Profile

1. The Meghalaya Cooperative Apex Bank Ltd. was incorporated on 16^th February, 1971 under the provisions of Meghalaya Cooperative Societies Act and on obtaining  the required licence from the Reserve Bank of India under the Banking Regulation Act, 1949 (as applicable to Cooperative Societies) , it commenced banking business on and from 1^st July, 1971 .  

2. The Meghalaya Cooperative Apex Bank has been a pioneer in banking in the State and rendering various public utility services since inception. The Bank has been playing pivotal role in the promotion and strengthening  of cooperatives and serving the cause of rural development and target groups through the affiliated Cooperative Societies  and its Branches spread all over the State. The Bank has formulated various  attractive  Deposit Schemes  to cater to the needs of the general public  and has been offering 0.25 % more interest  than the Commercial / Public Sector Banks with a view to encourage  savings and thrift  habit among the people.  

3. The Bank has diversified its loan portfolios and it has been catering to the credit needs of agriculture and allied agriculture, procurement and marketing ,consumer goods dealing, handloom and weaving , housing, transport, consumer durables, tourism development  and various other viable economic activities  under farm & non-farm sectors for improving the economic condition of the people. Apart from this, the Bank has been providing General Banking and other useful services to the general public, like collection of Cheques and Bills, issue of Bank Drafts, Banker’s cheques, attending to  customers’ standing instructions, loans against Fixed Deposit Receipts, etc.  Further , the Bank is extending refinance assistance to Urban Cooperative Banks to enable them to cater to the credit needs of their members (individuals) against adequate securities.  The Bank had introduced Mobile Banking System in rural areas of the East Khasi Hills Districts for more than a decade now. 

4. Financial assistance in the shape of overdraft facilities  and loans are extended  to Government Gazetted Officers and regular constituents of the Bank against adequate securities . Government  approved Whole-sellers dealing in Fair Price Commodities  are also provided cash credit facilities  in a limited scale . Credit facilities also provided to the Govt. Servants as also to Technocrats &  Professionals like Doctors, Chartered Accountants, etc. for purchase of vehicles for their easy mobility & setting up of Clinics/Nursing Homes/Self Employment Units. The Bank has also been launching  new and innovating schemes for the benefit  of the people and the un-employed  youths  of the state . With a view to help the educated unemployed youths, the Bank had opened two “Counseling Centres” , one at Shillong  and the other at Tura in West Garo Hills and also extending credit support  to the youths  for their self employment  on easy terms and required guidelines etc.

    5.   Interest Rates on Deposits :

The present rates of interest offered by the Bank on various types of Deposits are as follows (effective 1^st May, 2007 ) :

For Demand Deposits

For Term/Fixed Deposits

6. Financial Position :

The comparative financial position of the Bank for the last three years is furnished below :

(Rs. in lakhs)

The C.D. Ratio of the Bank as on 31.03.2007 is  26.17%.

7. The Meghalaya  Cooperative Apex Bank is the first State Cooperative Bank in the country to open Women Branches – one at Mawkhar, Shillong and the other at Chandmari, Tura and has now also set up a Women Development Cell (WDC) supported by NABARD.

8. The Bank has formulated special schemes such as ‘Integrated Village Development Scheme’ (IVDS) and about 17 villages have so far been brought under the scheme for all round development  of rural areas. With the introduction of Micro Credit Programme the Bank is now engaging itself in the formation of SHGs & Farmers Clubs for providing credit to the rural farmers. The Bank has also recently enrolled itself as a Self Help Promotional Institution (SHPI) for taking up a time bound programme for formation & credit linkage of SHGs with support and guidance from NABARD , Meghalaya R.O., Shillong.

9. The Bank has since taken up computerization of its Branches in keeping with the changing scenario  in the Banking Sector and 50% of its Branches have already been computerized. The process has begun for computerization of remaining Branches  shall  be put on line within a short period of time as per a time bound programme drawn up for the purpose with support from NABARD. The Head Office  of the Bank is also being computerized simultaneously to ensure better supervision and control through prompt MIS.

10. The Bank has been recognized  as one of the Best Cooperative Banks in the country under two-tier structure and has won several prestigious National Awards instituted by the National Federation of State Cooperative Banks. The Bank also received Best Performance Award  from NABARD for the year 1996-1997.