Bank of India is integrating social responsibility into its core business of banking. It has launched a pilot project wherein it has adopted four villages in Thiruvallur district of Tamil Nadu for integrated economic development.
The bank has identified potential activities, which could be turned into business opportunities in the selected villages through a survey conducted by a non-governmental organisation.
The bank will provide Rs 14 crore (Rs 140 million) credit for the economic development of the four villages - Thokkamur, Koduveli, Mambakkam and Thervai - over the next three years. In the first year, the bank will lend up to Rs 5 crore (Rs 50 million).
The bank plans to provide financial assistance for dairy development, small road transport operations, solar lighting.
It will also provide assistance for establishment of milk processing and milk product manufacturing units, toor dal and rice processing units, establishment of cattle feed manufacturing units, oil extraction and soap manufacturing activities and land development and minor irrigation.
The four villages would be showcased as model villages and the plan would be rolled out in 126 more villages across the country.
"The bank plans to cover 126 villages in the country. The bank plans to lend Rs 200 crore (Rs 2 billion) over a period of three years," said K Pothiraj, general manager, Bank of India.
The aim of the bank is to fulfill the credit requirements of every household in the villages adopted, he said.
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