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On March 30, 1966 the First Inaugural General Body meeting of seventy seven promoter and other well-wishers of the promoter Imphal Urban Co-operative Bank Ltd. Was held at the then Hotel Manipur (now Hon’ble Guwahati High Court premises). The foundation meeting was inaugurated by Late M. Koireng Singh, the then Hon’ble Chief Minister of Manipur. The meeting was chair by Late R.K. Birachandra Singh, Ex-Chairman, Imphal Municipality while Shri P.Achou Singh, Ex-Minister, Manipur was the Convenor.
The Draft Original Bye-Laws of the bank was adopted in that meeting. Shri P.Bihari Sharma, the then Inspector, Cooperative Societies, Manipur, now Retired Joint Registrar assisted the Convenor.
The bank was issued banking License by the Reserve Bank of India on November 29, 1966 being No.ACD.MN.1-P It was the first Cooperative Bank in the North Eastern India to get Banking License from the Reserve Bank of India under the Banking Regulation Act. 1949. Then, the Banking Business was started from 1st March 1967 at B.T. Road Imphal, at present B.T. Road Branch of the Bank. The administrative block and the head office of the bank have been shifted in its own premises at M.G Avenue, Imphal on 1st March 1977. In addition the bank acquired its own plot at Lamlong Bazar and also at Lamsang Bazar. The Lamsang Branch was shifted at Kwakeithel Bazar on 18th February 1998 due to security reason. The Lamlong branch has been functioning on its own premises since 7th December 1994.We have stories of struggles, dedication and sacrifices of a number of big hearted personalities, departed as well as living ones whose vision, mission and determination cannot be emphasized in words. Among the deceased, mention may be made of the following:
The Draft Original Bye-Laws of the bank was adopted in that meeting. Shri P.Bihari Sharma, the then Inspector, Cooperative Societies, Manipur, now Retired Joint Registrar assisted the Convenor.
| 1 | Late Sinam Krishnamohon Singh | Ex-M.P. |
| 2 | Late R.K. Birachandra Singh | Ex-President, Imphal Municipality |
| 3 | Late Yangmasho Shaiza | Ex-Chief Minister, Manipur |
| 4 | Late S. Nilamani Singh | Ex-President, Imphal Municipality |
| 5 | Late Yumnam Chaoba Singh | Ex-President of the Bank |
| 6 | Late Ng. Narayan Singh | Ex-Director |
| 7 | Late R.K. Joychandra Singh | Ex-Chief Minister, Manipur |
| 8 | Late Th. Nilamani Singh | Ex-Principal, Imphal College |
| 9 | Late Wahengbam Ibohal Singh | Businessman |
| 10 | Late Md. Abdul Haque | Ex-Vice President of the Bank |
| 11 | Late L. Dinamani Singh | Businessman |
| 12 | Late Ningthooujam Tombi Singh | Ex-M.P. |
| 13 | Late Md. Abdul Bari | |
| 14 | Late H. Daoji Shamra | Ex-Jt. RCS, Deptt. of Cooperation, Manipur |
| 15 | Late H. Daoji Shamra | Ex-M.L.A |
| 16 | Late K. Kanhai Singh | Ex-Social Worker |
| 17 | Late Longjam Kulabidhu Singh | Businessman |
| 18 | Late Ksh. Nawang Singh | Ex- Vice President |
| 19 | Late R.K. Mani Singh | Ex-General Manager and Founder Manager |
| 1 | Shri Paonam Achou Singh | Ex-Minister & Ex-Vice President of the Bank |
| 2 | Shri Hijam Nimai Singh | Ex-Director |
| 3 | Shri Sapam Mani Singh | Ex-Director |
| 4 | Shri R.K. Ranabir Singh | Ex-Chief Minister |
| 5 | Shri A.K. Chaoba Singh | Ex-Director |
| 6 | Shri Gangmumei Kabui | Ex-Minister |
| 7 | Shri Hawaibam Ranabir Singh | Retd. IAS |
| 8 | Shri H. Maipak Sharma | Businessman |
| 9 | Shri Thongam Haridas Singh | Businessman |
| 10 | Shri R.K. Sanahal Singh | Businessman |
| 11 | Shri R.K. Mahabir Singh | Ex-DRCS, Dept. of Cooperation, Manipur. |
Shri Paonam Achou Singh, the living legend was the moving spirit to materialize the dream of a Cooperative Urban Bank in Manipur. Recognition also goes to Late Longjam Kulabidhu Singh, Late Wangkhem Ibohal Singh who had supported the bank financially when promoting it.
Objectives
The primary objective of the Bank is basically to encourage thrift, self-help and cooperation among members by carrying on business of banking.
Area Of Operation
Originally, the area of operation of the bank was confined only to greater Imphal of Manipur. Later, it was extended to other Municipal and Small Towns of Manipur. It was further extended to the entire State of Manipur by amending the Bye-Laws in 1993.
Membership, Share & Share Capital
Membership of the bank initially was restricted to individuals. Later on, enrollment has been permitted to farms and institutions at Rs.100/- (Rupees One hundred) per share.
Authorised Share Capital of the Bank at the time of registration was Rs.10 lacs only divided into 20,000 shares. To-day the authorized Share Capital of the Bank has been increased to Rs.5 crores divided into 10 lacs shares of Rs.50 each.
Paid up Share Capital of the Bank have been registered Rs. 252.28 lacs as on 27th May 2005 in which share of State Government being Rs.6.40 lacs only.