Page 27 - Banking Finance May 2022

ARTICLE

TIME BANK

IS NEED OF

THE TIME

Introduction: rest persons were dependent on them. Finally the burden
of resources as well as change of socio- cultural crumbled
The concept of Time Banks is gaining momentum at a rapid
the joint family system. In search of employment the
pace in the entire world. Time banks have been established
members of joint family move out of the system.
in 34 countries .The numbers of Time Banks have grown
sharply in the year 1940. At that time the number of Time
This created a new concept in the name of nuclear family
Banks in United States were500 and now more than 37000
enrolments exist. TimeBanks also have a significant presence system. Hence, the need of Timebanks is very much relevant
in India as of today. More over the reasons about the
in Switzerland, Japan, South Korea, New Zealand, Taiwan,
importance of Time Bank are many more. In our country
Senegal, Argentina, Israel, Greece, and Spain.
the habit of serving the old people in new generation are
dwindling day by day. It is often seen that children after
The Joint Family System of our own country was in operation
getting job either forget their parents or ignore them. In
since inception. It acts as a strong bulwark against the
such circumstances, the role of Times Bank is vital.
problems arising due to old age and also problems arising
due to penury. The joint family systems have also their
limitations. Under this system one person was earning and What is the concept of Time bank?
Time banking is a bartering system for services, where
About the author people exchange services for labour-time based credits,
rather than money. The term "Time Banking" was coined
Rajeev Kumar and trademarked by American lawyer Edgar Cahn, who
AGM & Centre in Charge advocated its use to supplement government social services.
Union Bank of India
Staff Training Centre, Lucknow The Swiss Government has started the initiative in their

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