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The Chhattisgarh Rajya Gramin Bank (CRGB) was established on September 2, 2013, as a Regional Rural Bank (RRB) under the provisions of the Regional Rural Banks Act of 1976. This creation was a result of the amalgamation of three predecessor Regional Rural Banks in the state: the Chhattisgarh Gramin Bank, the Surguja Kshetriya Gramin Bank, and the Durg Rajnandgaon Gramin Bank. Headquartered in Raipur (and later Naya Raipur, Atal Nagar), CRGB was formed to consolidate and strengthen the rural banking network. The bank is sponsored by the State Bank of India (SBI) and operates with a focus on serving the entire state of Chhattisgarh.

As a Regional Rural Bank, CRGB's current status is that of a public sector entity, jointly owned by the Government of India (50%), the Government of Chhattisgarh (15%), and the sponsoring bank, State Bank of India (35%). Its general significance within the Indian financial system lies in its primary role as a vehicle for financial inclusion and rural economic development within Chhattisgarh, an agricultural-based state with a large rural population. By having the largest network of branches and engaging over 2,000 Bank Mitras/Bank Sakhis in the state, the bank ensures modern banking services, credit, and financial literacy are extended to the weaker sections of society and previously unbanked areas, thus being a crucial instrument in implementing government schemes like PMJDY.