Officials from the Cooperation Department, NABARD, and the Mizoram Cooperative Apex Bank met Governor Vijay Kumar Singh in Aizawl to discuss the bank’s new Scheduled Bank status granted by the Reserve Bank of India and its implications for development and financial inclusion.
The Governor praised the achievement, noting it will enable state departments to conduct official transactions through the bank and strengthen services for citizens. He emphasized the importance of cooperative banks in reaching grassroots communities and urged continued efforts to expand and modernize the institution.
Representatives from government, NABARD, and the bank attended. Established in 1982, the bank now runs 35 branches and 45 ATMs, with deposits of Rs 1,930 crore and loans of Rs 1,272 crore, maintaining a 66% credit-deposit ratio.
Recently added to the RBI’s Second Schedule, the bank’s elevation marks a significant step forward for Mizoram’s banking sector and signals stronger institutional growth ahead. It also highlights improved access to credit and rural economic opportunities statewide.