Time Banks

Hello readers, this blog is dedicated to interesting concepts and theories around the world and to share an idea or just a thought for you to use these in your daily lives. Today’s concept is time banks.

During my architectural thesis days, I came across an intriguing concept of time banks. A concept which treats services as method of currency exchange. SO,

What is this concept & who started it?

Officially the term “Time Bank” was coined and trademarked by Edgar Cahn, an American law professor and social justice advocate. But the concept has been there since ages. In simple words, when you barter your time or service which you can provide in return for time or service you cannot perform yourself to be credited at the same time or in future is taken care by the time banks. It is considered a social way of transactions for community building. This type of transactive value is also called community currency where monetary gain or lose is not involved.

There are 5 core principals of this concept which are:

1. Everyone has something to offer (skill, time, services, stories, experience) other than money.
2. Every work can and should be awarded.
3. Strengthening the sense of community bonding.
4. Sense of belonging to a social construct.
5. Respect for each other and each other’s work

Why this concept ?

Time banks were brought to create a self-help social structure, a community building tool which would help those who were short of money to have a certain service performed for them. This type of barter system although was meant for low market value services where labour-time credits for each service would be proportional. This is also the reason why the concept was more popular within the communities and less acceptable as an inter community transaction machine. Now this concept is majorly used in old age facilities or social works.

How does this work ?

This will be clearer with an example: So consider Maya, a 40-year old homemaker registers for a time bank at an old age facility, she dedicates 1 hour of her time to go out shopping with Ms. Sharma am 76-year old widow at the old age facility. She earns 1 time unit for her activity, which she can redeem by asking for an equivalent time credit from another registered person at the time bank facility whenever required or she can just learn how to make perfect Sambar from Ms. Sharma the next day.

 

Advantages and disadvantages of this concept ?

As every coin has two faces. This concept also has its pros and cons. The advantages include encouragement for people towards community building, volunteerism and social responsibility. It also helps the low income or the neglected communities to access to services which are out of budget for them.

Whereas

The disadvantages are that this cannot be a widespread permanent solution, the concept lacks to account for the proportionality of the services with proper studies. Also, without money involved proper functioning of time banks won’t be possible.

India and time banks

In India, at present the share of people above the age of 60 is 10.5% which is projected to increase to 20.8% by 2050. This increase in the gentry share along with nuclear families has given rise to the need of time banks in the Indian social ecosystem. Recently, I came across a time bank initiative called Time bank of India supported by Rotary Club. Here the volunteers provide their time, companionship and services to the old age community and collecting time credits for the time they would need the same. This transaction is maintained while being socially responsible at the same time. A total non-financial help system. To know more about the initiative please click the link below:

link : https://timebankofindia.com/concept/

Now, this concept can be a taken to the administrative part of the country as well. A very fruitful endeavour if applied in the very grassroot of the Indian social economic ladder. There can be ways to implement time banks in the rural and small urban settings by the local bodies in a way to improve social awareness and development together. This blog is a fruit of thought for those who wish to improve such initiatives wherever already applied or want to implement in other sectors as well.

Here are few questions which can be discussed further, when we talk about implementing such ideas to a real multi activity scenario.

Is it practical?

Is it scalable?

Is it sustainable?

How can we ensure fair deal?

Readers are welcome to post their opinions and answers for the above questions and a combed method can be developed to understand the potential in the idea of ‘Time Banks’

Thankyou...for the read.