Department of Information and Public Relations

Press Release No. 354/15

NEW BUILDING OF MCAB INAUGURATED

Shillong, May 30, 2015: A new building of the Meghalaya Cooperative Apex Bank Limited was inaugurated by Meghalaya Cooperation Minister, Shri H. D. R. Lyngdoh here today at M. G. Road, Shillong in presence of Meghalaya Additional Chief Secretary, Shri Hector Marwein, Registrar of Cooperative Societies, Dr. B. D. R. Tiwari, Managing Director, MCAB, Shri Darryl F. War, Chairman, MCAB, Shri Waibha K. Kyndiah and Vice Chairman, MCAB, Shri Motior Rahman. The Minister also inaugurated the Tourist Information Centre which is part of the Cooperative Apex Society of the MCAB.

Speaking at the inaugural function as Chief Guest, Meghalaya Cooperation Minister said that MCAB is the bank of the people of the State and it has been rendering useful services to the people with dynamic and forward looking management. While appreciating the steps and effective solutions undertaken by the Bank to improve the economic conditions of the people especially the remotest and backward villages of the State, the Cooperation Minister said that the bank is financially sound and is marching towards the new horizon. As Minister incharge of Cooperation, I feel very happy with the plans and programmes for future development of the Bank, he added.

The new building with the state of the art design and banking facilities for the customers of the bank at M. G. Road, Shillong will be utilized for accommodating the Shillong Main Branch, Conference/Seminar Hall/Guest House etc. The 1st pillar of the new building of the bank was erected on 28thJuly, 2011. The construction of the new building was completed in a period of less than four years. The total construction cost of the building is approximately Rs. 7.50 Crores.

It is worth mentioning that the Meghalaya Cooperative Apex bank Limited (MCAB) was incorporated on 16th February, 1971 and commenced its banking business from 1st July, 1971. Since then the bank has developed and expanded its operations and has grown manifolds. The MCAB started its banking operations with just two branches, one in Shillong and the other at Tura. The bank has been a pioneer in Cooperative Banking in the State of Meghalaya covering all the 11 (eleven) Districts and presently it has 47 branches which provides effective banking products and other related services to the general public. The MCAB with its approaches at the grass root level has been catering to the credit needs of the farming community besides looking after the credit requirements of the urban people directly through its branches that spread all over the State of Meghalaya. The bank is also the only State Cooperative Bank in the North East which has the unique distinction of functioning and is being managed professionally through the elected Board of Directors since its establishment in the year 1971. The bank has also implemented the Cooperative Core Banking Solution (CCBS) at the Head Office and in all the 47 branches which are RGTS/NEFT enabled now. Till date, the bank has also installed around 10 Nos. of ATMs in different branches of the bank in the State.

Meghalaya Additional Chief Secretary, Shri Hector Marwein and Registrar of Cooperative Societies, Dr. B. D. R. Tiwari also spoke at the inaugural function. Chairman, MCAB, Shri Waibha K. Kyndiah delivered the welcome address while the Managing Director, Shri Darryl F. War offered a vote of thanks.