ESTABLISHMENT OF MBGB
Punjab National Bank has sponsored in all 6 such RRBs in 6 different states of the country of which one is in Bihar.
Madhya Bihar Gramin Bank Sponsored by Punjab National Bank was established under Regional Rural Bank Act, 1976 and by Govt. of India, Ministry of Finance, Economic affairs and Banking Division notification no. F. No. 1(1) 2006-RRB dated 10.02.2006 by amalgamating four RRBs viz. Bhojpur Rohtas Gramin Bank, Magadh Gramin Bank, Nalanda Gramin Bank and Patliputra Gramin Bank. The bank is categorized under scheduled banks and is authorized for all types of banking business under section 5(B) of Banking Regulation Act 1949. As per RBI notification vide their letter no RPCD. CO. RRB. NO. BC. 77/03 .05 100 /2008-09 dt.17.12.2008 the name of MBGB has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification RPCD. CO. RRB. NO. 3231/ 03.05 100/ 2008-09 dated 22.09.2008 published in the Gazette of India (Part III – Sec .4) dated 15.11.2008. Simultaneously the names of erstwhile RRBs have been excluded from the Second Schedule to the RBI Act, 1934.
The bank is rendering its services to meet all the banking requirements of the rural and urban areas. In the light of the changed scenario in the banking sector, the bank is also providing its services to non target group beneficiaries along with the target group beneficiaries.