Indian street kids float own bank

A group of street children in India have opened their own bank.

The bank, known as the Children’s Development Khazana, was set up and is now run by children in the Fatehpuri neighbourhood of Old Delhi, India.

The bank was established on the principle the children would make all the rules and decisions.

Non Governmental Organisation volunteers from child rights organisation Butterflies, however, assist the day-to-day running of the bank and sort out any logistical issues.

Children aged nine to 18 can deposit anything from a couple of pence to one pound and get 3.5 per cent on their deposits.

They can then withdraw up to five pounds at a time.

It is open seven days a week and is run by perhaps the youngest manger in the world, 13-year-old Sonu.

He said: “I ran away from home and started working at a tea stall. It was bad. Then I met some volunteers who told me about the bank. I came here. Now I go to school and I am the (bank) manager also.

“Kids make deposits. They can withdraw anytime if they have to buy something like clothes or eatables. The bank is open seven days a week.’

Fourteen-year-old Sheru, who lived on a railway platform, is a regular.

He said: ‘I have started saving money in the Children’s Bank. I sell water bottles. I put all the money that I earn into my account. I have saved 5000-6000 rupees (£50-60) so far. I want to save more in the future.”

Sheru says he wants to become a photographer when he grows up. He hopes to save enough to buy a camera one day.

Raheemam, 15, who works as a rag picker, also has an account.

She said: ‘I used to lose my money. One day, I met a sister (NGO volunteer). She told me about the children’s bank. So I came here.

‘Now I work more freely. I know my money is safe. I can withdraw money when the need arises.’

Charity programme  manager at Butterflies, Shashidhar Sabnavis, said: ‘Street children were telling us that they lose their money. Or they tend to spend their money here and there.

“So, we at Butterflies decided on the idea of operationalising a bank for them.

‘They use their savings in the khazana (bank) to meet their future needs.

“Some of them use their money to go for higher education, or vocational training. Some of them use it to start small business enterprises.”

The charity also provides education, shelter and care for Delhi’s vulnerable children.

A teacher working for the organisation Firdaus Ahma said: “Some kids here have jobs. They work in shops or tea stalls. We talk to those kids and motivate them to study and join our classes.

“This helps us bring them into the mainstream.

“When kids start depositing their earnings in the bank. That is an education for life. They will inculcate the habit of making savings. This will become a habit and help them in the future.”

The CDK initiative has won numerous accolades, leading to the expansion of the scheme to other parts of Delhi.

Now Butterflies plan to introduce the initiative in Pakistan, Afghanistan, Bangladesh as well as some parts of Africa.

Sharon Jacob, a child rights activist, said: “This programme has to go out and reach as many needy kids as possible. It can change lives.

“This is a bank for the kids who live their life on the streets. The bank motivates these kids – it offers them a future.”