Indian Overseas Bank sponsored two Regional Rural Banks namely Puri Gramya Bank and Dhenkanal Gramya Bank in the state of Orissa

Puri Gramya Bank is the first RRB in the state which came in to operation from 25th February 1976. Undivided coastal District of Puri was the command area of the Bank.

Puri District later got fragmented in to three Districts namely Khurda, Puri and Nayagarh. Head quarter of Puri Gramya Bank was located in Pipili.

Dhenkanal Gramya Bank, the second Regional Rural Bank sponsored by the Indian Overseas Bank in Orissa, commenced its operation from August 12, 1981 with its command area covering the undivided Dhenkanal district which later got bifurcated in to Dhenkanal and Anugul. Head Office of Dhenkanal Gramya Bank was located at Dhenkanal

As per directives of Department of Financial Services, Ministry of Finance, Govt of India vide Notification No. F.1/4/2006-RRB dated 31.08.2007 issued under sub-section (1) of section 3 of Regional Rural Bank Act 1976, both Puri Grmaya Bank and Dhenkanal Gramya Bank merged and the amalgamated Bank, Neelachal Gramya Bank was born on 31st August 2007. The purpose of integration was to achieve economy of scale, operational efficiency, wide network and speedier growth. The new Bank is vested with the responsibility of carrying forward the activities of both the erstwhile Banks in its command districts of Puri, Naygarh, Khurda, Dhenkanal and Anugul with renewed energy and vigour. The Head Office of the amalgamated Bank is now located in Bhubaneswar.

All the Districts attached to the Bank enjoy special status in the state.

Puri is an internationally known place of pilgrimage and famous for its expansive sea beaches. People from far and wide come to Puri to seek blessings of Lord Jaagananth. The Sun Temple of Konark attracts international tourists round the year. 

Khurda District encompasses ancient culture of Orissa. World famous brackish water Lake Chilika, places of tourist attraction like  Barkul, Kalijai, famous Zoological Park Nandankanan as also the modern capital city of Bhubaneswar are integral parts of Khurda district.

Nayagarh is rich agricultural belt of Coastal Orissa and is also famous for its places of pilgrimage. Located in hilly ranges it has a well cultivated fertile valleys intersected by small streams in its North Eastern parts.

Dhenkanal District is known for its scenic beauty and congenial climatic conditions. Lord Chandrasekhar in the illustrious Kapilas hill, Saptasajya hill, Tikarpada the famous Crocodile breeding Centre, are situated in Dhenkanal Distinct.

Angul district is rich with Coal Mines and potentiality for Thermal Power generation. This District has achieved spectacular industrial growth in recent times. The presence of Navaratna Giants like NALCO & NTPC have given boost to economic activity and employment generation in this part of the state. A large number of companies in the Private Sector like Jindal, Bindal, BRG, Bhusan, Rungta etc. have now spread their industrial network in the District for production of Steel & Power.

Neelachal Gramya Bank has played a participative role in upliftment of economic well-being of people, in the command area and also has been a beneficiary of enhanced economic activity which is demonstrated by its impressive growth in business. The bank has identified itself with the mass during its short span of time and has become a part and parcel of the economic development process of the people in its command area. It has developed an emotional bonding with the clientele it caters to and has earned   brand equity in its trade name called Neelachal Gramya Bank.

Merged entity has of course a long way to go to establish long term sustainable growth and viability for which the entire team of work force of the Bank are rendering devoted and dedicated service.