BUTTERFLIES-CHILDREN DEVELOPMENT BANK
SECTOR : FINANCIAL SERVICES
ORGANIZATION : BUTTERFLIES-CHILDREN DEVELOPMENT BANK
SYNOPSIS : A related and less carefree spotting came in from New Delhi, India, where more than 1,000 street children have joined together to create a bank that helps them manage the small sums they earn each day .Like any other bank, CDB pays interest on the deposits that New Delhi’s street children make. That interest can be a vital incentive to kids who might otherwise spend their daily earnings on cigarettes, candy or other items—or worse, have their meager profits stolen. Money for the interest comes from the repayment of micro loans made to kids 15 years and older. But interest on income is only part of the picture. While adults stand at the ready to help, CDB is managed by children, helping them gain valuable work skills.