It originated as a multi purpose Co-operative Society in 1912. With A class share amount in of 1.20 Rupees. In 1947 it changed the name to producer cum consumer society (pcc). It started function on15.05.1950. In 20.02.1956 It registered as Palakkad Service Co-operative Bank after some modification .
The working area of Palakkad Service Co-operative Bank is limited to Palakkad Municipality, Marutharode Panchayath, Pirayiri Panchayath, Karingarapully Portion of Kodumbu Village and Puthuppariyaram Panchayath, ¾ of population of these area were the member of this Bank. Now there are 9325 A class members in this Bank.
At present there are 25 permanent staff. Loan with attractive interest including Kissan credit cards are issued to peasants and middle class people . In the last five years the deposits and loans showed a wonderful growth rate.
The head office is situated in the heart of the Palakkad town with computer locker facilities and other four branches also which are working very capital.
Our bank has been selected by Office of the Joint Registrar of Co - operatives Societies as the best Service Co - operative bank in Palakkad District in terms of highest Deposit and Loans in the year 2009-10.
Our deposits exceeded Rupees 100 crore in the year 2010-11.
Co-operative Department, Government of Kerala, Trivandrum, has given us sanction to open a professional college in Palakkad. Ours is the second Service Co-operative Bank in Kerala being honoured with this permission.