Bank of St Theresa an adventurous venture undertaken by the B.Com students to teach their peers the importance of budgeting and saving. This is a working bank by students and for students. The attempt of working bank dates back to 1988 when the then B.Com students organized the bank for 15 days successfully. During the academic year 2011-12 the department started the functioning of the Bank again and is being continued.
Bank of St Theresa an adventurous venture undertaken by the B.Com students to teach their peers the importance of budgeting and saving. This is a working bank by students and for students. The attempt of working bank dates back to 1988 when the then B.Com students organized the bank for 15 days successfully. During the academic year 2011-12 the department started the functioning of the Bank again and is being continued.
Commerce is a course consisting of practical and skill oriented subjects such as Accounting, Auditing, Costing, Banking, Business Organisation and Management. To make the students to understand the subjects they need to get exposed to true working environment. A working business unit can create a platform to give all these practical skills. Therefore the department decided to start a bank which can give these practical skills to the students.
Another reason to select bank is to cater to the small and simple financial needs of students such as providing a chance to save small amounts and borrow loans for emergency needs etc,. Thus the Bank can serve the whole student community of the College.
Bank of St Theresa is started with an aim to inculcate management skills and saving habits in the students. Thersesian bank provides long term and short term loans to students and staff members. Students practically learn how to manage accounts and monetary transactions. The bank was initially supported by the SBI main office, Eluru. They helped in formulating the working procedures and forms that can be used as well as the accounting system. A team of 25 students formed in to a committee and designed the entire programme with the help of the lecturers. In the first stage 14 students were selected to take various responsibilities and all other students work for one week.
Students get the practical experience, of managing a bank. Besides various managerial skills, they learn team spirit, time management, business skills, accounting and auditing. The bank introduces them to the habit of saving. The profit gained is used for scholarship to the B.Com. students. Hence they learn about social responsibility aspect of Bank. The number of account holders is on the increase.
Prakruthi