knowmyifsc.com

The Maharashtra Gramin Bank (MGB) is a Regional Rural Bank (RRB) with a complex history of amalgamations designed to consolidate rural banking in the state. The immediate predecessor to the current entity was formed on July 20, 2009, through the merger of the erstwhile Marathwada Gramin Bank and Maharashtra Godavari Gramin Bank, the latter itself being an amalgamation of two earlier RRBs in 2008. However, the MGB in its current form was newly established on May 1, 2025, following a major government-mandated consolidation under the "One State, One RRB" policy, which saw it absorb the Vidarbha Konkan Gramin Bank. Operating under the Regional Rural Banks' Act of 1976 and headquartered in Chhatrapati Sambhajinagar, the bank is sponsored by the Bank of Maharashtra.

As a Regional Rural Bank, MGB is a public sector entity under the ownership of the Ministry of Finance, Government of India. Its share capital is structured with the Government of India holding 50%, the Government of Maharashtra holding 15%, and the sponsor, Bank of Maharashtra, holding the remaining 35%. The bank’s significance lies in its mandate to drive rural economic development across Maharashtra by focusing on financial inclusion. It serves as a crucial financial intermediary for the rural sector, providing credit and other banking facilities primarily to small and marginal farmers, agricultural laborers, artisans, and micro-entrepreneurs. Following the 2025 amalgamation, MGB commands a substantial branch network with over 748 locations, making it a key institution for meeting the credit needs of the state's agrarian and rural economy.