Introduction:
The Joint Family System of our own country was in operation since inception. It acts as a strong bulwark against the problems arising due to old age and also problems arising due to penury. The joint family systems have also their limitations. Under this system one person was earning and rest persons were dependent on them. Finally the burden of resources, as well as change of socio-cultural, crumbled the joint family system. In search of employment the members of joint family move out of the system.
This created a new concept in the name of nuclear family system. Hence, the need of Timebanks is very much relevant in India as of today. Moreover the reasons about the importance of Time Bank are many more. In our country, the habit of serving the old people in new generation are dwindling day by day. It is often seen that children after getting job either forget their parents or ignore them. In such circumstances, the role of Times Bank is vital.
What is the concept of Time bank?
Time banking is a bartering system for services, where people exchange services for labor-time-based credits, rather than money. The term Time Banking was coined and trademarked by American lawyer Edgar Cahn, who advocated its use to supplement government social services.
The Swiss Government has started the initiative in their country. The Swiss Ministry of Health has created a timebank concept to assist senior citizens in the country.
Under this Time Bank one side new generation persons will secure themselves for getting old by investing their time in serving old people. As by giving service they will get a card as like credit card that can be used when they will become old. By doing, so the inclination towards helping others will grow. This will strengthen the society as well as the country in a long way. In nutshell, the concept of Time Bank is boon for all citizens.
This story is from the May 2022 edition of BANKING FINANCE.
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This story is from the May 2022 edition of BANKING FINANCE.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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