A Bank, For And By Children
More than 1,000 street children from New Delhi have joined together to create a bank. This little venture helps them manage the small sums they earn each day. Created by volunteer aid group called Butterflies, the Children’s Development Bank aims to empower children in several important ways. Like any other bank, CDB pays interest on the deposits that the children make. That interest can be a vital incentive to kids who might otherwise spend their daily earnings on cigarettes, candy or other items – or worse, have their meager profits stolen. The NGO that created the bank hopes to make it a full fledged bank which functions according to the co-operative banking system which gives every street and working child the opportunity to save and withdraw money and take a loan and create a better life. On similar lines, EBay has started MicroPalace, a micro finance initiative where people in the US can invest small sums of money, (as little as $100) to help to support development in impoverished areas. Some more from PC World.