Mannarkkad Rural Service Co-operative Bank: Innovating at the Edge

In November 2016, the secretary of Mannarkkad Rural Service Cooperative Bank Ltd. (MCB), based in Kerala, India, that the Indian Prime Minister announced that large-denomination banknotes would be canceled as of midnight on November 8, destroying the “black money” of the nation. Credit unions like MCB have been excluded from the purview of the Central Bank of India, the Reserve Bank of India, following its vision of providing “personal banking pleasure” to its clients. MCB was the only bank in India that made 24/7 banking possible through its nightly accountant and had successfully crossed the boundaries of a rural cooperative bank through a series of innovations to offer your customers maximum comfort. The secretary of MCB now had to make some critical decisions: How should MCB handle the demonetization crisis with its existing and potential customers? Should MCB keep its overnight counter open? Should the secretary alert the bank’s microATM agents? Would MCB’s parent bank provide funds? How could he address these concerns in a way that would maintain the goodwill MCB had built up among its customers over the past 27 years?

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