175 beggars in Muzzafarpur started a bank with their money from begging. The bank offers interest for the deposits.
Bank offers interest for deposits, also gives loans for the needy
Economic security is something that every individual as well as enterprise desires. People save and invest in taking care of any financial emergency like illness, accident, etc., in the future. Beggars in Muzzafarpur have started a self-help group and created a bank to help themselves.
Bank opened with money obtained from begging
According to E-Dainik Bhaskar, 175 beggars in Muzzafarpur started a bank with their money from begging. The bank offers interest for the deposits. The bank also gives loans for the needy and charged an interest of 1%. The group also conducts weekly meetings where the affairs of the bank are discussed. The details of deposits, expenditure and income generated are also discussed in the weekly meetings. The Government is also assisting the self-help group after learning about the success of their venture.
The self-help group must have at least 15 members, and meetings are held at appointed spots every Sunday. All the members take decisions by consensus. The calculation and the other details are done by well-educated youngsters who are invited as guests. The details of money deposited and interests are all maintained in a ledger and updated every Sunday. All the minutes of the meeting are also maintained meticulously.
Social Security Cell grants 10 Lakh to a self-help group.
The five self-help groups have also been granted 10 Lakh rupees each by the Social Security Cell of the Government. Bhushan Kumar, who is the Assistant Director of the Social Security Cell, said that this amount is being provided so that the members become self-sufficient and able to join the economic mainstream as successful entrepreneurs. The members are planning to open units for making Carpets, Bedsheets, Candles and other daily use commodities. The Government will also help them by buying their wares directly to be distributed by co-operative stores.
