Nanotechnology is one of the fastest growing technologies with multidisciplinary uses. Green production of metal nanoparticles can revolutionize the world by giving an ecofriendly substitute to chemical and physical methods of nanoparticles synthesis that are quite toxic and expensive. Current study deals with the production of silver nanoparticles through auxin producing plant growth promoting rhizobacteria (PGPR). These biosynthesized silver nanoparticles are evaluated for their antibacterial activity and plant growth promotion potential. The strains Bacillus cereus (S12) and Bacillus subtilis (Mt3b) used in the current study showed excellent potential for silver nanoparticles biosynthesis which exhibit antibacterial potential. Maximum inhibition zone of 1mm was recorded with these silver nanoparticles. Nanoparticles synthesized were evaluated for their growth promotional potential and their application improved growth of Triticum aestivum L. with improvement in shoot length, root length, number of leaves and fresh weight significantly as compared to control plants. Thus green production of nanoparticles is an ecofriendly and economic approach which can be used as antibacterial agent and nanobiofetilizers effectively.