Kids-run bank a hit in Pratapgarh

LUCKNOW: A penny saved is a penny earned. And none can explain this better than some proud young bankers - students of a government primary school in Uttar Pradesh. With the eldest in the group aged 10 years, these children of farm labourers, not only own and operate a bank but also possess passbooks and proudly sign cheques as well.
Conceptualised two months ago, the bank is functioning from a dilapidated classroom of a primary school in Kusumi, a tiny hamlet on the outskirts of Pratapgarh.But the bank is already a hit.
So how did it come into being? "The students are very young so incidents of them misplacing their copies and pencils are common. There have been occasions where the parents could not afford to buy them new stationery, within a day's notice," says Rajesh Kumar, the "masterji" of the young bankers, who is an assistant teacher at the government school.
The brain behind the concept, Rajesh says: "I came to know that parents of these kids used to give them 50 paisa or a rupee daily that was spent on poor quality ccandies and stuff. So I asked them to save this money so that they can replace their missing stationery, all by themselves."
"It is good. We have our own money. I have saved Rs 11 till now and spent only Rs 1 to buy a pencil," says Rehman (9), son of Dilshad, a farm labourer. Rehman is among the 11 founder account holders of the bank which now has 31 accounts with a maximum balance of Rs 21.
In the name infrastructure at the time of launch, a few torn pages of an old register stapled by a rusted ball-pin comprised the "account books" and a cardboard box, the vault. A weather beaten cupboard kept inside the principal's office- cum administrative block- cum staff room became the strong room.
With the passage of time, the torn register pages now have been replaced by a hard bound register and the cardboard vault by a plastic one. The funds for these were provided by Rajesh Kumar. He pooled in another Rs 100 to buy thin writing pads with numbered pages to serve as passbooks cum chequebooks. With cost-control very much in place, two or more account holders, if they were siblings, were accommodated in one pad only.
"The idea has not only helped them save but also familiarise them with the concept of banking and the system involved. The response has been overwhelming," says Rajesh. He recollected an incident: "The other day, a student bought a new pencil from his savings. Minutes after he reached home, his parents were back on the campus to inform us that their son had brought a new pencil from school which cannot be his as he had no money. When I told them that he had saved the money, they were left dumb-founded, with tears in their eyes."
As an incentive on the completion of two months of the bank a few days ago, Rajesh announced that all the account holders who have saved and maintained a minimum balance of Rs 10, will get Rs 5 from him as "interest". "I m sure it's not going to cost me much. I have already been spending on these kids by buying stationery for those who couldn't afford. Now it forms the interest on savings," he said. The idea behind giving interest on savings is aimed at motivating the account holders and to familiarise them with the concept, says Rajesh.