Under this new scheme, a girl can open a bank account on which the bank will add 5% interest as well as deposit of 5% of the cumulative savings and interest earnings as its contribution. Each account shall be opened in the Mann Deshi Mahila Cooperative Bank, which is a part of the Foundation.
The founder of the bank Chetna Gala Sinha said "As the income level of these families are very low, a small amount of Rs.50 will also be accepted by the bank. Any girl studying in Std 8 can join this scheme".
"The lack of funds for fees and other educational expenses prevents many girls in rural areas from pursuing an education. In many areas, junior and senior colleges are not available, so the students have to say away from home to continue with their education. The amount collected in two years is expected to provide sufficient monetary for further education of the girl", she added.
She further explained that once the girl clears the secondary School Certificate (Std 10) examination, she can withdraw money from the account for further education or the family can continue depositing the money and use it for her Undergraduate studies.
"Some girls have already enrolled for the scheme and opened accounts. The foundation was already offering scholarships to bright girls from the rural areas of Satara, but with this scheme, more girls can get funds for further education", added Chetna Gala Sinha.
It seems that importance of Women Education is getting quite viral all over India. This is a good opportunity for those girls who wish to study higher education after class 10.