Rong collects Rs. 1.9 million for students from 'saving one rupee a day'

BY PREM ADHIKARI,Ilam, July 27: Rong Rural Municipality in Ilam has collected over Rs. 1.9 million in eight months through children's savings accounts operated in community schools. 

The rural municipality initiated the programme to save Rs. 1 per student daily at community schools from November 17, 2023. Within eight months, the total savings amounted to Rs. 1,906,488.

A working committee of the rural municipality had approved student entrepreneurship based at schools with Chairman Policy-2023 on July 10, 2023, and implemented it since then. 

Chairman Mani Kumar Syangbo informed that the rural municipality in collaboration with Prime Commercial Bank opened accounts for 1,869 students initially. He said that Rs. 1,411,827 was deposited by students at the rate of Rs. 1 per student, Rs. 307,761 was deposited by the rural municipality and Rs. 186,900 was deposited by the bank at the rate of Rs. 100 per student as an opening balance.

According to Chairman Syangbo, parents deposit amounts every month at the rural municipality and the rural municipality deposits the amount into the bank account including Rs. 1 for each attendance of students from its side. Additionally, the rural municipality has developed software that allows the savings to be viewed transparently, eliminating monitoring issues. 

Education department head Shruti Tamang said that the software helped maintain transparency. 

Chairman Syangbo said that the one-rupee savings campaign was launched to instil a savings habit in students and reduce unnecessary spending. He said that both parents and students were motivated to save more with the implementation of such a programme. He said that although the minimum amount for saving is Rs. 1 per day, some students had managed to save Rs. 500 to Rs. 1,000 in a month.

He said that by the time students complete their high school education, they would accumulate significant savings, which can support further studies or entrepreneurship. He said that the rural municipality aimed to provide higher education to students without financial burden. 

Rong Rural Municipality has 30 community schools and two institutional schools. Initially, there were 2,253 students with bank accounts and later 112 students were added. The municipality has also implemented ICT education and installed CCTV, electronic attendance systems and labs in nine secondary schools.