About us
Established in 1976, Jowai Co-operative Urban Bank Limited is one of the leading Co-operative Banks in Meghalaya.
A brief history of the Jowai Co-operative Urban Bank Ltd.
The concept of banking under the co-operative fold was conceived in the early part of the year 1976 in the noble minds of a few far sighted individuals, namely, (L) Shri J. D. Pohrmen, (L) Shri Nihon Ksih, (L) Shri H. W. War, (L) Shri H. E. Pohshna, Shri W. Laloo, Shri Noli Tariang, (L) R. Chyne, Shri R. Passah, Shri B. P. Sen Gupta, Shri L. P. Nongpluh, Shri G. Das Chowdry, Shri Promiwell Lyngdoh, (L) H. R. Kyndiah, Shri N.E Kamar, (L) H. Roy Syngkon, (L) W. A. Pariat, Shri Tharsing Pariat, (L) Skinly Dhar, (L) Bronath Laloo, Shri W. Sna, Shri Horace Sayoo, Shri T. Kyndiah, (L) Wilbert Laloo and Shri Loverneth Pyrbot.
They assembled together and arrived at a decision to form the Jowai Co-operative Urban Bank Ltd. at Jowai Town, the Head Quarters of the Jaintia Hills District. The registration for the Bank was sought for in the office of Assistant Registrar of Co-operative Societies Jaintia Hills Jowai, Mr. S. R. Dey. Mr. R. Suchiang Jr. Inspector/Auditor of Co-operative Societies was deputed to organise the Jowai Co-operative Urban Bank as per Co-operative Societies Act and Rules of the Government of Meghalaya.
The Jowai Co-operative Urban Bank was organised as per the Meghalaya Co-operative Societies Act and Rules in the inaugural Meeting held on the 14th February 1976. Shri J. D. Pohrmen was unanimously voted to Chair as President of the inaugural meeting and the meeting was presided over by him.
The entire Byelaws of the Bank was unanimously adopted with the provision for the Government to nominate for the Board of Directors of the Bank for the Period of 5 years
The Bank was registered in the Office of the Assistant Registrar of Co-operative Societies Jaintia Hills, Jowai as a Co-operative Society with limited liabilities under the title of "JOWAI CO-OPERATIVE URBAN BANK LTD" with Registration No. JWI/5 of 1975 – 76 Dated 26th February 1976.
The first Board of Directors of the Bank nominated by the Government were:
- Shri J. D. Pohrmen (Chairman)
- (Late) H. E. Pohshna (Member)
- (Late) Nihon Ksih (Member)
- Shri R. Passah (Member)
- Shri T. Kyndiah (Member)
- (Late) R. Chyne (Member)
- Shri Horace Sayoo (Member)
- The Managing Director Meghalaya Apex Bank Ltd. Shillong (Member)
- The Assistant Registrar of Co-operative Societies Jowai Jaintia Hills (Member)
- The Sub Registrar Co-operative Societies Head Office Shillong (Member).
The first meeting of the Board of Directors was held on the 9th April 1976 in the office Chamber of the Chief Executive Member, Jaintia Hills Autonomous District Council Jaintia Hills Jowai, Shri J. D. Pohrmen who presided over the meeting.
The Bank started to carry on its Banking business from the 10th June 1977 (i.e one year, three month fourteen days after it was registered.
The Branch of Jowai Co-operative Urban Bank ltd. was opened at Dawki on 17th June 1979 but the same was closed sometimes in 1982 as its commercially not viable.
The Bank had made profit in its first year of its existence i.e 1975-76 (ending 30.6.76) primarily due to managerial subsidy granted by the Government. Thereafter the bank was at a loss for 14 years consecutively. When the yearly net result of the Bank became discouraging its accumulated loss was mounting up. The Reserve Bank of India, sometimes in the later part of 1986 deputed its Asstt. Chief Officer to study the position of the Bank. The study revealed a very unhappy financial position of the Bank for which the Reserve Bank of India was of the opinion that there was absolutely no possibility of the Bank being revived. They even advised closure of the Bank. However, it has been suggested that the Urban Bank could be converted into a “Credit Co-operative Society” by amending its Byelaws suitably.
The Bank on receipt of the information about the observation and comment of Reserve Bank of India convened the meeting of the Board of Directors of the Jowai Co-operative Urban Bank Ltd. on 3rd January 1987 at the Circuit House Jowai.
Shri G. Mylliemngap, Minister of Cooperation, Meghalaya graced the meeting by his kind presence at the request of the Bank. In the meeting the Minister of Co-operation reviewed with concern on the observation and comment of the Reserve Bank of India and invited the opinion of the Directors about the course of action to be taken under that present circumstance. Shri S. K. Sen Managing Director of the Meghalaya Co-operative Apex Bank Ltd. gave his comment in the meeting that it was true that the financial position of the Urban Bank was very unhappy but still then, he was of the opinion that its closure would not be advisable that step might pose serious questions on Co-operative movement and Co-operative Urban Bank in particular. He was also not in favour of conversion of the Bank into a Thrift co-operative Society. He suggested that serious efforts needed to be made by the Board of Directors of the Bank to rehabilitate the Bank under a time bound programme in close collaboration with all stakeholders. All the views and comments of the Directors were carefully examined after elaborate discussions, it was decided that a Sub-committee be constituted to prepare the "Rehabilitation Scheme" for consideration of the Board and the Co-operative Department.
The chairman, requested the Managing Director of M.C.A.B to spare the service of Shri K. Tang, Branch Manager, MCAB Ltd. to work as secretary of the Jowai Co-operative Urban Bank till a suitable person was recruited in the vacancy caused by the resignation of Mr J. Kyndong Ex-secretary. The Managing Director agreed on a part time and purely in temporary basis. Shri K. Tang was appointed as honorary Secretary of the Bank. The members of the Board with great zeal and enthusiasm chalked out a line of action to revive the bank. With a strong focus, the net yearly loss of the Bank started decreasing gradually and the bank recorded its first yearly profit again for the year 1990-91 (ending 30.6.91) with the profit of Rs 41,157.00. The Bank has since been a Profit making entity.
The bank was granted its Banking Licence by the Reserve Bank of India on 30th December 2009 with Licence No. UBD.ASSAM 0006P.
The Bank moved into its present Head Office located at Ladthadlaboh, Jowai on .....2017. The bank currently has 2 branches, Jowai Main Branch is located at the heart of Jowai town at Iawmusiang, Jowai and Phramer Branch located at Phramer Village, West Jaintia Hills District.
The Motto of the Bank is: "KUNE KATNI IA KA MYNRIED MYNKAWI". The English translation of the motto is "SAVE TODAY FOR A BETTER TOMORROW".