The school with an ATM machine

We have our own bank!!! This is what children of Zilla Parishad Primary School, Vinayaknagar have to say. Situated in the remote location of block Trimbakeshwar (district Nashik), the Z.P. school Vinayaknagar does not have an easy connectivity with towns and cities. Most of the school children have not even seen a real bank. However, they own passbooks and ATM cards! Children fill formats to deposit and withdraw money from their accounts. What more, they can get demand drafts made and even apply for loans. All this in the Aflatoun Bank!

On the basis of Aflatoun programme’s approach, school teacher, Mr. Sharad Totre decided to create a virtual banking experience for children. Taking Aflatoun’s initiative forward, he got customized cheque books, requisition slips/forms and ATM cards made. The ATM machine model has also been designed with the objective to make children understand its working mechanism.

All the transactions and records are maintained by the members of Aflatoun Club who were elected by the school children. Elections were conducted quite methodically in which candidates filled application forms, chose symbols and rest of the school children voted for their favourite representative. The elected members were given different portfolios like education, recreations, health & cleanliness, sports, etc. This initiative was presented in the annual exhibition organized by the Department of Science and Technology and won the best project at district level.

At present, the total saving in Vinayaknagar Aflatoun bank is Rs. 8,708. Children are using money for personal needs and well as for collective purpose. They withdrew Rs 10,000 for planning school picnic to Aurangabad and nearby places. Mr. Totre feels that Aflatoun programme has not only motivated children towards savings, but has also groomed them as responsible beings, which is highly appreciated by their parents. Earlier, children’s parents and guardians did not approve of children depositing money in schools and were skeptical of its misuse by the school teachers.

However, this perception changed when Shrinath Vitthal Mahale, a student of class one, required medical help for his fractured arm and applied for a loan of Rs 500. He used this money for the medical expenses which was a great help to his father. With enthusiastic teachers like Mr. Totre, Aflatoun is set to achieve greater heights.