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ATM service for Meghalaya bank

Shillong, Dec. 19: After over four decades of service, the Meghalaya Co-operative Apex Bank Ltd (MCAB) added another feather to its cap.

The MCAB today launched its first ATM, an electronic telecommunications device that enables clients to perform financial transactions much easier and faster, at its main branch here.

Home minister Roshan Warjri launched the first ATM of the bank.

MCAB managing director D.F. War said the need to introduce the ATM came after the board of directors decided in 2010 to implement core banking system (CBS) in all branches of the bank, especially in the city.

The bank will immediately install ATM in four branches in the state capital as well as at Tura in West Garo Hills and Jowai in Jaintia Hills.

The managing director said clients of other banks can also withdraw money from the MCAB ATM and the MCAB ATM card can be used to withdraw money from ATMs of other banks.

“With the introduction of the ATM service, our bank will further attract young customers who are tech-savvy and well versed with the improvement of technologies,” War said.

He said the main bottleneck was connectivity and with the help of Bharat Sanchar Nigam Ltd (BSNL) and other service providers, the bank would be able to expand its reach in providing easy access to e-banking to its customers in the years to come.

The MCAB was established in 1971, with the formation of Meghalaya after bifurcation of the erstwhile Assam.

Incorporated on February 16, 1971 under the provisions of Meghalaya Co-operative Societies Act, the MCAB, on obtaining the required licence from Reserve Bank of India (RBI) under the Banking Regulation Act, 1949, (as applicable to Co-operative Societies), commenced its banking business from July 1, 1971.

With just two branches in Shillong and Tura when it commenced its banking operations, the bank expanded its reach over the years.

Today, the MCAB has 43 branches, of which 16 branches are in the five districts of Garo hills.

The bank has provided debt relief to more than 54,000 farmers amounting to Rs 9.81 crore under the agricultural and rural debt relief scheme.