Over 100 schoolchildren got a rare opportunity to become privileged customers of Andhra Bank, thanks to the initiative of the National Bank for Agriculture and Rural Development (NABARD). The bank officials began opening of savings accounts with zero balance to create financial discipline among them at a young age. Officials of both the organisations decided to create awareness among the kids about the functioning of banks and importance of savings in the life.
The banks understood that children of well educated families had some idea about the functioning of banks, but their rural counterparts hailing from poor families did not know their importance.
Under the joint financial literature and credit counselling system, they started awareness programmes in residential hostels too. As part of it, both NABARD and Andhra Bank organised a programme in the government residential hostel of Pedapadu near Srikakulam. NABARD senior official M.D. Vasudevan, Deputy General Manager of Andhra Bank A.V. Ramakrishna Rao said that their initiative got good response from all places.
“Bank representatives come regularly to the hostel and collect the amount from the students as they cannot come to the bank frequently and directly. The amount will get credited and accounts will be functional. The activity will enhance confidence among children and make them to know importance of money and savings in life,” said Mr.Vasudevan. A student of sixth standard Lakshmi said that she and all her friends were enthused with the programme.
“Right now, we don’t how to save money given by parents and other family member when they come to hostel. Now we can save amount in a hassle-free manner,” she added.
A non governmental organisation called Human Developments Association planned to organise such programmes in remote places. “Students of downtrodden sections will be proud if they have bank accounts. We will approach other institutions to make savings a habit among students,” said the organisation’s founder A.V. Ramana.
