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. On june 16, 1966, the Bank was registration as a Cooperative Society by the then Registrar of Cooperative Societies, Manipur, Late Keisham Lamphel Singh, under the Assam Cooperative Societies act, 1949 (Act 1 of 1950) as extended to the then Manipur under Registration No.35 of 1966-67. The bank was issued banking License by the Reserve Bank of India on November 29, 1966. 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.