Nadakkuthazha Bank

History of The Bank

The Nadakkuthazha Service Co-operative Bank Ltd No.D-2668 registered on 24th November 1997. In December 1997 the bank started it’s functioning near the Government Hospital Vatakara. On 11th April 1998, the formal inauguration of the bank was done by Mr. PinarayiVijayan, the honourable Co-operative Minister at that time. The Nadakkuthazha Service Co-operative Bank attained class-1 position in a small span of time. It can be described as the own bank of Vatakara city. The main branch of the bank was inaugurated by Smt. A K Premajam MP on 25th July 2001. The bank has 7 branches in Vatakara town. There are two medical stores, an agricultural nursery and a hi-tech organic farm under the bank.

Neethi medical store at hospital road was inaugurated on 14th November 2004 by Sri. Rakhavan (Asst. Registrar).

Neethi medical store at convent road was inaugurated on 25th June 2007 by Sri. T P Chandran (Chairman, Vatakaara Municipality)

The Agricultural Nursery is located at kurumbayil.

The Hi-Tech organic farm is located at Kunnathukara, Maniyoorpanchayath.

Area of operation

The area of operation of the Nadakkuthazha Service Co-operative Bank is confined to Vatakara municipality. The bank is located in VatakaraTaluk of Kozhikode District.

Liability

The liability of the Nadakkuthazha Service Co-operative Bank is limited to the paid up share capital of the members.

MBP (Maximum Borrowing Power)

The Maximum Borrowing Power of the Nadakkuthazha Service Co-operative Bank is 150 times of paid up share capital plus Reserve Fund.

IMBP (Individual Maximum Borrowing Power)

The Individual Maximum Borrowing Power of the Nadakkuthazha Service Co-operative Bank is 2500000/-.

Objectives Of the Bank

To provide short term, medium term loans to the members and also provides long term loans with the approval of Registrar or NABARD.

To purchase agricultural equipments like tractor, tiller for providing to the members on hire basis.

To borrow from DCB, Government and other financial institutions approved by Registrar.

To implement programs to increase the agricultural product for the members.

To accept deposit and donations from members and non-members and borrow funds from DCB’s financial institutions and Government.

To provide loans to purchase land for starting small scale industries, to purchase house hold properties etc.

To open new branches with in the area of operation of the bank with the permission of Registrar, to provide the banking service to the public.

To encourage thrift, self help and mutual help.

To provide assistance to the women for starting women entrepreneurship.

To provide financial assistance to the backward students for higher studies.

To act as a agent of public institutions, Government institutions and company.

To open counter for railway ticket, lottery ticket etc.

To provide financial and technical facilities to the people who are self-employed.

To plan programs to increase standard of living of members.

To provide house hold properties and furniture to the members at reasonable price on the basis of hire purchase by opening showrooms.

Corporate Profile