Government of India, Ministry of Finance has announced the amalgamation of Chaitanya Grameena Bank and Godavari Grameena Bank sponsored by Andhra Bank into a single Regional Rural Bank with its Head Office at Guntur,Andhra Pradesh, vide Notification bearing F.No 1/26/2005-RRB,Dated 01.03.2006.
The Chaitanya Godavari Grameena Bank has emerged as a new entity effctive from 01.03.2006. The Head Office of the new Bank is situated at Guntur, Andhra Pradesh.
Government of India 50%
Sponsor bank 35%
Government of Andhra Pradesh 15%