Cooperative Credit Structure” and to ensure sufficient Institutional Credit for Rural and Agriculture Sector. RRBs are jointly owned by Government of India, the concerned state Government and Scheduled Commercial Banks. The issued capital of an RRB is shared by them in the proportion of 50%, 15% and 35% respectively. The area of operation of the majority of RRBs is limited to a notified area comprising selected districts in the respective states.
Gurgaon Gramin Bank, established in March 1976 under RRBs Act, has completed 36 years in the service of rural masses. Beginning with a modest business level of Rs. 50 Lacs and a network of 20 branches as at the close of 1st financial year of its existence on 31.12.76, the aggregate business of the Bank has reached to Rs. 6419.33 Crore at the end of fiscal 2011-12 with a network of 210 branches in 7 Districts of Haryana. Though the Bank had suffered losses during initial year of existence, it has been constantly earning profits since 1998 and has build up a sizable reserves base of Rs. 575.06 Crore as on 31.03.2012. Likewise the total deposits of the Bank which were Rs. 25 Lacs as on 31.12.76 have grown to Rs. 4137.47 Crore as on 31.03.2012. The advances level of the Bank has also witnessed many fold increase during the last 36 years. The outstanding advances which were just Rs. 27 Lacs as on 31.12.76 have grown to Rs. 2281.86 Crore as on 31.03.2012.
The Bank has never overlooked its original mandate of fulfilling the credit and banking needs of rural masses and contributing in the developmental activities in the Seven Districts of Southern Haryana i.e. Gurgaon, Mewat, Faridabad, Palwal, Rewari, Mohindergarh and Sonepat through its branch network of 210.
The Bank, true to its concept of origin, has been successful in inculcating the Banking habits in the rural masses in its area of operation by making the customers aware of the need of small savings and also use of credit for productive purpose raising their living standard.
Govt. of India has introduced the concept of Financial Inclusion in year of 2008 and issued the guidelines for the banks to open No Frill accounts of the marginalized/excluded group of population in the country to take them in the fold of banking services. The Bank has taken the initiative to open the No Frill accounts in the remotest rural areas by launching a door to door campaign and as on date we have opened more than Five Lac No Frill accounts in our area of operation in seven districts of Haryana.
Our Bank has been allocated 234 villages under FIP in 7 districts of Haryana state. Our Bank has prepared a road map and implemented accordingly. Bank has selected FINO & HCL as Technical Service Providers (TSPs) to complete the task assigned under FIP. Bank has opened 31 Brick & Mortar Branches and appointed 203 Business Correspondent Agents (BCAs) in 203 FI villages to provide the financial services by following the Govt. of India guidelines. Later on Bank has opened 56 Ultra Small Branches (USBs) wherein the BCAs are handling all the cash transactions and Bank’s Field Officers provided with Laptop are visiting the USBs on a predetermined day on weekly basis to provide the account details and various bank schemes designed for the rural people as per their needs.
GGB is the first RRBs who has opened Financial Literacy and Credit Counseling Center (FLCC) at three block level centers in Mewat, Gurgaon & Faridabad District under the guidance of Jnana Jyothi Financial Literacy & Credit Counseling Trust, Manipal.
Bank is on 100% CBS platform and ready to start interoperability for all FIP Villages in Mewat District on priority basis.
Bank is having various credit products for taking care of credit needs of each section of society. Door to door canvassing/ marketing of various loan products is being ensured for achieving credit disbursement and advance outstanding targets with comfortable margin, without compromising quality of credit.
Farm sector being our traditional strong hold for credit dissemination, we are continuously exploring the available potential by aggressive implementation of the lending schemes specially designed for quality credit deployment under this sector.