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In a government school in Karnataka, a student-run bank teaches children the value of saving, investing, depositing and withdrawing money. Here is a look at Mollur School Bank, started by teacher C.S. Satish.
wWhile delving into theory and studying various subjects, our schools do not often focus on imparting the kind of practical education that will be useful in the adult world day to day.
But Mr. CS Sathish, a teacher at Mullur Primary Government Primary School, a small village in Karnataka, wanted to impart lessons that would stay with his students for life. For this, he came up with the idea of setting up a bank in the school so that 37 students of the fifth class could get hands-on experience in the banking system.
(embed) https://www.youtube.com/watch?v=xCRLjkLNykY (/embed)
It was conceived by 39-year-old Satish, who has been a teacher for 16 years, based on a class on banking. He wanted to explain the concept of banking, especially saving money, in a more detailed way.
“I want the children to be independent, to learn how to manage their own finances, so that they are more responsible with the money that their parents give them for expenses. My main motivation was to teach them the concept of saving,” Satish says. India’s best. “In the future, I hope that all this banking knowledge will be useful to them and they will be able to handle their money in a smarter way.”
To inculcate a sense of ownership, each student has their own locker where they can deposit money. They are also given handmade account books where the teachers write down how much money they have saved. If they want to withdraw money, they have to fill in the challan manually and withdraw the money through a manual cheque.
Administratively too, the bank is handled by students, with Tanvi MA as manager, Punya as accountant and Vidya ML as cashier.
“I come to school early every morning. All the students come in the morning with cash and their passbook to deposit their money. We fill out a slip, and it is given back to them. The money then goes to cashier Vidya, who deposits it,” says Tanvi, whose job as principal is to direct Every student in the process and making sure they all get their return slips. “I am very interested in the banking process and I want to continue in my role as long as the initiative continues.”
Besides the attraction of something new and exciting, students also find many incentives to save money. For example, if one can save 100 rupees, he will get a pencil. If they save Rs 200, they will get a pen as a reward. For 300 rupees, they will get a notebook. Once they save Rs 500, they will get cash returns at 5 percent interest rate. Once they reach Rs 1,000, this money is deposited into the child’s real bank account.
After being deeply invested in this endeavor, many students are able to save their money. Earlier, this money used to be spent on fast food. Besides offering them a banking experience, SBM encourages a savings mentality among children,” says Satish.
So far, the bank, which started at the end of May this year, has made total savings of Rs 2,147. Students use this money for various responsible expenses such as school outings, annual day function, purchase of writing materials and other stationery. “I saved 45 rupees and will now use it for the school’s annual trip,” says Shrishma, another student of the school.
“I’ve noticed a huge difference in the kids,” says Galabi, Tanvi’s mother. Previously, they would spend their money on it rinseChocolate, soft drinks and other fast food. Now, they are asking for money to deposit in the bank. They want to save all their money. They use this money for expenses related to school trips and outings.”
The experience, on the whole, proved beneficial to all concerned. “Students enjoy the SBM experience. They are more interested in banking and how the whole process works. Parents are also very happy,” notes Satish.
Edited by Divya Sethu
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