Odisha Gramya Bank was established since 7th January 2013 with the amalgamation of Neelachal Gramya Bank, Kalinga Gramya Bank and Baitarani Gramya Bank as per Government of India, Department of Financial Services, Ministry of Finance, Notification No. F.1 / 1 / 2012-RRB dated 07/01/2013 issued under sub-section (1) of Section 23A of Regional Rural Banks Act 1976 (21 of 1976). The share capital of the Bank is contributed in the ratio of 50:15:35 respectively by the Government of India, Government of Odisha and Indian Overseas Bank, the Sponsor Bank.

Odisha Gramya Bank is a scheduled Bank and included in the Second Schedule to the Reserve Bank of India Act, 1934 as per RBI circular No. RBI/2014-15/474 RPCD. CO. RRB. BC. No/81/ 03.05. 100 /2013-14 dated 29.01.2014 and Notification No RPCD. CO RRB. No. 46/03.05.100 / 2013-14 Dated 22nd October 2013 published in the extra-ordinary Gazette of India (Part III-Section 4) on 5th December 2013.