Several beggars from Gaya in Bihar have come together to form their own bank. Beggars who beg at the Mangala Gauri Temple have started this bank and thus they have named this bank, “Mangala Bank”. The only condition to get an account with this bank is that one should be a beggar. The primary objective of this bank is to ensure financial security to its members in time of crisis.
Currently this bank has 40 members and all of them are beggars as the primary eligibility. Rajkumar Manjhi, who is somehow educated to manage the basic operations of the bank is the manager of the bank.
The collection agent of the bank, Vinayak Paswan, collects twenty rupees from each of the member every tuesday. Rupees eight hundred are collected every week and thirty two hundred every month.
Malti Devi, who is the secretary of the bank said that the bank intends to fulfil the dreams of beggars because other people do not offer respect and show interest in the welfare of beggars.
The bank gives loan to members in time of crisis without any security. Members do not even need to pay any interest for the first month and later 2% to 5% interest is charged on the loan amount.
The bank was started six month ago and now reaching more areas to contact beggars to join the bank. Beggars involved with the bank are happy that they at least have something in the name of bank account and saving.
