A School Bank to Bank Upon

PONNANI:  The students of the Muslim Educational Society Higher Secondary School at Ponnani in Malappuram district have launched a programme called “Save money, share money” to help talented deserving students by offering them interest-free loans. Students can deposit their money in the bank on Fridays. The initiative is encouraging them to save money.‘’This is a first-of-its kind venture in the state. It will help students develop a sharing mentality. The major advantage of the bank is that it can protect poor students and their families from moneylenders to a certain extent. The bank provides loans for medical treatment, helps students and their families hit by the trawling ban and meets education expenses of needy students,’’ teacher Muhammed Sherif, the mastermind behind the project, said. Applications for loan are firstly considered by the board of directors at a meeting. Later the directors follow various procedures, including visiting the house of the applicant, to know whether the case is genuine.  “Once we are convinced that the requirement is genuine, the amount is sanctioned immediately. Besides, the beneficiaries themselves can decide on the mode of repayment of  the borrowed money, the number of instalments and the period  of the loan,’’ Sherif said.The bank has already provided loans to 10 students.“On certain occasions, there will be delay in getting the money sent by my father who is working abroad.  So I utilise the benefits provided by the ‘Save money, share money’ bank to meet exigencies. Just like me, students too find a helping hand in the bank to meet unforeseen situations like medical treatment,’’ Ruksana, a beneficiary, said.Inspired by the success of the initiative, the Education Department has asked the school authorities to submit a detailed report on the project.