The Kottayam District Cooperative Bank Limited No.4309 is the apex body of the PACS in the District. The Bank was registered on 31.07.1958 under the Travancore-Cochin Cooperative Societies Act and has started functioning on 01.09.1958. It is at present functioning under the control of KCS Act 1969 & byelaws, as approved by the RCS.
As previously mentioned the Bank was formed by converting the Kottayam Branch of Kerala State Cooperative Bank. The first Board of Directors of the Bank was nominated by the Government with Sri. Mammen Tharakan as its Chairman; the first branch of the Bank was opened at Pala on 21.10.1962.
The loan portfolio of the bank includes home loan, personal loan, vehicle loan, business loan, industrial loans, education loan etc. One of the main objectives of the bank is to carry on the business of Banking (‘banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and withdrawable by cheque, draft, order or otherwise as defined in the Banking Regulation Act 1949).
Purpose – The loan is offered for any personal purpose
Eligibility – Salaried, professional or self employed capable of repaying the loan are eligible for the loan
Quantum of Loan – Maximum Rs. 2 lakhs
Period – 60 months
Rate of Interest – 14%
Security – Salary certificate