After introducing various types of banking services for farmers, sharecroppers and some other underprivileged people, Bangladesh Bank (BB) has now extended its generous initiatives to bring street urchins and child workers under institutional financial support.
The central bank on Sunday directed all banks to allow street children and child workers open bank accounts by depositing Taka 10 only, which the banks are now offering to the farmers and others who cannot afford normal banking services.
“The initiative has been taken for the street children to help develop saving habits among them, and to reduce the trend of their derailment from the right path by protecting their greater interest,” the central bank said.
The central bank in its directive also gave a detail guideline on the procedures of opening and operating of the accounts for street children and child workers.
The BB said all these accounts should be operated by the non- government organisations (NGOs), nominated by the central bank. The interested NGOs are advised to submit applications to the BB’s Green Banking and CRS Department through scheduled banks.
The central bank will prepare a list of NGOs who can operate the accounts on-behalf of the street urchins and child workers. The NGOs concerned 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, but 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.