Madhya Pradesh government to set up a Time Bank
The Happiness Department of Madhya Pradesh government has decided to set up a Time Bank that would lend currency to an hour, which could be exchanged to learn a new skill without the need for any paper money. It’s a reciprocal service exchange which uses units of time as currency. Under the scheme, people who have the time can also volunteer help needy people. The time banks will enable person-to-person, person-to-agency and agency-to-agency transactions. The first Time Bank was set up in Japan in 1973.