The Board of Directors meeting of Mizoram Cooperative Apex Bank was held at the Board Meeting Room of the Head Office, under the chairmanship of Lalnunsanga, Chairman of the Bank.
In line with the recommendations of the State Level Bankers’ Committee (SLBC), the Board decided to open a new bank branch at Saipum, an unbanked area. The process for opening the Saipum branch is to be initiated within the current financial year.
The Board also approved applications from cooperative societies for the purchase of bank shares. Emphasising the Bank’s identity as a Mizo bank, the meeting appealed to all cooperative societies across Mizoram to actively participate in the Bank’s shareholding.
Further, the Board sanctioned 117 loan proposals amounting to a total of Rs 25.69 crore. At present, the Apex Bank has mobilised deposits of Rs 1,787 crore and has disbursed loans amounting to Rs 1,259 crore. The Bank’s Credit-Deposit (CD) ratio currently stands at 70.5 per cent.
