Mullur Village Public School in Mysuru has its own student-run bank – The New Indian Express

Express press service

MADIKERI: Teach them young people, they said. And that is exactly what the Government Lower Primary School in Mullur Village is trying to do with its 37 wards. The school breaks down banking-related concepts into their simplest form using real-world, real-life examples.

A bank was started at the school called SBM or School Bank of Mullur. And their attempt seems to be successful. “I often spent the petty cash my parents gave me on junk food. But now I collect all the coins and deposit them in the school bank,” said Navya MY, a fifth-grader at the school who is learning how to save money.

This small bank believes in incentives for those who save. Pencils for those who deposit Rs 100 with SBM, and a pen if the savings exceed Rs 200. A notebook is offered to children who can save up to Rs 300. That’s not all. Children who save up to Rs 500 receive five percent interest on their deposit. No wonder SBM has enthusiastic applicants.

“Each student has a locker and received a handmade booklet as well as checks. We have also appointed banking staff among the children who make the entries on the passbook,” said Satish, a teacher at the school. The administration of the bank is in the capable hands of Tanvi MA, Punya and Vidya ML, who efficiently perform their duties as manager, accountant and cashier respectively.

It’s not just a simulation of real life here—there are “real” aspects too. If a child manages to save up to Rs 1000, the entire amount will be transferred online to the actual bank account belonging to the child, Satish confirmed. If they want to withdraw their money, they must complete a challan to withdraw it by check. What is interesting is that the challan and the check are both handmade by the students. Well, one thing is for sure, these kids when they become adults are bound to have strong money management skills.