Banks should evolve schemes to help people in remote areas improve their standard of living, Chief Minister Jayalalithaa said on Wednesday at Kodanad, a remote area in the Nilgiris.

They should extend loans to them at concessional rate of interest with long period of repayment.

Welfare schemes

They should also help the government in establishing an inclusive society through its welfare schemes.

The Chief Minister was declaring open an offsite ATM of the Bank of India and also the bank’s renovated premises at Elada in Kodanad on a piece of land belonging to the Kodanad estate.

Adverting to the role of banks in helping the country progress and in the uplift of people by extending various types of loans, Ms Jayalalithaa commended the performance of Bank of India.

Yeoman service

Tracing the history of the bank, she said with 4041 branches in the country and 34 abroad, it was rendering yeoman service. She lauded the bank for opening an ATM and renovating its premises in a backward area such as Kodanad where many people belonged to lower or middle strata of society and many were plantation labourers.Executive director of the bank M.S. Raghavan said the bank was established in 1906 with 50 employees. Ms. Jayalalithaa distributed welfare assistance to a few beneficiaries.