The Meghalaya Co-operative Apex Bank (MCAB) has been adjudged winner of the third prize for Overall Best Performance under Two Tier Structure for the Financial Year 2023-24 at all India level by the National Federation of State Cooperative Banks (NAFSCOB).
The awards will be handed over at a ceremony in New Delhi later this month.
The bank was awarded first and second prizes in the same category for the Financial Years 2021-22 and 2020-21 respectively.
Over more than half a century of its existence, the MCAB has established branches across the state and is also providing several electronic and digital banking services such as ATMs, mobile banking and Unified Payments Interface (UPI).
The bank is profit making and is a direct member of the Centralised Payment Systems and hence has been allotted its own IFSC.
In 2019, the bank achieved the coveted goal of being included in the Second Schedule to the Reserve Bank of India Act, 1934.
