The Bank was registered as a Cooperative Society on the 23rd of October 1998 and thereafter, having received the requisite licence from the Reserve Bank of India, had started business operations as a unitary Bank on the 12th of May 1999 with the divine blessings of his Holiness,Sankaracharya of Kanchipuram, Swamigal Jayendra Saraswati. Notwithstanding the fact that a number of Cooperative Banks were functioning in Guwahati, when the idea of starting the Bank was conceived, we had a vision. We had dreamt that the Bank that we proposed to set up would be a Cooperative Bank with a difference. We were also aware then that the Cooperative movement in state of Assam was far from being well developed and hence a number of hurdles had to be crossed before the bank could be widely accepted by the society at large.
The Bank was registered as a Cooperative Society on the 23rd of October 1998 under provisions of the Assam Cooperative Societies Act 1949 ( act I of 1950).However the Assam Legislative Assembly has adopted the Assam Cooperative Societies Act 2007 and the President of India has given assent to the Act on 18-01-2012 and accordingly the said Act was published in the Assam Gazette (Extraordinary) by notification dated 04-02-2012. In exercise of powers conferred by Sub-section (3) of section 1 of the Act, the Governor of Assam by notification dated the 5th of March 2012 has appointed 10th March 2012 as the date on which the Act shall come into force.Accordingly by repealing the earlier The Assam Cooperative Societies Act 1949 (Act I of 1950), the Assam Cooperative Societies Act 2007 (Assam Act IV of 2012)has come into force from 10th March 2012. Your Bank is therefore now being governed under the provisions of the Assam Cooperative Societies Act(Assam Act IV of 2012).