Our bank, which started its operations in 1951 as a multi-purpose co-operative society, has been giving priority to providing services that meet the diverse needs of its members and customers. Prominent co-operators like K.T.N. Chindan Nambiar and Karivellur K. Govindan, a prominent freedom fighter, were the presidents of the bank for a long time. Later, the board of directors led by E.P. Thampan Master, C. Gopalan, and V.V. Sarojini led the bank's operations.
Currently, a 13-member board of directors headed by K. Narayanan is in operation. From 1965 to 1963, Sri. Keeneri Krishnan was the bank's secretary.
The bank is operating in the Class 1 Special Grade category. The bank has already achieved the standards required for the Super Grade status. Currently, the bank, which has Rs. 95 crore of deposits and Rs. 66 crore of loans, has given great emphasis on non-banking activities. The sales outlets such as Electricals & Plumbing, Paints, Cement, Neethi Store, Neethi Medical Store, and Fertilizer Depot are trying to distribute quality goods to control the prices in the market. The bank has taken special care to implement government directives on time and provide services to the people. Cash awards and uniform distribution have been going on for 17 years in 6 schools within the bank's operational area to promote education. The activities of the Karivellur Farmers Club, led by the bank, have been enough to create a new awakening in the agricultural sector. The bank takes care to intervene in the market well for the public interest during festive occasions. The bank is running a fertilizer depot to protect the interests of farmers, even though it is incurring huge losses due to the reduction of the margin provided for chemical fertilizers by the central government. Accidental death insurance has been arranged for the members of the bank. The bank has effectively intervened to provide the benefits of the risk fund scheme to those who die or contract a terminal illness after taking a loan.
The bank has introduced modern banking services such as NEFT/RTGS and a remittance system called RemitNow to send money from abroad. As part of providing modern banking services to members and customers, the bank has started the process of transferring funds with all banks across the country, paying electricity bills, telephone bills, and recharge. Currently, the bank has 35 permanent employees and 10 employees on a commission basis, operating with a head office and five branches. The bank is constantly working to provide services to all members in the Karivellur financial sector, regardless of caste, religion, or politics, with a social commitment.
Karivellur Service Co-Operative Bank LTD. No. F 1496
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