Adoption is often a very emotional issue and often we can find scams related to it. The main philosophy behind adoption is giving a homeless baby a home and family. The film, 'Stuart Little' is perhaps a great example of the good side of adoption in which Stuart gets the opportunity to live with a family. Of course, everyone is not lucky as Stuart- not in the third world countries like India. When you are looking for adoption naturally a bank is the last thing that comes to your mind. In India, many farmers commit suicide after they fail to pay the bank loan and interest. I have written about this matter in this blog a few days ago. So, naturally, I got surprised when I found this news item Internet. Bank of India is indeed going to be adopting hundreds of people almost literally and support them to have a better future.
Bank of India is one of the oldest banks in India and it is celebrating its 100 years of operation this year. To make the centenary celebration memorable, the bank is going to adopt 100 villages and help the villagers to develop their fortune by giving them loan on easy and accessible terms. You may wonder whether there is anything special here or not as it is the work of the banks to give loan.
First of all, if you have knowledge about India then you should know that banks do not give loan to villagers so easily. Secondly, Bank of India is going to carry out economic surveys on the families they are adopting and then going to coordinate with NGOs to guide these villagers to find the appropriate economic activity for them. Thirdly, the bank is going to support them with money to implement the projects. Finally, the goal of the bank is not to make profit from this venture but showcase 100 model villages in India.
Bank of India has already started its adoption process in the state of Tamil Nadu. Thokkamur, Koduveli, Mambakkam and Thervai villages in this state have been adopted. To give you an idea of what the Bank is going to do for the people of these 4 villages I am quoting from a report of Business Standard:
"The bank will provide Rs 14 crore 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.
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."
I have to admit that this is a very noble initiative taken by Bank of India. In South Asian countries, banks do not have very good image to the ordinary people living in rural areas. First, of all banks are reluctant to give them loan as they do not have much wealth to show. Secondly, since they are illiterate or do not posses good education they sometimes suffer from corruption of the bank employees while they try to take loan.
I just hope that the villagers can get the benefit from this adoption. I also wish that other big banks in India and other parts of South Asia come forward to help poor villagers.
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