06/13/2011 06:36 pm ET Updated Aug 13, 2011

India Opens Bank To Help Child Laborers Save, Earn Interest (VIDEO)

In India, where child labor is prevalent, a new bank allows young workers to seek a better future.

Set up by a charity a few months ago, the bank encourages young laborers to save money and allows them to earn interest on their income, BBC reports.

The bank's sign inside reads, "Children's Development Khazana, Power to the Children."

A 13-year-old who works as a maid makes 50 cents a day and is starting to keep some of her earnings in the bank. She says she wishes she could stop working altogether and go to school. But her mother tells the BBC she needs the money her daughter makes.

"I don't like her working, but I have asked her to as I have no other option."

Although India has a Child Labor Act, many parents think children should be working and contributing to the family income. Improved access to education is helping to reduce the problem, but the issue persists as long as employers are willing to hire young workers, according to the BBC.