RANCHI: A bank catering to children – Bal Vikas Khazana – has began functioning in the slums of Ranchi and Khunti. With over 600 account holders to its credit all between 8-18 years of age, and run by the children themselves, Khazana aims to teach democratic values, develop spending and saving prudency in kids.
Chandan Singh, founder member of Pratigya Trust, which launched the bank, informed that Bal Vikas Khazana aims to impart democratic values, social education and life-skills (social-emotional-ethical learning).
“Our goal goes along the lines of WHO guidelines, which includes financial education among 10 different trades,” said Singh.
Kids who were earlier plagued by substance are account holders with Khazana now.
Muskan Kumari, Class VIII student from Jagannathpur said she has been elected as Assistant Child Volunteer Manager (ACVM) by the children and has been supporting the Child Volunteer Manager (CVM) in maintaining the ledger and cash book.
CVM Anjali Kumari said the children have to mention the source from where they received the money when the deposit or withdrawal goes beyond Rs 200 children have to give an application citing reasons for the transaction.
“Children also get 10 per cent interest per annum on their deposits, and may get interest free advance (loan) for education purposes or even starting a business on their own,” said Anjali.