Varanasi: Amid countrywide chaos unleashed after demonetisation, Children's Bank, a small savings bank 'run by the children for the children' in Prime Minister Narendra Modi's constituency, is helping scores of low-income families tide over the crisis.
Unlike week-long chaotic scenes witnessed at big banks in the city, the Children's Bank at Varuna Nagram colony presented a picture of orderliness on Wednesday. As children formed small queues outside the bank, Amrita (12), daughter of a saree worker, and Vikas (13), son of a motorcycle mechanic, withdrew small amounts of money to help their families meet daily expenses.
Like scores of other children, Amrita and Vikas too had deposited their pocket money in the bank for meet an eventuality like they were facing today.
The bank came into existence in 2008 and today boasts of over 1,800 account-holders, mostly belonging to poor wavers' families and rag-pickers with combined holding of over Rs. 35,000. After demonetization, Rs. 2,200 has withdrawn by the children to support their families from November 9 to 15.
"I have withdrawn Rs. 2,300 to help my parents tide over this crisis," said Vikas, who works at a motorcycle repair shop. From his meagre earning Vikas deposits Rs. 10-20 daily into his account at this bank. Earlier, he had purchased a second-hand bicycle for himself and mobile phone with his savings deposited in the bank.
"Since my father could not manage to get his Rs. 500 note changed due to rush in banks, I withdrew Rs. 50 to buy vegetables and other petty things for household," said Amrita, a class VII student. She has a balance of Rs. 840 in her account (A/c No: 160) which she has built by saving her pocket money.
Similarly Kashish, a class V student and daughter of a weaver, who has withdrawn only Rs. 10, said "she would give this money to her mother".
The bank is an initiative of an NGO, Vishal Bharat Sansthan, that aims at developing a habit of saving among the children belonging to poor families. "Any child up to 13 years of age can open his/her account in this bank," said Rajiv Srivastava, an assistant professor at Banaras Hindu University and founder of VBS.
"The children can even deposit 50 paise in their account. This bank is also helpful for their parents in time of crisis and prevent them from taking money from money-lenders," he said. Though it is a purely a bank of children run by themselves, it follows the procedures of a formal banking system like maintaining account records and cash deposit/withdrawal, he added.
The bank has opened an account in the Kashi Gomati Samyukt Gramin Bank to deposit children's savings. According to its records, the bank has 1,838 account-holders including 968 girls and 860 boys. The total deposited amount as of now is Rs. 35,426, out of which Rs. 19,879 has been withdrawn.
Khushi (13), who studies in class VII, is the manager of the bank, while Tavrej (13), a class VIII student, works as cashier. Rosy Rukhsar (12), class VI student, is their assistant. The timing of the bank on working days is 3pm to 5pm while it remains open on Sundays from 10am to 4pm.
"We love our bank and enjoy working here voluntarily," said Khushi.
http://m.timesofindia.com/city/varanasi/Childrens-bank-helps-tide-over-demonetisation-blues-in-Varanasi/articleshow/55461185.cms
