Updated: May 30, 2022 7:38 p.m. STI
New Delhi [India]May 30 (ANI/NewsView): SATYA MicroCapital Ltd., one of the leading RBI-registered NBFC MFIs in the country, announced its collaboration with National Skill Development Corporation (NSDC) to provide financial support to students enrolled in the network of NSDC of training partners.
The collaboration aims to provide student loans at attractive interest rates, in addition to improving productivity and creating sustainability in rural geographies.
In an effort to help aspiring students pursue certifications, diplomas, degrees and other skill-building training courses, this initiative will allow them to explore better employment opportunities on the basis of merit. .
Disadvantaged students, who do not have access to these educational institutions, can avail of this loan to further and further their education through NSDC approved institutions. This initiative will also contribute effectively to the Skill India mission of the Government of India, as the skills loans target the training and development of the nation’s youth. Aspiring students can contact the nearest SATYA branch for more details on skill loans and offers.
India has the largest population of young people under the age of 25 in the world, with most of them living in the small towns and villages of the country. With this association, SATYA plans to extend its influence of microfinance to populations at the bottom of the pyramid in rural and semi-rural hinterlands. Over the next three years, SATYA aims to provide accessible credit services worth INR 1,000 crore for skill loans alongside the development of a skilled India. This partnership will unequivocally empower people, protect their future, and support an individual’s overall growth.
SATYA MicroCapital Ltd. and NSDC will also encourage interns to take on entrepreneurial roles, which will lead to the creation of more jobs in their communities.
The National Skill Development Corporation (NSDC) is a not-for-profit public limited company incorporated on July 31, 2008, under Section 25 of the Companies Act 1956 (corresponding to Section 8 of the Companies Act of 2013). The NSDC was created by the Ministry of Finance as a public-private partnership (PPP) model. The NSDC aims to promote skills development by catalysing the creation of large, quality, for-profit professional institutions. Additionally, the organization provides funds to establish scalable and cost-effective professional training initiatives. Its mandate is also to enable a support system that focuses on quality assurance, information systems and training academies of trainers either directly or through partnerships.
Sharing his perspective on the association, Ved Mani Tiwari, Chief Operating Officer and Official CEO of NSDC said, “NSDC has partnered with SATYA MicroCapital to provide skills loans to students registered with the partners. NSDC Accredited Training Centers, thereby promoting skills and development of young people and increasing their employability skills The Skills Loans will help fill funding gaps and facilitate access to skills development programs for young people. This is a great partnership that builds on SATYA’s latest milestone and the presence of NSDC training institutions across the country to provide financial aid to aspiring students.
“By effectively providing microloans and facilitating countless opportunities for growth, SATYA has played a catalytic role in financial inclusion and poverty reduction. However, we also cannot deny that acquiring an education beyond upper secondary is still a dream for many in rural India.There is a noticeable gap in the rural education system due to which children in rural areas face many difficulties.We recognized that Lack of availability of financial aid is one of the biggest constraints to attending Technical and Vocational Training (TVET) courses.Investing in quality education pays the best, we have created these products to offer a solution to the challenge. I fervently believe that it is time for SATYA to make a foray into the education segment. Empowering young people with skills development will propel certain ment the economic growth of the country I also express my gratitude to NSDC for placing their trust in our company and providing this opportunity agreement with SATYA. The program will not only train youths/women in skills but also provide them with networking, time management and communication skills,” said Vivek Tiwari, MD, CIO and CEO, SATYA MicroCapital Ltd.
SATYA has fostered an ecosystem for the growth of the microfinance industry in India. It has also significantly generated comprehensive economic opportunities for around 9 microentrepreneurs in the lake by providing full loan disbursement worth approx.
INR 5600 crore, thus serving as an impetus for inclusive growth and development of the marginalized sector of the population at the local level. In considering its future action plan, SATYA aims to act as a catalyst for the socio-economic improvement of 5 million households by 2025.
Along with educating its customers about financial inclusion, digital banking, savings options, and government programs, the company is seriously embracing a new dimension in the Indian microcredit space.
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