# Autonomous Underprivileged Banks This Co-Operative Bank in Gaya, India Helps Beggars Save Alms By Alyson Wyers | Published 2015-05-04 | Social Good Source: Trend Hunter, https://www.trendhunter.com/trends/cooperative-bank References: [springwise](http://www.springwise.com/india-bank-beggars-run-members/) & [ssupsw.in](http://www.ssupsw.in/) 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](https://www.trendhunter.com/trends/lets-open-the-door), the autonomous bank enables its members to [begin saving](https://www.trendhunter.com/trends/ocbc-myown-account) and helps in emergency situations. [Without appropriate modes of identification](https://www.trendhunter.com/trends/biometric-system), 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. ## Trend Insights (Trend Hunter) - Score: 2.5/10 - Popularity: 16% | Activity: 51% | Freshness: 8% - Audience gender: 50% men, 50% women - Primary generations: Gen Z, Millennial, Gen X - Top markets: Asia ## Categories [Trend Hunter](https://www.trendhunter.com/trends) > [Social Good](https://www.trendhunter.com/socialgood) ## Key Themes ### What's Driving This Trend - **Financial Inclusion:** Disruptive innovation opportunity: Create specialized banks or financial institutions that cater to underprivileged and marginalized communities. - **Alternative Banking Models:** Disruptive innovation opportunity: Develop autonomous and co-operative banking systems that provide services to individuals who are excluded from traditional banking. - **Empowering Social Welfare:** Disruptive innovation opportunity: Collaborate with government agencies and non-profit organizations to establish financial initiatives that address the specific needs of underprivileged populations. ### Who This Affects Most - **Banking:** Disruptive innovation opportunity: Explore new ways of serving the unbanked and underprivileged populations through innovative banking models and financial services. - **Fintech:** Disruptive innovation opportunity: Leverage technology and digital solutions to create accessible and user-friendly financial platforms for individuals who face barriers to traditional banking. - **Social Welfare:** Disruptive innovation opportunity: Develop partnerships and initiatives that promote financial inclusion and empowerment for underprivileged communities, aligning with government social welfare programs. ## Related on Trend Hunter - [Digital Canine Blood Registries](https://www.trendhunter.com/trends/bark-bank.md) - [Scientific Research-Supporting Banks](https://www.trendhunter.com/trends/science-bnk.md) - [Virtual Banking Environments](https://www.trendhunter.com/trends/uni-verse.md) - [Blockchain-Based Credit Scoring Solutions](https://www.trendhunter.com/trends/credit-scoring-solution.md) - [Low Income-Targeted Payroll Platforms](https://www.trendhunter.com/trends/b9.md) - [International Professional Neobanks](https://www.trendhunter.com/trends/zolve.md) - [Accessibile Banking Initiatives](https://www.trendhunter.com/trends/cadence-bank.md) - [Student-Friendly Bank Visits](https://www.trendhunter.com/trends/garanti-bbva.md) - [Educational CSR Initatives](https://www.trendhunter.com/trends/shimanto-bank.md)