Meghalaya Co-operative Apex Bank wins third prize for 2024-25 performance

The Meghalaya Co-operative Apex Bank Ltd. has been adjudged among the best-performing state cooperative banks in the country and awarded the third prize by the National Federation of State Cooperative Banks for the financial year 2024-25, officials said on Monday.

The Meghalaya Co-operative Apex Bank Ltd. has been adjudged among the best-performing state cooperative banks in the country and awarded the third prize by the National Federation of State Cooperative Banks for the financial year 2024-25, officials said on Monday. The award, which carries a trophy, a shawl and a plaque of appreciation, will be presented at an award function scheduled to be held in Gangtok, Sikkim, they said. ''This recognition by the federation is a reflection of the bank's sustained performance, financial discipline and commitment to strengthening the cooperative banking system in Meghalaya,'' a senior MCAB official told PTI. ''The achievement has been possible due to the collective efforts of our employees, cooperative societies and the continued trust of our customers,'' the official added. The Meghalaya Co-operative Apex Bank Ltd. (MCAB) had earlier received first, second and third prizes from NAFSCOB for the financial years 2020-21, 2021-22 and 2023-24, respectively, the officials added. Established in 1971, the bank has branches across the state and offers several electronic and digital banking services, including ATMs, mobile banking and Unified Payments Interface (UPI) facilities. The bank is consistently profit-making and is a direct member of the centralised payment systems, due to which it has been allotted its own IFSC, they said. In 2019, MCAB achieved inclusion in the Second Schedule to the Reserve Bank of India Act, 1934. In recent years, the bank has also been awarded for outstanding performance in SHG-bank linkage by the Ministry of Rural Development and recognised as a top tax deductor by the Income Tax Department, the officials added.

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