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.
