The Meghalaya Cooperative Apex Bank Ltd. was incorporated on 16th 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 1st July, 1971 .
The Bank has been a pioneer in banking in the State and rendering various public utility services since inception. It 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 and has formulated various attractive Deposit Schemes to cater to the needs of the general public offering 0.25 % more interest than the Commercial / Public Sector Banks with a view to encourage savings and thrift habit among the people.
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.
The Bank had introduced Mobile Banking System in rural areas of the East Khasi Hills Districts for more than a decade now and is making all out efforts to increase its outreach in the rural areas by opening ‘No Frill Accounts’.
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 Technocrafts & 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 of the State, the Bank is extending credit support to the youths for their self employment on easy terms.