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Inspired
by Butterflies initiatives-a Saving Scheme and a Credit
Union for the economic empowerment of street and working
children, Children's Development Bank is a natural
development and evolution of these two programs
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The issue for most street and working children is:
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Lack of productive use of Earnings
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most street and working children spend all their earnings by the end of the day
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lose money kept in custody with their employer or known adult
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do not use money productively (spend on cinema, gambling, cigarettes etc.)
Need to secure future
- lack of knowledge about viable enterprise and setting it up
Need to build on life skills
- Leadership
- cognitive and perceptive skills
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A response to their needs:
The Children's Development Bank (Bal Vikas Bank):
From credit union to Bank Children's Development Bank (Bal Vikas Bank) is a natural development and evolution of our saving and credit union scheme. This bank works on banking and co-operative principles. Any child can save money with the bank and earn an interest as well as advance are given to any bank member who is 15 years and above for small economic enterprises. The bank is managed by children and adults play the role of facilitators. Children draft rules and regulations for smooth functioning of their bank. The National Foundation for India, an Indian funding agency, gave the initial seed money to start the bank. As of September 30th 2004 CDB has 1026 members. |
How did it begin :
matter will come later
It started in April 2001 to allow children to deposit and withdraw money enabling children to save money for the future. The child can:
- Put money aside for themselves without worry that it will be lost or stolen
- Save for things that they need or want, such as clothes
- Plan to improve themselves, by saving for education and training
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