The Kottakkal Service Cooperative Bank, registered on 27/02/1968 and commenced operations on 27/04/1968, operates in the Kottakkal Municipal area in Malappuram district. It functions as the Primary Agricultural Credit Society under the Kerala State Cooperative Department. U.A. Beeraan Sahib, who was a former minister and a modern architect of Kottakkal, served as both the Chief Promoter and the Primary President of the Kottakkal Service Cooperative Bank.

In 1968, this institution started its operations in a rented building. Within three years of starting operations, it purchased 10 cents of land in the Kottakkal market area, constructed a building on it, and moved its operations to its own building. The building constructed in 1971 became outdated, so it was decided to renovate it, and in 1977, it was relocated to the Kottakkal Cholakkal Complex. With the approval of the Cooperative Department, the construction of a new three-story building was completed, and from 24/07/2021, the bank's head office and main branch began operations in the bank's own building in the heart of Kottakkal town.

Since 2015, the team included in the Class 1 Special Grade category has been operating branches at Indianoor and Maravattam in addition to the main branch in Kottakkal and the evening branch. The bank received the ISO 9001-2015 certificate for its operational excellence in 2021.

The "One Scooter per Household" project implemented in the cooperative sector received the 2016 Banking Frontiers Award. The bank also received the Best Digital Bank Award in 2019 and 2022, and the Best NPA Management Award in 2021.

A primary objective of the bank is to provide financial assistance to achieve the development and progress of its members and the Kottakkal region. To this end, various investment schemes and agricultural and non-agricultural loan programs are being planned and implemented.

The bank undertakes various projects of the Kerala government and non-banking activities such as festival markets, distribution of social security pensions, Subhiksha Keralam, Haritham Sahakaranam, and cooperative water kiosks.

To assist the impoverished patients in the Kottakkal area, the Santhwanam project provides water beds, oxygen facilities, wheelchairs, and financial assistance from the common good fund.