New Delhi. Manish Goyal, a 12th passed student who is eying a seat in the prestigious Delhi University, has deposited his marks in ‘Marks Bank of India’ (MBI) as the admission process has been delayed by few days thanks to the controversy over the four-year course.
MBI is the first its kind bank which offers interest rate on deposited marks, similar to the way a normal bank account holder gets interest on fixed deposits of money.
“I could score only 96%, and I feared missing the first cutoff by DU,” Manish told Faking News, “Last week I came to know about MBI, which was offering attractive rates for marks deposit. Since my marks are anyway sitting idle due to the current face-off between DU and UGC, I thought I’d put my marks in MBI and earn a few marks as interest, which will help me qualify for the first cutoffs.”
Since the DU admissions are delayed only by a few days, students like Manish are hopeful of benefiting from MBI, but there are others who are willing to wait for over a year so that their marks too match the brutal cutoff levels.
Trilok Singh, the man who started this out-of-box marks banking system, is alumnus of Lucknow University and he started this bank to help poor students.
“Back in 2000, I too failed to get admission in my favourite DU college, just because of a few marks. It was then, I decided to do something for students like us,” said Trilok, also the Managing Chairman of MBI.
MBI was given license by the then HRD Minister Kapil Sibal after Trilok praised his poems. Operational from this year, MBI is not only offering interests on marks deposited by students, they are also providing “marks loan” to students in need.
“Some students dream of colleges completely out of their reach, like a guy with 80% marks dreaming for a seat in St. Stephen’s. Here, we provide them loans to make their dream come true,” Trilok Singh explained, “He can borrow 20% today and repay those by depositing marks he gets during the course he gets admission into. One has to be careful, because if he gets around 55% marks in graduation, he will need to repay 25% including interest, and thus be left with 30% marks, and could end up failing in the course he takes admission to!”
“That is why before lending marks to any student, we first confirm if the student is capable of repaying,” Trilok clarified, “But students shouldn’t panic. We ask them to repay in installments over a long period.”
“Normally we have repayment system spread over a period of three to four years, depending on the course the student is enrolling for. And instead of EMI, we have ESI – Equated Semesterly Installments, where each student gives a fixed percentage of their marks to the bank,” Mr Trilok continued.
However, unlike in financial banking, where young customers are offered low interest rates, rate of interest is generally high for youngsters as MBI believes that 12th standard marks carry more value than graduation marks.
“12th marks helps you to get admission in good colleges, which subsequently results into better girlfriends, better jobs, better salaries, etc. the list the endless. So normally, we charge 3 graduation marks as ESI for each 12th mark,” MBI Chairman explained the logic.
On being asked from where they get the marks to offer, MBI said that the biggest depositors were IIT students.
“They are not that dependent of 12th marks, but they want to keep it growing constantly. Hence they deposit their marks in our bank,” Trilok Singh revealed.