In 1975 the Quilon Co-operative Urban Bank has come under the control of Reserve Bank of India under the Banking Companies Regulation Act of 1965. Meanwhile Advocate C.V. Padmarajan became minister, president of the Kerala Pradesh Congress Committee and Vice Chairman of the planning board of Kerala state.

He guides this bank for the last forty years as president of the Quilon Co-operative Urban Bank. He acts as friend, philosopher and guide to the members as well as customers of the bank.

At present it has a working capital of Rs 17263 lakhs and Rs 14915 lakhs as investments. Its membership is 33627. IT is now of the 5th largest Co-operative Urban Banks in Kerala with 12 branches within the erstwhile Kollam Taluk.

Now the bank owns a multistoried building for its banking activities which was inaugurated by the then Chief Minister Sri K. Karunakaran in 1983. Reserve Bank of India granted Banking License in 1986 to the Urban Bank. It provides finance to housing, business, commerce, maintenance of building, marriage, vehicle loan, gold loan, cash credit etc to its members who are living in and around Kollam Corporation area. The rate of growth of the Quilon Co-operative Urban Bank is unimaginable. It has installed all high-tech facilities for banking operations and provides all modern facilities to its customers; perhaps it is the one which has all high-tech facilities in banking operations among the Urban Banks in the state. In fact it has numerous transactions and more business facilities than a nationalized bank working in the city.

Now the bank is celebrating its Platinum Jubilee in a befitting manner. It had started core banking and SMS banking to cope up with the changing needs of the customers. The ATM counters will be started soon across the city. The present Board of Directors of the Bank is very socially committed persons. It has a good team of efficient and effectively working staffs in the Head Quarters and branches. Their whole hearted cooperation could reduce the rate of Non Performing Assets from 10% to 8 %. It is a bench mark activity of the Quilon Co-operative Urban Bank in the matter of reducing Non-Performing Assets at a lower rate.