Students In Garrepally Operate Fully Functional School Bank

KARIMNAGAR: Students at Zilla Parishad High School in Garrepally village, Sultanabad mandal of Peddapalli district, are successfully running a fully functional school bank, the School Bank of Garrepally (SBG), designed to teach practical financial literacy to their peers.

Founded by social studies teacher Pattem Venkatesham, the student-managed bank is the first of its kind in Telangana to operate entirely under the supervision of schoolchildren. Since its inauguration by district education officer (DEO) Madhavi, the SBG has grown rapidly, with students depositing nearly ₹55,000 in its first three months.

The bank is run by a 10-member student team holding positions such as manager, assistant manager, cashier, accountant, clerk and help desk personnel. They handle all essential banking functions including deposits, withdrawals, accounting, documentation and internal auditing.

So far, the bank has nearly 150 student account holders out of the school’s 220 students. New account holders must complete mandatory Know Your Customer (KYC) details before receiving a passbook, ensuring a process that mirrors standard banking procedures. Guide teacher Venkatesham oversees the bank’s functioning and ensures its timings do not clash with regular classes.

Operating from a classroom that doubles as the bank premises, the SBG runs on a structured schedule: deposits are accepted from 8.45 am to 9 am and during lunch break from 12.30 pm to 1 pm, while withdrawals are processed between 4.15 pm and 4.30 pm.

To ensure accountability, the student manager and cashier deposit the day’s collections at the local post office every evening. The SBG also offers interest to student depositors at the same rate as the post office, encouraging regular savings.

The initiative aims to go beyond textbook learning and offer hands-on experience in financial management. Students maintain standard banking records such as daily cash sheets, ledgers, cash books, monthly registers and post office registers. Operational costs, including printing passbooks and ledger sheets, are currently met through community donations.

Social studies teacher Venkatesham, the architect of the programme, said financial literacy, early savings habits and channeling youth energy productively were the core goals of the SBG. He thanked the DEO, headmaster V. Kavitha, staff and parents for supporting the initiative, and hoped the bank’s success would draw more community encouragement.

SBG bank manager V. Akshith said leading the student bank has been a rewarding experience. “We are learning every aspect of how a real bank functions, from deposits and accounting to auditing,” he said. “Managing it ourselves has taught us the value of money and the importance of saving.”

Cashier Kishtij Kumar and accountant Aaradhya said handling daily deposits has instilled financial discipline. “We’re not just counting money, we’re helping our friends save for their goals,” they said.

Student account holders said the bank makes them feel like actual customers, and saving money has become enjoyable. Many said they were saving for larger purchases such as laptops or bicycles instead of spending on unnecessary items.

The School Bank of Garrepally now stands as a model of innovative teaching, demonstrating how practical, student-led initiatives can deliver meaningful and long-lasting learning outcomes in rural schools.