Meghalaya Rural Bank to open 11 new branches

Raju Das

SHILLONG, Dec 20 – The Meghalaya Rural Bank (MRB), having the second largest banking network in the State, would be opening an additional eleven branches across the State, taking the total number of its branches to 87.

Chairman of the bank, Mukul Ch Jeishi said here today that the eleven branches would be set up at a cost of Rs 10 lakh per branch and staff for each of these new offices have been deployed.

Out of the eleven branches, three each would be opened at Garo Hills and East Khasi Hills districts, two each would be in Jaintia Hills and Ri-Bhoi districts and one at West Khasi Hills district. “All these branches would be opened tomorrow,” Jeishi said.

MRB was set up as a scheduled bank as per the RBI Act, 1934 and was established on December 29, 1981 under the Regional Rural Banks Act, 1976. The Bank, headquartered in Shillong, has a particular mandate to extend credit and basic banking facilities to rural inhabitants of the State of Meghalaya with a view to improving their economic and social opportunities and general livelihood prospects.

The volume of business handled by the Bank is in the vicinity of Rs 1,500 crore and the number of accounts serviced around four lakh. The Bank serves more than 600 villages and small towns of the State and its credit-deposit ratio stands as 44 per cent.

MRB, apart from being fully CBS-compliant, also offers ATM, RTGS and NEFT facilities, and in due course of time would commence internet and mobile banking services, Jeishi said.

The Bank has been set up with 50 per cent Central share, 35 per cent share of the sponsoring bank, State Bank of India and 15 per cent share from the State Government.

The bank’s net worth stands now at Rs 100 crore and has earned a net profit of Rs 18.78 crore in the last fiscal. “We are trying to have 100 branches across the State in the next few years and overtake the SBI in the State in terms of banking network,” the MRB Chairman said.