SHILLONG MAY 30: One of the most successful cooperative banks in India, the Meghalaya Cooperative Apex Bank (MCAB)added another milestone to its achievement list on a day when its managing director Darrly F War retired with the inauguration of a new annex cooperate- style building within its complex in MG Road on Saturday.
Inaugurating the new MCAB building, Meghalaya cooperation minister HDR Lyngdoh said he felt very happy with the plans and programmes for future development of the bank which is doing very well.
With 47 branches all over Meghalaya, the new building build at a total cost of Rs 7.1/2 crore with state of the art design and banking facilities for the customers of the bank will now accommodate the Shillong main branch with conference/seminar hall and a guest house etc. The MCAB headquarter will continue to function from the old building.
The MCAB was started on February 16, 1971 and commenced its banking business from July 1, 1971. Since then the bank has developed and expanded its operations and has grown manifolds.
Initially 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 Meghalaya covering all the 11 (eleven) districts and now has 47 branches which provides effective banking products and other related services to the general public.
Also present during the inauguration of the new build were Additional Chief Secretary Hector Marwein, Registrar of Cooperative Societies BDR Tiwari, Managing Director of MCAB Darryl F. War, Chairman of MCAB Waibha K. Kyndiah and Vice Chairmanof MCAB Motior Rahman.
During the course of his speech Lyngdoh lauded the MCAB MD Darryl F War who he said had taken the banks to a greater heights along with his team of officers and board of director making it a number one cooperative bank in the state and also a successful one at the national level.
Lyngdoh said the MCAB is the bank of the people 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, he said that the bank is financially sound and is marching towards the new horizon.
With its grass root level approach the MCAB 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 Meghalaya.
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 now, the bank has also installed around 10 ATMs in different branches of the bank in the state.
Meghalaya additional chief secretary Hector Marwein said that the MCAB impact in the rural areas is immense and lauded the board, its MD and the bank officials for ensuring that this state cooperative bank is competitive and successful enough to take on reputed commercial banks.
MCAB chairman WK Kyndiah described the inauguration of the new building as a “memorable day” and said that for the last 44 years the bank has been playing a very important role and the “Apex Bank” has become a household name in the state. He informed that the bank has assumed the role of a “catalyst” for the state economy and has been contributing immensely to the economic development of the state.-By Our Reporter
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