Utkal Grameen Bank

Utkal Grameen Bank[1] (UGB) (Odia: ଉତ୍କଳ ଗ୍ରାମୀଣ ବ୍ୟାଙ୍କ) is a Regional Rural Bank established on 1 November 2012 with the merger[2] of Rushikulya Gramya Bank and Utkal Gramya Bank in terms of provisions of Regional Rural Banks Act 1976. The bank is sponsored by State Bank of India & is jointly Owned by the Government of India, Government of Odisha and SBI.It is under the ownership of Ministry of Finance , Government of India.

Utkal Grameen Bank
TypeRegional Rural Bank
IndustryBanking, Financial services
Founded2012
HeadquartersBolangir, India
Area served
Odisha State
Key people
Alekha Chandra Beura
(Chairman)
ProductsCredit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management
INR 90.15 Million
Owner
Number of employees
1339
ParentMinistry of Finance , Government of India.
Websitewww.utkalgrameenbank.co.in

The shareholders of the Bank are Govt. of India (50%), State Bank of India (35%) and Govt. of Odisha (15%). The Bank is operating in 17 districts of Odisha State with its Head Office at Bolangir. Besides, the bank has seven Regional Offices in western and southern Odisha.

History

The bank was established on 1 November 2012 as an amalgamation of the Rushikulya and Utkal RRBs. At the time of amalgamation, Rushikulya bank had only 87 branches.[3] It subsequently grew to a network of 442 branches, of which 360 are in remote rural areas. Apart from the head office at Bolangir, the bank has opened regional offices at Sambalpur, Rayagada, Phulbani, Bolangir, Bargarh, Bhawanipatna, Jeypore and Berhampur.

Presently, the Bank operates in 17 districts of Western and Southern Odisha, covering 63% of the geographical area and 48% of the total population of Odisha State.

Performance

The bank made a profit of Rs 9.01 Crore in the year 2011–12.[4] The bank had a credit-deposit ratio of 59.5% at the time of amalgamation.

In 2015, Utkal Grameen Bank came First in the ranking of all banks in Odisha on Financial Inclusion parameters, with a score of 75 out of 100, becoming the best bank to handle Government business in the State.[5]

Board of directors

The bank's affairs are conducted by a Board of Directors[6] consisting of the following persons :-

  • Sri Alekha Chandra Beura, Chairman
  • Sri Tarakanta bhakta, Deputy Secretary, Finance Department, Govt of Odisha
  • Sri Nirmal Chandra Pattnaik, DGM, RBI
  • Sri V Balasubramani, DGM, NABARD
  • Sri Dhruba Charan Bal, DGM, SBI
  • Sri Sanjay Tiwary, DGM, SBI

See also

References
  1. "UGB Website".
  2. "UGB formed by merger of two RRBs".Business Standard, 28 November 2012
  3. "RGB amalgamates with UGB".The Hindu, 7 November 2012
  4. "UGB Balance Sheet 2014".
  5. "Odisha Govt Selects 14 Banks to Handle SPSU Deposits".
  6. "UGB Board Members".
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