In 2004, two NGOs helped two dozen children in Chaturbhuj Sthan, a red-light area in Muzaffarpur, in Bihar, set up their own bank-the Bal Vikas Khajana.
The children holding accounts at this bank are rag-pickers, helpers at tea-stalls, or those who sell their ware at traffic intersections. They deposit anything between Rs. 5 and Rs. 50 to earn simple interest every three months. They can also get loans.
'Today, the bank has branches in two other districts—Sitamarhi and Bettiah—and these banks have over 1,200 accounts and over Rs 25 lakh in deposits.'
Mahila Vikas Kendra's Programme Manager, Abdul Rahim says- "The government may have laws to stop child labour, but in reality a lot of children have to work to support their families."
This bank encourages such children to save.