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Utkal Grameen Bank is a Regional Rural Bank established on 1 November 2012 with the merger of Rushikulya Gramya Bank and Utkal Gramya Bank in terms of provisions of Regional Rural Banks Act 1976. The bank is sponsored by State Bank of India & is jointly Owned by the Government of India, Government of Odisha and SBI.It is under the ownership of Ministry of Finance, Government of India.
(50%), State Bank of India (35%) and Govt. of Odisha (15%). The Bank operates in 17 districts of Odisha State with its Head Office at Bolangir. Besides, the bank has seven Regional Offices in western and southern Odisha.
The bank made a profit of Rs 9.01 Crore in the year 2011–12. The bank had a credit-deposit ratio of 59.5% at the time of amalgamation.
In 2015, Utkal Grameen Bank came First in the ranking of all banks in Odisha on Financial Inclusion parameters, with a score of 75 out of 100, becoming the best bank to handle Government business in the State.