Can you imagine a bank, which is promoted, run and managed by the students themselves?
Nehru College of Management has embarked on this novel initiative with the inauguration of Nehru MINT –a Students Bank and a convenience store – NEEDS, to be managed and operated by the Business Management and Computer Applications students of the college.
The initiative aims at providing the students the practical difficulties and experience of running a business.
Highlighting the benefits of Nehru MINT, a college source said that the capital for the said bank would be raised with students support and particularly those that are interested in the venture. The MCA students would develop the software for this bank, do a test and trial run to ensure operational success. This will help them understand the practical difficulties of implementing a banking solution.
The Business Management students would run the operations, garner deposits and extend loans to the needy students at a nominal rate.
A 10-member student team would run the bank. It would be supervised by a faculty and this team would change month-on-month.
The team making the maximum profit would be given a cash award at the end of the semester.
The Regional Manager of Syndicate Bank Mohan Raj inaugurated MINT, located within the college premises.
Referring to NEEDS (the convenience store), the source said that the MBA students would run and manage the operation of the store and in the process understand the importance of maintaining an inventory, manage re-order quantities and so on. This convenience store would take care of the students basic requirements such as stationery supplies, snacks, short eats and so on and the products would be offered at a discounted rate.
This store again would be managed by a 10-member team under the supervision of a faculty member.
The management team would change month-on-month and the team making more profit would get a cash award at the end of the semester, said S Franklin John, Principal, Nehru College of Management explaining the concept.
The Chief Executive of Nehru Group of Institutions P Krishnakumar presided over the function.