In the late seventies the economy of Kerala began to experience the Persian Gulf Boom. Almost every family had a member working out there sending back money. Farm labour became scarce and most of the farmings were being abandoned.

The life style and standard of living of the people has improved a lot after more and more villagers expanded their job search and employment field in the gulf. Today innumerable numbers of persons in different facets of life from Kunhimangalam are working around the world. It shows the acceptability and adaptability of the people of the village.

Kandal Forest, a rare kind of plants growing in marshland in Kunhimangalam is a prototype to the Nation for fostering and nurturing. This Kandal forest is a congregate land of immigrant birds and breed of fishes. When the modern age is galloping its advancement by erecting high-rise structures and walkways by axing the trees and devastating the fields, Kandal villagers like Kunhimangalam are supplementing their subtle and sublime love and boon by preserving the beauty of the landscape. With the excellence of hundreds of acre Kandal forest, Kunhimangalam village is, perhaps, the first of its kind in the country. Noticing the destruction of Kandal forest, the nature loving villagers from the backwaters of Kunhimangalam united and formed a committee to conserve the forest. Initially the villagers acquired 3 acres of land at the bank of Pullankode River and named the spot as Kandal village. This initiative diminished the destructive tendency. Now Kandal forest is sprawling at its length and breadth marking it as the first public enterprise of its kind in India. The area is now flourished with about 45 kinds of Kandals, all over the place found in the Western part of India.

The significance of Kandal Village is evaluated as indispensable. Therefore, the people at Kunhimangalam are thinking of transforming this place as a research centre for ornithology seeing the wide potentiality of this place. Knowing the biological and environmental inhabitance of the area, a mass migration can be seen lured at Kandal Village. The organizers are also aiming to make facility for an aquatic journey for the public visiting for biological survey and study of the land. The "Kandal Conservation Committee" is set up headed by Mr. Lucose Kadalikode as the coordinator and Mr.Pavithran and Mr.Khaleel Chowa as counseling members. They are also planning for its comprehensive proliferation. Other independent local organizations like Kerala Jaiva Karshaka Samithi, Karshaka Mithra, Ore Bhoomi Ore Jeevan, Prakruthi Masika are extending their support to this committee.

The major banks operating in this place are Madai Co-operative Rural Bank, North Malabar Gramin Bank, Kunhimangalam Service Co-operative Bank Head office and its Branch and One branch of Cheruthazham 

Kunhimangalam Service Co-operative Bank Ltd.

Kunhimangalam Service Co-operative Bank Ltd.: A society by the name United Money Society established in the year 1920 has now become Kunhimangalam Service Co-operative Bank Ltd., with its Head Office and Branch at Edat serving the agricultural and financial needs of the local people. In addition to normal banking functions, this society operates marketing and distribution network for various festival seasons in co-operation with Civil Supplies Corporation to serve the local public in a better way.

Madayi Co-operative Rural Bank Ltd., Kunhimangalam Branch.

A Society registered under section 6 of Madras Co-operative Act 1932 was established in August 1946 by the name Producers Cum Consumer Co-operative Society has now become as Madayi Co-operative Rural Bank Ltd. (in the year 1956), which is registered under Kerala Co-operative Societies Act of 1969. The bank has its Head office at Madayi and operating 15 branches in 11 nearby villages including Kunhimangalam. As on 31/03/2006, the bank’s membership stands at 51,000 with a working capital of Rs.135 crores. There is internet facility available at head office and all the branches are computerized to provide fast and better services to its customers.

In November 1972, the bank started its branch at Kunhimangalam in a rented building as the third branch of the bank. This branch has shifted to its own building in 1976. The bank has relocated in the ground floor of the present building (near market) in 1995 and for more convenience again shifted to the upstair in 2003. The Madayi Co-operative bank has started another branch at Edat recent past.

The bank collects deposits whether it is small or big from the local people and provides loan to them for various purposes such as housing, marriage, going abroad, education, household, business, self-employment etc. The bank provides locker facility also to the customers. The Madayi co-operative rural bank is also keen on the welfare of their members and it started a Member’s Welfare Scheme for this purpose. Providing all these facilities to the local people, the bank has crucial place in maintaining pulsation of the villagers. As on 31/03/2006, the bank gathered Rs.15 crores 58 lakhs as deposit and allocated Rs.13 crores 64 lakhs for various loans in Kunhimangalam branch itself.

The bank’s administrative body consists of 15 members were elected by the members at a five-year interval. The story of pinnacle success of the Madayi Co-operative Rural Bank accredited to its customers of all spheres of life and well-wishers.