Bihar: School students in Gaya have started a unique, and unconventional bank named the 'Children's Bank of Nawadih.' This bank, which was set up by the Headmaster for the students of Nawadih Middle School, functions has the aim of inculcating the habit of saving among students. Located about 3 km from Banke Bazar Block headquarters, the bank provides loans to the children to buy articles such as pencils, books, notebooks, etc.
Loans up to Rs 1,000 are provided by the bank. Students deposited their pocket money in the bank instead of spending them elsewhere following which they are allowed to withdraw it as per their needs.
The bank was opened in August with an aim to provide financial assistance to students hailing from economically weaker families and facing difficulties in buying essentials for school. The supplies can be bought at wholesale prices from the stalls set up by students in school. Only students' accounts are opened in the bank and loans are given to students belonging to underprivileged families for items pertaining to their education.
All staff of the bank including the cashier and also the customers are students. The school has a total of 420 students studying in classes 1-8. The students who leave the school after Class 8th can get their accounts closed.
(With inputs from IANS)