Time Banks are gradually gaining popularity around the world. It involves the exchange of work hours for any service required without money changing hands.

The time bank allows an individual to offer voluntary services in return for credit hours, a record of which will be kept in the time bank. When this individual needs any service, he can get repaid by another volunteer on the basis of the credit hours he had earned earlier.

Encourages Community Ties

Time Banks help individuals to help one another in exchange for hourly time credits. One can opt for any form of voluntary service like teaching underprivileged children or looking after elderly persons and get paid in kind for the credit hours earned. People willing to help and those in need of help are brought on a single platform through time banks. A person need not help the same person who had helped him but can assist anyone in need in the bank’s network.

Community Level Banks

According to The Hindu, the Madhya Pradesh government’s happiness department planned to set up a time bank that would lend currency to an hour which could then be exchanged for services. Around 50,000 volunteers who have already registered with the department through local networks will form community-level banks and list the skills and services they could impart.

Time banks need to be propagated as it encourages people to volunteer and builds strong social ties and community trust. While it rewards all work including unpaid and care work, people with low incomes can get access to services which they otherwise may not be able to afford.