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How to Buy Crypto with Utkal Grameen Bank in India

Last updated on November 12, 2023

Quick Summary: While Utkal Grameen Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of India cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

Utkal Grameen Bank Homepage

As mentioned in my quick summary, like most India banks, Utkal Grameen Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto trading platform and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use Binance as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Utkal Grameen Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto exchange

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Utkal Grameen Bank.

Buy Crypto With Binance

About Utkal Grameen Bank

Utkal Grameen Bank is a Regional Rural Bank founded on November 1, 2012, following the merging of Rushikulya Gramya Bank and Utkal Gramya Bank under the regulations of the Regional Rural Banks Act 1976. The bank is backed by State Bank of India & is owned jointly by Government of India, Government of Odisha and SBI.It is under the control of the Ministry of Finance , Government of India.

The owners of the Bank include Govt. of India (50%), State Bank of India (35 percent) along with Govt. of Odisha (15 percent). of Odisha (15%). Bank operates in 17 districts in Odisha State with its Head Office located in Bolangir. In addition, the bank operates seven Regional Offices across the western and southern regions of Odisha.

The bank was created on the 1st of November 2012, following the amalgamation of Rushikulya as well as Utkal RRB. When the merger was completed, Rushikulya bank had only 87 branches. In the following years, it grew to 442 branches including 360 in rural areas that are remote. In addition to the main office in Bolangir the bank has also established regional offices in Sambalpur, Rayagada, Phulbani, Bolangir, Bargarh, Bhawanipatna, Jeypore and Berhampur.

Presently the Bank is operating in 17 districts in Western as well as Southern Odisha, covering 63 percent of the region and 48 percent of the total people within Odisha State.

The bank earned profits of 9.01 Crore in the year 2011-12. The bank had an average credit-deposit ratio of 59.5 percent when it was amalgamated.

As of 2015 Utkal Grameen Bank came first in the list among all the banks of Odisha on the Financial Inclusion criteria scoring 75 points out of 100. making it the most suitable bank for handling government-related business within the State.