As a leading primary Cooperative bank located at Olavanna in Kozhikode district, Kerala, the Olavanna Service Co Operative Bank Limited, No F 160 brings to you all banking facilities at par with new generation banks in Kerala.
The first General Body of the bank assembled at the Elementary School, Olavanna in 1918. Eminent people of the area like Sarvashri Palakunnath Krishnan Nair, Kayalot Maman, Thuvassery Perachan, Pazhaya Veettil Ramutty, Puthan Veettil Ramunny Nair, Thuvassery Chathu, Thuvassery Kanaran, Mamiyil Kuttappan, Padikkappurath Chathu, Edathodoyil Krishnan, Kozhipra Govindan Nair, Cherayakat Chathukutty, Cherayakat Kandan, Kayalot Peravan, Olassery Sayd Ibrahim and Kunhikoya Thangal attended the first meeting.
In March 1918 it was registered as Aikya Nanaya Sangham, Reg. No. F 160. After that in the General Body Meeting on 25th Feb 1962 it was decided to register the Bank as a Service Co-operative Bank Liability (Ltd). Finally in 1968, the registration was completed.
The Executive Committee was formed on 19th Jan 1969 with Sri. P. P Unnikoya, K. Chathukutty, T. Mukundan, T. Perachan, N. Appu, V.T Asan and K. Velayudhan Nair as the executive members. Sri. N. Appu & Sri. T. Perachan became the President and Honorary Secretary respectively. After shifting the bank to a new building, Chitties of various classes were started. A new plan for the farmers - Kettu Thengu was introduced and the farmers heartily welcomed it. The financial stability of the Bank, increased with this scheme resulting in distribution of dividend to the members from 1973 onwards.
In 1980 a regional deposit scheme was started with the aim to collect Rs. 10, 000/- per person. But it was very difficult to collect the amount from one locality at that time. With the cooperation of the Revenue Department, Co-operative Department and the Dt. Co-operative Bank, our aim came to a success resulting in Rs. 10, 000 to lakhs and crores.
For the construction of the new administrative office in 1973, the committee headed by Sri. Malayamthodi Choyikutty, the President of the society bought 6 1/2 cents land from MV. Imbichikoya Haji at Rs. 225 per cent. The foundation stone was laid by Sri. Thuvassery Perachan at an estimate of Rs. 25000/- which was completed by Sr. Vakeri Purakkattiri Kandukutty at Rs. 22,500/- and the supervision was done by Sri. Pookat Muhammed Master, the Vice President. Sri Vazhayil Babu was the Secretary at that time. The building was reconstructed and modified during the tenure of presidents Sri. Palakurumbil Vasu & Sri Haridasan.
Right from inception, the Bank was involved in activities like procurement of Tractors and other agricultural equipment, hiring them to the farmers for the development of agriculture, distribution of clothes under control rates, conducting festival fairs, procurement of Cashewnut, Copra etc.
As the Bank grew it was decided to open new branches at Kambiliparamba and Olavanna junction during the period of Sri. Palakurumbil Haridasan & Secretary MR. Sreevatsan. In the year 2013 the executive committee selected Sri. K.K Jayaprakasan as President and Sri. Thuvassery Vijayan as the Secretary & they started a branch at Chunkam, which is the third branch which is also working for the benefit of the local population.
Olavanna Service Co-operative Bank highly appreciates the co-operation of the people of Kozhikode, Calicut in making the operation of the Bank an outstanding success.
