Brief Guide On Maharashtra Gramin Bank

Introduction

Maharashtra Gramin Bank is a Maharashtra-based regional rural bank with a strong rural presence. Despite the fact that MGB is a Regional Rural Bank, it provides all of the core PSB functions. The bank’s main focus is to launch appropriate interventions for the people of Maharashtra’s overall economic upliftment and advancement by providing financial assistance to a variety of sectors, including the following:

• Agriculture
• MSMEs (Micro, Small and Medium Enterprises)
• Education
• Housing
• Minorities and weaker sections

The bank had 413 completely computerised CBS branches as of March 31, 2021. Aurangabad, Beed, Latur, Nanded, Hingoli, Parbhani, Thane, and Nashik are among the seven Maharashtra regions where it has a branch network.

History of Maharashtra Gramin Bank

The RRB Act of 1976 [23(1)] created the RRBs in India. From 1976 to 2006, the banking sector saw numerous changes, and Regional rural banks were no different. Due to the need for structural reforms in RRBs in light of the rapidly evolving economic scenario, the Government of India amalgamated the two RRBs, Aurangabad Jalna Gramin Bank and Thane Gramin Bank, into a single RRB known as Maharashtra Godavari Gramin Bank, via a notification dated March 25, 2008. Maharashtra Gramin Bank was established on July 20, 2009, following the merger of the former Maharashtra Godavari Gramin Bank and the Marathwada Gramin Bank, as per the notification issued by the Department of Financial Services, Ministry of Finance, Government of India, dated July 20, 2009, with its headquarters in Aurangabad.

The mission of Maharashtra Gramin Bank

Maharashtra Gramin Bank works to develop the rural economy by providing facilities, including credits, particularly to small farmers, farm labourers, artisans, and small entrepreneurs, for the betterment of agriculture, commerce, industry, and other constructive tasks in rural areas, as well as for related matters and incidental provisions.

The vision of Maharashtra Gramin Bank

Maharashtra Gramin Bank works with the vision of trying to position the bank in a highly competitive environment by implementing IT alternatives, conveying basic services to the clients at their doorstep, developing successful IT frameworks to supply those services, increasing credit flow to agriculture, achieving a significant boost in savings account mobilisation, and pursuing best practises for delivering value-added services to its clients by transforming branch offices into the most attractive financing access point in rural areas.

Personal Banking Services Provided By MGB

Maharashtra Gramin Bank offers a plethora of services. One can just easily avail of the benefits of these services by simply logging into the respective bank’s website, using their Maharashtra bank login details. 

1. Education Loans: To assist students who have been accepted into a recognised school through a merit-based selection procedure in their pursuit of higher education.
2. Gold Loan

• For the development and preservation of agricultural crops.
• Agricultural and related activities.
• For the purpose of investing in the business, profession, or MSME operations.
• Other useful objectives
• Purchase of durable goods, medical bills, and fulfilling social and family expenses are all examples of consumption reasons.

1. Kissan Credit Card

• Expenses are associated with agricultural cultivation and crop production for short-term crops.
• Maintenance of long-term crops/plantation crops/postharvest expenditures on an annual basis.
• Working capital requirements for linked activities such as dairy, poultry, and pig farming, among others.
• Farm machinery and equipment maintenance and repair costs on an annual basis.
• Fencing, soil, and water management structures maintenance and repair costs.
• Expenses incurred after the harvest.
• Farmers’ consumption requirements.

1. Vehicle Loans

• For the purchase of automobiles, Jeeps, small vans, two-wheelers, three-wheelers, and other vehicles.
• With the exception of two-wheelers, both new and used automobiles are available.

Financial Inclusion Services Provided By MGB

1. Pradhan Mantri Jan-Dhan Yojana

Pradhan Mantri Jan-Dhan Yojana (PMJDY) is a national initiative for inclusive financial growth that aims to provide inexpensive access to financial services, including banking, savings, bank deposits, remittance, credit, insurance, and pension.

1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• A one-year life insurance plan is available.
• Every year, the plan auto-renews itself.
• Offering death insurance for any cause.

1. Financial Literacy

• Promoting credit discipline and encouraging the use of official financial institutions to get loans when needed.
• The following three themes will be the emphasis of the FLW in order to enhance creditworthiness and reduce NPAs.
• Repayment on time and a good credit score
• Formal Institutions are the only ones that should lend you money.
• Borrowing with Responsibility

Payment Services of MGB

1. National Electronic Funds Transfer (NEFT)

The National Electronic Money Transfer (NEFT) system is a nationwide payment system that allows for one-to-one transfers of funds. Any Maharashtra Gramin Bank account can be used to receive or transfer funds.

1. Real-Time Gross Settlement (RTGS)

The continuous (real-time) settlement of individual money transfers is known as Real Time Gross Settlement (RTGS). In all of MGB’s branches, the RTGS form of fund transfer has been implemented. Through this approach, amounts up to 2 lakh can be remitted to any other RTGS-enabled Bank’s client account from any MGB branch.

1. Immediate Payment Service (IMPS)

IMPS is a mobile phone-based inter-bank electronic cash transfer service. Unlike NEFT and RTGS, this payment service is accessible 24 hours a day, seven days a week, including holidays. Customers can use their registered Mobile number and Mobile Money Identifier (MMID) or their Account number and Gramin bank IFSC code to send and receive funds using IMPS through Mobile Banking.

In fact, in all these payment methods, the customer struggles with one code, known as the IFSC code, which is unique for every branch of every bank. Let us now know how one can find your Gramin bank IFSC code they need. 

What Is IFSC Code?

The Reserve Bank of India (RBI) assigns an IFSC code to each bank and its branches. A bank’s IFSC code may normally be found on the passbook of that bank’s account, a bank’s cheque leaf, or on the RBI website. A valid IFSC is required for any bank transfer. NEFT, RTGS, and IMPS are three different methods of fund transfers. Following is the typical format of any IFSC code:

It shows that the first four digits of the IFSC code represent the bank code. The fifth number is usually zero, and the remaining six digits denote the branch code of the bank. 

How to Find IFSC Code? 

Following are the ways to find the IFSC code of your Maharashtra Gramin Bank.

1. The Gramin Bank IFSC code may be found on the bank’s cheque leaf and bank passbook.
2. The Reserve Bank of India’s website has a list of banks and their corresponding branch IFSC codes.

The Gramin bank’s IFSC code can also be discovered on the official website of the bank.

Conclusion

While a number of regional banks and their offices are active in rural areas, their development is slow. Lack of balanced development, supply of loans for non-productive reasons, flaws in the lending procedure, lack of management competence, corruption, political influence, and recovery are all dependent on the role of the courts. 

Maharashtra Gramin Bank has gone out to the poor who have been excluded from the development process for a long time. These individuals became the focal point of growth. This bank is dedicated to rural economic development. Moreover, the general public can easily avail of the benefits of all the services of the bank using their Maharashtra bank login details on the respective bank’s website.

We now understand the growing relevance of regional rural banks in the development of rural regions as a result of this discussion. Because the Maharashtra Gramin Bank is executing a beneficial government initiative, it is a good thing, and it is a useful approach to make India stronger.