On August 4, 1921, Sri Dharmaraja Iyer formed the Madakkimala Service Co-operative Bank. On April 29, 1921, he began discussions and follow-up on the formation of the bank. It has been over a century since the Madakkimala Service Co-operative Bank came into operation by charging low interest rates to farmers and traders in hilly areas.

Madakkimala Service Co-operative Bank is run by the Board of Directors in a responsible manner. Madakkimala Service Co-operative Bank is also an asset to the bank employees who work in a very disciplined and friendly manner. The bank offers various types of loans to those who are eligible. In the event of a default loan term loan cash credit loan secured loan as well as Deemed Deposit, Term Deposit and Periodic Deposit services are also available at Madakkimala Mala Service Co-operative Bank.