In an effort to increase financial security in India, this co-operative bank is for beggars and run by beggars. An underprivileged group in Gaya founded the Mangala Bank, specifically to serve other underprivileged people like themselves. Encouraged by the State Society for Ultra Poor and Social Welfare, the autonomous bank enables its members to begin saving and helps in emergency situations.
Without appropriate modes of identification, these people are unable to start bank accounts at other institutions. This means they don't have a method of saving the alms they do get begging at a temple close by. On Tuesdays Mangala Bank's members deposit 20 Ruppees.
The co-operative bank is able to make loans to its members in a crisis, which they have to start paying back the next month. After that, the bank charges 2-5% interest as incentive.
Autonomous Underprivileged Banks
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