Paschim Banga Gramin Bank is one of the leading Regional Rural Banks formed by amalgamation of three erstwhile Gramin Banks viz. Howrah Gramin Bank, Bardhaman Gramin Bank and Mayurakshi Gramin Bank as per Govt of India Notification No: 1/4/2006-RRB dated 26.02.2007.
On amalgamation of erstwhile three Gramin Banks now termed/treated as transferor Banks, newly established Paschim Banga Gramin Bank has four districts viz. Howrah, Hooghly, Burdwan and Birbhum as its area of operation.
Howrah, Hooghly and Burdwan districts traditionally have immense potential both for agriculture and industry, whereas Birbhum District is not so advanced in terms of agricultural activities and mostly has mono cropped land area. Revised and modified industrial policy at the State Level is accelerating the pace of Industrial Development in the aforesaid districts. Besides, introduction of non-traditional crop cultivation and multi dimensional approach for rising food production arising out of new thrust areas in the agricultural policy, may contribute to upliftment of the economy of the aforesaid districts.
Paschim Banga Gramin Bank was established on 26th February 2007 vide Government of India, Ministry of Finance, Department of Economic Affairs (Banking Division), New Delhi, Notification No.1/4/2006 – RRB dated the 26th February, 2007 in exercise of the powers conferred by Sub-section (1) of Section 23A of the Regional Rural Bank Act, 1976 (21 of 1976) by amalgamation of Howrah Gramin Bank, Bardhaman Gramin Bank and Mayurakshi Gramin Bank (all three being treated as transferor banks) sponsored by the UCO Bank in the State of West Bengal. This new entity is a joint venture of the Government of India, Government of west Bengal and UCO Bank with contribution of share capital in the ratio of 50%, 15% and 35% respectively.