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Recently, which of the following state governments have decided to set up Time Bank?
  • a)
    Madhya Pradesh
  • b)
    Uttar Pradesh
  • c)
    Manipur
  • d)
    Rajasthan
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Recently, which of the following state governments have decided to se...
Madhya Pradesh government’s Happiness Department plans to set up a Time Bank.
It would lend currency to an hour, which could be exchanged to learn a new skill without the need for any paper money.
It is a reciprocity-based work trading system in which hours are the currency. With time banking, a person with one skill set can bank and trade hours of work for equal hours of work in another skill set instead of paying or being paid for services.
Whenever a bank member needs a service or wants to acquire a skill, say gardening or playing a guitar, she could exchange a credit, worth an hour, with another member knowing the skill.
First Time Bank was set up in Japan in 1973. Today, there are more than 500 such communities across 32 countries.
Hence, the correct option is (a).
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Recently, which of the following state governments have decided to set up Time Bank?a)Madhya Pradeshb)Uttar Pradeshc)Manipurd)RajasthanCorrect answer is option 'A'. Can you explain this answer?
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