Aizawl, April 23: Mizoram Governor General (Dr.) Vijay Kumar Singh (Retd.) on Wednesday met officials from the Cooperation Department, the National Bank for Agriculture and Rural Development (NABARD), and the Mizoram Cooperative Apex Bank Ltd. (MCAB) at Lok Bhavan to discuss the bank’s recent recognition as a Scheduled Bank by the Reserve Bank of India (RBI) and explore measures to strengthen the cooperative banking sector in the state.
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| Mizoram Governor Gen. (Dr) Vijay Kumar Singh (Retd) with officials from the Cooperation Department, NABARD and Mizoram Cooperative Apex Bank after discussions on the bank receiving RBI Scheduled Bank status, at Lok Bhavan, Aizawl. (Image: DIPR Mizoram) |
The meeting focused on the significance of the milestone achieved by MCAB and its implications for financial services, cooperative banking, and financial inclusion in Mizoram. Officials also deliberated on future developmental initiatives aimed at expanding banking outreach, improving access to financial services, and enhancing the role of cooperative institutions in supporting economic growth.
Congratulating the bank on its achievement, Governor Singh described the Scheduled Bank status as a major milestone in the history of the institution and the cooperative banking sector in Mizoram. He noted that the recognition reflects the steady growth and performance of the bank over the years and is expected to create new opportunities for further expansion and development.
The Governor pointed out that the Scheduled Bank status would enable various state government departments and agencies to conduct official banking transactions through MCAB. He said the development would strengthen the bank’s position within the state’s financial ecosystem and increase public confidence in the institution.
Highlighting the importance of cooperative banks, Singh observed that such institutions play a crucial role in serving ordinary citizens, particularly those in rural and underserved areas. He encouraged all stakeholders to continue strengthening the bank so that it can contribute more effectively to economic development, rural prosperity, and financial inclusion across Mizoram.
According to officials, the Mizoram Cooperative Apex Bank has been included in the Second Schedule of the Reserve Bank of India Act, 1934, following a notification published in the Gazette of India on April 15, 2026. Inclusion in the Second Schedule officially grants the institution Scheduled Bank status, allowing it to access various facilities and benefits available through the Reserve Bank of India.
Established on July 31, 1982, MCAB has grown steadily over the decades and currently operates a network of 35 branches and 45 Automated Teller Machines (ATMs) across Mizoram. The bank has become an important financial institution within the state, particularly in supporting cooperative societies, rural communities, and small-scale economic activities.
Officials informed the Governor that the bank currently holds deposits of approximately ₹1,930 crore and has extended loans amounting to around ₹1,272 crore. The institution has achieved a Credit-Deposit (CD) ratio of 66 percent, making it one of the leading performers in loan disbursement within Mizoram’s banking sector.
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The meeting also included discussions on strategies to improve access to banking services in remote areas, strengthen cooperative credit systems, and support rural development initiatives. Representatives from NABARD and the Cooperation Department highlighted the importance of cooperative banking institutions in promoting inclusive growth and providing financial services to communities that may otherwise have limited access to formal banking facilities.
Among those present at the meeting were Udit Prakash Rai, Commissioner and Secretary of the Cooperation Department; John LT Sanga, Registrar of Cooperative Societies; Pankaja Borah, General Manager of NABARD; and representatives of MCAB, including Chairman Lalnunsanga, Vice Chairman Lalrinchhana, Director Rosiamliana Ralte, Chief Executive Officer P. Lalsawmliana, and Deputy General Manager Vanlalhriata.
Officials expressed confidence that the Scheduled Bank status would open a new chapter in the growth of Mizoram Cooperative Apex Bank, enabling it to expand its services, strengthen its financial position, and contribute more significantly to the state’s economic and social development.
