The street children of India represent one of the most disadvantaged and vulnerable groups. From lack of support and homelessness to sexual abuse, theirs is a life where the light at the end of the tunnel is all but non-existent. Over the years, a number of national and international NGOs have been working to improve conditions for street children in India. One commendable innovation in this arena is the Bal Vikas Bank. Masterminded by a Delhi-based NGO, Butterflies, the bank was started in April 2001 in order to allow street children a safe place to deposit money and save it for future use.
The purpose of the initiative is not only to self-empower street children but to provide some skill and vocational training while ensuring that the children not only learn to save money but are also covered for medical or educational needs. The savings also provide these children with the option to at various livelihood alternatives with the money they have saved.
The brilliance of Bal Vikas Bank lies in the fact that it is totally run by street children for street children. The Loan Committee, the Board Members, the volunteer cashiers and other bank personnel and the clients are all street children. All bank workers are trained by volunteers from HSBC Bank and range in age from 12 to 14 years. With adult facilitators from Butterflies and support from government agencies, this bank is a laudable project in cooperation and implementation.
Since its inception in 2001, Bal Vikas Bank, or the Children’s Development Bank (CDB) as it is called internationally, has grown from 20 members to 1,700 members across 11 night shelters in Delhi. The bank opens at 6:30 p.m. each day and offers 3.5% interest on savings. The children have the option to either have a savings account, for a minimum deposit of Re.1, or a current account.
By the children’s own admission, Bal Vikas Bank has given them more than just a means to be economically empowered. It has given them a reason to feel proud and confident and have some sense of control over their otherwise chaotic lives.