A bank by beggars, for beggars in Bihar

Mangalore Today News Network

Bihar, March 28, 2015: Ever seen a beggar opening an account in a bank? Well, you can catch this site at Gaya in Bihar, where a group of beggars has opened their own bank. This bank will be run by beggars and used by beggars.

According to a report published in IANS, the bank has been called as Mangala Bank. The beggars, who have been depending for their survival on the money provided by Hindu devotees at the gate of Maa Manglagauri Mandir in Gaya town for years, have come up with this idea to gain financial security.

The report quoted Raj Kumar Manjhi, one of the 40 beggars who are members of this unique bank, telling "It is true that we have established a bank for ourselves."

"Bank’s manager, treasurer and secretary along with one agent and other member, who are running and managing it, are all beggars," Manjhi said, who is, incidentally, the manager of the bank. Manjhi, who is literate enough to manage the accounts and other works of the bank, said, "Each of us (beggars) deposits Rs.20 every Tuesday in the bank that comes to Rs.800 weekly deposit."

Malti Devi, who is the secretary of the bank, that was established six months ago, said, "It began last year with a big hope and to fulfil aspirations of beggars. We are still not treated well in the society because we are the poorest of the poor."

Malti now reaches out to more and more beggars by opening their account. "Most of the beggars who are members of the ’bank’ have neither BPL (Below Poverty Line) card nor Aadhaar card," she said.

Manjhi’s wife Nagina Devi is the treasurer of the bank. She said, "My duty is to manage the deposit money."

Bank’s agent Vanarik Paswan said his job is to collect money from each member weekly for deposit.

Manjhi said their bank helped him when he faced an emergency. "Early this month, my daughter and sister sustained burn injuries while cooking. The bank has provided me a loan of Rs.8,000 for their medical treatment. It is an example of how the bank can help a beggar like me without any paper work or guarantor as practiced in nationalised and private banks," he said.

Manjhi would not have to pay interest on his loan for a month. "The bank has made it mandatory to pay interest on a loan at the rate of 2 to 5 percent from next month to put pressure to pay back loan amount," Malti said.

Beggars like Nathun Budha, Basant Manjhi, Rita Masomat, Dhaula Devi said that they were happy that at least now they have their own bank.

"We saved some money at least now and deposit in the bank," said Basant. Rita said they have been depositing money in the bank to meet her future needs. Nathun added that what was unique about their bank is the fact that it is owned and managed by beggars who decide on the rules and regulations themselves.

The beggars were encouraged to start their own bank by officials of State Society for Ultra Poor and Social Welfare last year.


Courtesy: Indiatoday