One of the largest regional rural banks of the country, Assam Gramin Vikash Bank  (AGVB) celebrated its 6{+t}{+h} anniversary on Thursday. With 82 per cent branches in the rural areas, the bank is presently operating in 25 out of 27 districts of the state cutting across cultural and linguistic boundaries.

"All the branches and offices of the bank have migrated to the Core Banking Solution ( CBS) platform. Post amalgamation, the bank is mainly focusing on delivering improved banking services to its customers and is trying to make adequate credit available for every need at an affordable cost. Keeping in view the technological upgradation in the banking sector, AGVB has also implemented a number of modern technology-based services in its 363 branches," said chairman of the bank S N Sahu.

He also informed that in order to provide banking facilities in the hitherto unbanked areas, the Assam government has identified 2322 villages with over 2,000 population and a major share of these villages (816) have been allotted to the AGVB for financial inclusion.

"Business of the bank increased manifolds during the post amalgamated period of six years. Total business has gone up from Rs 2,565 crore to Rs 6,903 crore, in six years. During the same period, the total deposit and advance has been increased from Rs 1,711 crore and Rs 854 crore to Rs 4,475 crore and Rs 2,428 crore respectively. As on the date of amalgamation, the bank had an accumulated loss of Rs 34.45 crore but at the end of the financial year 2010-11 AGVB's total reserve and surplus after making all provisions was Rs 73.63 crore," Sahu underlined.

He added that all kisan credit cards of the bank had started functioning as debit cards. The AGVB is planning to recruit over 300 new staff from Assam during the current financial year but they will have to take necessary tests that will be conducted by the Institute of Banking Personnel Selection (IBPS), Mumbai, Sahu said.

"In order to meet the technological challenges, the bank has earmarked a sum of Rs 100 crore," Sahu pointed out. On Thursday, the bank also opened its 363{+r}{+d} branch at Dongabari village in Morigaon district.

During the first six years of its operation, the bank had witnessed a compounded growth rate of 169 per cent and the number of customers of the bank has crossed 45 lakhs. During his latest visit to the state, governor of the Reserve Bank of India, D Subbarao rated the performance of the bank as outstanding.