Page 7 - Banking Finance JANUARY 2017

BANK UPDATE

BANKING

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Children's Bank helps in Govt directs banks to open special camps for banking
time of crises after The government has asked banks to prising of collector cum district magis-
launch special camps to open bank ac- trate, lead district manager of the
demonetisation counts for workers not hav- bank, labour officers of the
Children's Bank, a small savings bank ing accounts. These camps central and the state gov-
'run by the are likely to facilitate ac- ernment," according to
children for count opening for workers Union labour secretary M
the chil- of both organised and Sathiyavathy.
dren' in unorganised sectors.
Prime Min- The move comes in the backdrop of the
ister Narendra Modi's constituency, is "The location of these camps and other Centre's decision to withdraw old cur-
helping scores of low-income families relevant modalities may be decided at rency notes of Rs 500 and Rs 1000 from
tide over the crisis. the district-level by a committee com- circulation.
The Children's Bank at Varuna Nagram AIBOA appreciates bank employees for handling
colony in Varanasi came into existence
in 2008 and today boasts of over 1,800 demonetisation pressure
account-holders. "I have withdrawn The bank workforce discharging the "call across the counters of bank branches;
Rs. 2,300 to help my parents tide over of the nation" unmindful of the stress supply of currencies by currency chests
this crisis," said Vikas, who works at a from November 9 came in for of the RBI to all banks uni-
motorcycle repair shop. From his mea- praise at the eighth confer- formly and calibration of
gre earning Vikas deposits Rs. 10-20 ence of AIBOA-Karnataka. ATMs to the fullest extent,
daily into his account at this bank. is the need of the hour to
Earlier, he had purchased a second- An AIBOA press statement end the crisis.
hand bicycle for himself. said that the conference de-
liberated in detail the present status of The association had harsh words to
"Since my father could not manage demonetisation crisis in the industry, describe a minuscule section of the of-
to get his Rs. 500 note changed due which included - lower demonetisation ficers who helped convert black money
to rush in banks, I withdrew Rs. 50
of notes unavailable for exchange through the banking system.
to buy vegetables and other petty
things for household," said Amrita, a Banks to open 7 lakh accounts for tea
class VII student. The bank is an ini-
tiative of an NGO, Vishal Bharat workers in Assam
Sansthan that aims at developing a The BJP-led government in Assam has turned its attention
habit of saving among the children on tea workers which is its main support base in the state.
belonging to poor families. Banks will open 7 lakh accounts and set up 1,000 ATMs in tea estates.

BANKING FINANCE | JANUARY | 2017 | 7

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