Pragathi Gramin Bank
| Company type | Regional Rural Bank |
|---|---|
| Industry | Banking, Financial services |
| Founded | 2005-09-12 |
| Defunct | 2013-08-23 |
| Fate | Merged with Krishna Grameena Bank to form Pragathi Krishna Gramin Bank |
| Headquarters | Ballari , India |
Area served | Nine districts in Karnataka, India |
| Owner | Government of India (50%), Canara Bank (35%), Government of Karnataka (15%) |
Pragathi Gramin Bank operated as an Indian Regional Rural Bank (RRB) founded under the provisions of the Regional Rural Banks' Act of 1976. It offered a wide range of banking solutions tailored for individuals and small enterprises.
Recognized as a Scheduled Bank, its ownership was shared among the Government of India, Canara Bank, and the Government of Karnataka, with equity distribution set at 50%, 35%, and 15% respectively. The bank's services extended throughout nine districts within Karnataka, with its main office located in Ballari.
In the year 2023, Pragathi Gramin Bank combined with Krishna Grameena Bank to establish Pragathi Krishna Gramin Bank, which later became part of Karnataka Gramin Bank through further consolidation.
Timeline
- 1976 - Establishment of Tungabhadra Gramin Bank on 25 January
- 2005 - Formation of Pragathi Gramin Bank on 12 September
- 2013 - On 23 August, Pragathi Gramin Bank merged with Krishna Grameena Bank to create Pragathi Krishna Gramin Bank, headquartered in Ballari.
The merger forming Pragathi Krishna Gramin Bank took place on 23 August 2013 by uniting the Canara Bank-sponsored Pragathi Gramin Bank (Ballari) with the State Bank of India-sponsored Krishna Grameena Bank (Kalaburagi). This integration was sanctioned through Government of India Gazette Notification No. F1/5/2011-RRB (Karnataka) dated the same day.