Bangladesh Bank (BB) is to bring street children under institutional financial support as they have already introduced various types of banking services for farmers, sharecroppers and other underprivileged people.
Governor Dr Atiur Rahman will inaugurate the new banking service for street children on May 31, Saturday.
This new horizon of banking services will be able to help children develop savings habits and will eventually help them to step forward towards a better future, reports BSS.
The central bank earlier on March 10 of this year in a circular asked all banks to allow street children and child workers to open bank accounts by taking a deposit of Tk 10 only, which is similar to the accounts of farmers and others who cannot afford normal banking services.
The directive has been backed up by 10 banks up until now and have teamed up with the non-government organisation “Save the Children” to offer services to the destitute children who have no option but to live and work in railway stations, slums, footpaths, bus and ferry terminals.
The 10 banks are Rupali Bank, Agrani Bank, Pubali Bank, One Bank, National Bank, Southeast Bank, Bank Asia, City Bank, NCC Bank and Bangladesh Krishi Bank.
BB Executive Director M Mahfuzur Rahman told BSS the other banks will follow the suit in phases.
“The central bank took the initiative for the street children to help develop saving habits among them, and reduce the trend of their derailment from the right path by protecting their greater interest,” he said.
In accordance with guideline set by BB, all the accounts should be operated by the non- government organisations (NGOs), nominated by the central bank.
The concerned NGOs will nominate at least two of their staffs for doing these jobs. Among the two employees, one should be from the accounting department and the other from the field level.
However, the NGOs should take the overall responsibility of operating the accounts until the street children and the child workers reach the age of 18 years. The NGOs and the banks concerned will sign agreements to operate the accounts.
There will be no fees for these accounts, however the account holders will not get online transaction facility, meaning no debit or credit cards would be issued by the banks. Withdrawal should be done by using cheques or other physical debit instructions.