Mannarkkad Rural Bank

He was elected as the President of the first committee and Sri. Purushothaman the present Secretary was also a member in the promoting committee and Director Board and was appointed as the honorary Secretary of the Bank. The Area of Operation of the bank is limited to Mannarkkad Panchayat (with only two Villages) in Mannarkkad Taluk of Palakkad District in Kerala State,India. The total population

in the area of operation of the bank is 54,756 and area covers 67.02 Sq.Kmts. Formerly there was a Co-operative institution working in the above area namely “Mannarkkad Service Co-operative Bank” which was liquidated due to its mismanagement and misappropriation of funds revealed in the Departmental enquiry conducted. Even though it was very difficult to organize a new Co-opeative credit institution for catering to the needs of agriculturists of the area the promoters under the leadership of Sri. Unneen assisted by Sri. M.Purushothaman the present Secretary of the Bank with their concerted and sincere effort could gain public confidence and the present Bank was formed with headquarters at Mannarkkad. Initially the paid up share capital of the Bank was only Rs.30,000/- The Bank was housed in a small rented building which was not even electrified. By systematic, and sincere hard work, the managing committee could gain full public support and within a short period, the Bank’s activities were expanded and remarkable progress was achieved in the transactions with the members and customers.