Bank History
It was in Chungathara as its centre, on 31st January 1961, the Chungathara Service Co-operative Bank Ltd No.F 1807 started under the leadership of the veteran leaders like M/s Karumampoyil Appu, Maruthanamkuzhy Varkey, Mampally Alavikkutty etc., along with 645 prominent members. It was registered by the Kozhikode District Deputy Registrar and started functioning on 12-03-1961 in a rented building. After the completion of successful 54 years, our bank is functioning in its 55 th year of celebration with all its glories as an eminent co-operative institution in the State, in its own building at the pivot station of Chungathara Grama Panchayath. Chungathara is being blessed with the boundaries as Karimpuzha in its eastern side and westernghats as in the west and Edakkara Panchayath in the north and Chaliyar and Punnapuzha in the south. Agriculture is the main occupation of the people overhere and many people of different cast and creed live here with one mind. In the economical and social scenario of this village, Chungathara Service Co-operative bank has tried its level best to work among with the people knowing their needs in past years and we are glad for that.
Our Aim
To serve our members by carrying on business as a Co-operative in accordance with Co-operative values and principles and to provide proper assistance to farmers to bring back the importance of agriculture.
Our Vision
To build a better society by excelling in everything we do.
Our Mission
To serve our members by carrying on business as a co-operative in accordance with co-operative values and principles, to be an ethical leader and to inspire through co-operation.
Our Objectives
The main objective of the Bank is to promote the welfare of the members through the following
- To encourage thrift, self help, co-operation, service mentality and social awarenessamong members
- To collect deposits from members and non members
- To allow the members short term, medium term and long term agricultural and non agricultural loans and small industrial loans
- To draw, make, accept, discount, buy, sell collect and deal in bills of exchange and Drafts and other instruments and other securities whether negotiable or not
- To procure and sell agriculture inputs such as seeds, fertilizers , manures, pesticides etc., plant protection, cattle feed and fodder.
- To purchase and sell consumer goods.
- To build a society free from exploitation by providing assistance for achieving self sufficiency in food production
- To make a “green and clean Chungathara” by implementing new projects and modern technologies to bring back the prominance of agriculture.
Goals with in 10 years
- To make Chungathara Gramapanchayath a self sufficient village in food production by assisting the farmers through various loans, providing agricultural implements and new agricultural methods
- Make a new wisdom in the field of milk production by providing assistance through milk societies
- Remaining the strong, sound and leading organization in the co-operative credit structure and to be the backborne for the rural financial structure of Malappuram District
- A high tech bank with core banking, ATM, mobile banking, Tele banking and internet banking facilities
- Five additional branches with about 50 employees and 25 field workers
- An extended net work of group deposit scheme as the whole state of Kerala as its boundary
- 750 crores deposit and 630 crores loan outstanding with as net profit of 10 crores
- Under the guidance ship of Farmers Club, extensive paddy cultivation to bring back its predominance, vegetable garden, rubber and coconut procurement
- Award for the best agricultural Bank in Kerala and best Bank in Kerala
- Starting wholesale and retail stores to supply consumer goods at reasonable price.
- Starting self employment training centers for youngsters and women
- Starting educational institutions including professional educational institutions to serve the society and impart the value of education
- Provide micro insurance products to shareholders collaborating with leading insurance companies
- Adopting economically backward villages and provide assistance for their development
- Provide air, railway and bus ticket booking facilities with the assistance of various transport agencies
- To build a society free from exploitation by providing assistance for achieving self sufficiency in food production
