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Banking for these students' future, one rupee at a time

An informal students’ bank set up by a Zilla Parishad run primary school in Badewadi village near Kolhapur is teaching students the value of saving money.

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An informal students’ bank set up by a Zilla Parishad run primary school in Badewadi village near Kolhapur is teaching students the value of saving money.

The bank at Vidyamandir School, near Kolhapur was set up in 2008 by the teachers of the school when they realised that parents were unable to buy books for their wards even a month into the new academic year.

Set up in 1947, the school has only three classrooms, 87 students and three teachers. The villagers of Badewadi are poor and rely on agriculture and labour jobs for a living. The village has a headcount of 640 with 142 families.

The parents would give their children Rs1 or 2 every week as pocket money to buy sweets. The school teachers Gulab Bisen, Sarita Kharpude and Snehal Jagdale encouraged the students to bank this amount. The money is returned to the student at the end of the academic year in the presence of their parents.

The initial response was lukewarm with just Rs4,213 collected from 60 students in the first year. However, in 2009-2010 the bank collected Rs10,299 and in 2010-2011 the savings were at Rs37,151.

According to Bisen, in the current year, the first six weeks has seen a collection of Rs6,000. “We deposit the amount in the headmasters’ account at KDCC bank and are soon going to open a separate Bal Bank account. This year, the interest amount will be usedto award deserving students,” he said.

Standard IV student Aarati Lohar works as the cashier, collecting money every Monday and maintaining accounts. The cashier’s responsibility is rotated among the students. 

“We are also going to issue pass books to the students,” Bisen said adding that some parents give their children Rs100 to add to their savings. 

Vaibhav Gavad a student of standard IV deposited Rs267 last year. “I gave money to my mother and we purchased a school bag and towel from it,” he said. While standard VI student Shital Gavad purchased the school informs, notebooks and pens from her saving of Rs400.

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