Mangla Bank: India’s first bank run by beggars, of beggars, for beggars

If one has to learn the benefits of banking, it is from these beggars in Bihar who have started their own bank, which they operate to provide financial assistance to fellow beggars.

The bank named as Mangla Bank is situated at Gaya town near Maa ‘Maa Manglagauri Mandir, where these beggars seek alms.

“It is true that we have established a bank for ourselves,” told Raj Kumar Manjhi to a news agency, one of the 40 beggars who are members of this unique “bank”.

“Bank’s manager, treasurer and secretary along with one agent and other member, who are running and managing it, are all beggars,” reported IANS.

Manjhi, who is literate enough to manage the accounts and other works of the bank, said: “Each of us (beggars) deposits Rs.20 every Tuesday in the bank that comes to Rs.800 weekly deposit.”

Malti Devi, who is secretary of the bank that was established six months ago, said: “It began last year with a big hope and to fulfill aspirations of beggars. We are still not treated well in the society because we are poorest of the poor.”

The beggars were encouraged to start their own bank by officials of State Society for Ultra Poor and Social Welfare last year.