The Meghalaya Cooperative Apex Bank Ltd. was incorporated on 16th February, 1971 under the provisions of Meghalaya Cooperative Societies Act and on obtaining the required license from the Reserve Bank of India under the Banking Regulation Act, 1949 (as applicable to Cooperative Societies) it commenced banking business on and from 1st July, 1971.
The Bank has been recognized as one of the Best Cooperative Bank in the country under two-tier structure and has won several prestigious National Awards instituted by the National Federation of State Cooperative Banks. The Bank also received Best Performance Award from NABARD for the year 1996-1997 and a Special Award for the year 2005 – 06.
Purpose – This is a short term loan offered for Seasonal Agricultural Operation to Farmers, (cash & kind) through Service Co-operative Societies.
Eligibility – Famers involved in agricultural operations with repaying capacity
Quantum of Loan – The maximum loan amount is based on the approved scale of finance under NCL
Rate of Interest – The rate of interest at which the loan is offered is as follows
| S.no | Bank to Societies | Societies to ultimate borrower | |
| 1 | Loans up to & inclusive of Rs.50,000/- | 7.00 % | 9.00 % |
| 2 | Loans exceeding Rs.50,000/- | 8.00 % | 10.00 % |
Others – The loan is spread all over Meghalaya as per approved scales of finance, time schedule both under NCL, Cash Credit Systems & Kisan Credit Cards.