Shillong: The Meghalaya Co-operative Apex Bank Ltd. (MCAB) has been adjudged among the best performing State Cooperative Banks in the country under the two-tier structure and has won the third prize from the National Federation of State Cooperative Banks (NAFSCOB) for the financial year 2024–25.
According to an official statement, the award comprises a trophy, a shawl and a plaque of appreciation, which will be presented at an award function scheduled to be held in Gangtok, Sikkim.
MCAB has maintained a strong performance record in recent years, having earlier secured the first, second and third prizes from NAFSCOB for the financial years 2020–21, 2021–22 and 2023–24 respectively.
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Established in 1971, the bank has an extensive branch network across Meghalaya and offers a range of 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, with its own Indian Financial System Code (IFSC).
In 2019, MCAB achieved a significant milestone by being included in the Second Schedule to the Reserve Bank of India Act, 1934.
In recent years, it has also received recognition from the Ministry of Rural Development for outstanding performance in Self Help Group (SHG) bank linkage and has been acknowledged by the Income Tax Department as a top tax deductor.
