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Thursday, September 3, 2009
'Maximization of Profit Through Rural Empowerment and Technology Upgradation' is the motto of Baroda Rajasthan Gramin Bank, which it wants to translat
Posted by Tip at 8:55 AMB
aroda Rajasthan Gramin Bank (BRGB) was established on 3 February 2006 by amalgamation of 5 erstwhile RRBs viz, larudhar Kshetriya Gramin Bank, Aravali Kshetriya Gramin Bank, Bundi Chittorgarh Kshetriya Gramin Bank, Bhilwara Ajmer Kshetriya Gramin Bank and Dungarpur Banswara Kshetriya Gramin Bank, all sponsored by Bank of Baroda. This RRB is catering to the financial needs of the rural masses through a network of 274 branches in 13 districts.
Mukesh Garg, Chairman, BRGB, said that the objectives of the amalgamation were to take advantage of economies of scale, improve operational viability by reducing transaction cost and sustain competition with big players in the market, besides evolving brand image. Amalgamation has provided the bank an opportunity to extend its area of operation to a large extent with accessibility to increased number of clientele with wide range of products in the form of 11 deposit schemes and 26 loan schemes to cater to the different needs of the people.
On the issue of volume of business and profits, Garg said that after the amalgamation, the level of BRGB's business has increased from Rs 1605.57 cr in March 2006 to Rs 3089.55 cr in March 2009, thereby registering an average growth of 24%. Besides the clientele base which was 1,008,532 as on March 2006 has increased to 1,812,003 as on March 2009 with a growth of 80% in 3 years is reflective of best ever customer service rendered. The bank has registered consistent profit of Rs 0.48 cr, Rs 6.17 cr, Rs 16.26 cr and Rs 30.25 cr in 2005-06, 2006-07, 2007-08 and 2008-09 respectively which is reflective of sound affairs of business. Stating the measures to spread awareness, Garg said that the bank has launched its bilingual website on 23 June 2008 which provides up to date information about various deposit and loan schemes, new initiatives taken by the bank, etc, on continuous basis
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