Keeping in view the socio-economic problems experienced by the weaker sections, the co-operative movement strives to solve them by pooling the resources for collective and co-operative social action, and promote development. The concept of co-operation took shape in India in 1904, since the introduction of the Co-operative Credit Societies Act, a measure to eradicate rural indebtedness through institutional credit to weaker segments. Since then, the co-operative movement has made considerable progress and penetrated all walks of rural life especially the fields of credit transaction, supply of farm inputs, processing, marketing and employment generation.

Kanjirapally has the proud privilege of participating in the Co-operative movement as early as 1927. The late M. M. Mathew, Madukakuzhi, Kanjirapally, a teacher by profession, who died in 1990, and his brother-in-law late K. D. Joseph, Kodimarathummoottil were pioneers in forming a co-operative society here. The society started by them was ‘Kanjirapally Co-operative Society ’, which commenced working on 7th September 1927. This society became Kanjirapally Central Service Co-operative Bank Ltd.. which is now successfully functioning at Petta, in the two storied building owned by the Bank.

M.M. Mathew Madukakuzhi, took the lead in starting another society, a Consumer Co-operative Society, at Manjapally, 3 kms north of Kanjirapally under the name ‘Manjapally Viniyojaka Co-operative Society Ltd. ' in 1938. This Society is now functioning with its head office at Cathedral junction, Kanjirapally, under the name ‘Kanjirapally Service Co-operative Bank Ltd ’. The bank has five branches, namely, Kanjirapally, Kanjirapally evening & morning, Vizhikathodu, Kalaketty and Thampalakad. This Bank secured the covetable position of the biggest Service Co-operative Bank in the State of Kerala.