On June 17, Muthoot Fincorp Limited announced its partnership with National Skill Development Corporation to train over 10,000 youth over the next three years and make them job ready.
In a bid to equip youths with job ready skills, Muthoot Fincorp Limited has partnered with National Skill Development Corporation (NSDC) and have become the first major private sector player to launch the Pradhan Mantri Kaushal Vikas Yojana (PMKVY.2) program.
Under the scheme, Muthoot Fincorp targets to train over 10,000 people over the next 3 years and make them job ready. For this, NSDC has approved a target of 3,000 candidates in the first year and 3,500 each in the subsequent two years.
Talking about the selection criteria of this program, Chief Human Resource Officer of Muthoot Fincorp Tojo Jose said “we have created a rigorous selection process to ensure we select the right candidates with the required competencies.”
He said that our skilling model is designed for 290 hour curriculum and we will be operating on a captive employment model.
Further, he added that we have a tentative plan for the launch of the program and inauguration of the first centre will likely to take place in early July 2018 at Bengaluru.
To support this partnership and its mission, the Muthoot Pappachan Group will also absorb 80 per cent of the trained students (8,000) into the Group for regular positions (Job Roles), after successful completion of training and assessment of the candidates.
This program will make the candidates market ready and impart job-ready skills to access steady income opportunity in the NBFC space in India.
Selection Process for Candidates started at CICMS for Pathanamthitta Area
To be a part of this program, candidates can apply to the Training Service Providers (TSPs) directly who will be advertising the requirements locally in the districts assigned to them.
The minimum criterion for candidates to apply is graduation in any subject, preferably B.com, with minimum 55 per cent marks. With an objective to enable a large number of Indian youth to take up industry- relevant skill training that will help them in securing a better livelihood, this PMKVY a flagship scheme of Ministry of Skill Development & Entrepreneurship has been launched.
Highlighting the future prospects of the BFSI sector, Muthoot Fincorp said that the BFSI sector is likely to become the fifth largest in the world by the year 2020 and third largest by the year 2025.
The skilling model is designed for a 290 Hour Curriculum, which will be operated on a “Captive Employment” model, where training will be imparted as per BFSI approved training content and curriculum. The curriculum will be comprehensive and focus on building skills like loan processing by creating a training program pertinent to the youth to take up similar job opportunities. The training content is a combination of technical and soft skills. On completion of the training, the candidates will be absorbed by the industry, as ready resources who can contribute from the beginning of there career, thus saving on the training costs and time of the prospective employer.
ABOUT PRADHAN MANTRI KAUSHAL VIKAS YOJANA
PMKVY is the flagship scheme of the Ministry of Skill Development & Entrepreneurship. The objective of this Skill Certification Scheme is to enable a large number of Indian youth to take up industry-relevant skill training that will help them in securing a better livelihood.