Muthoot Fincorp partners with NSDC to train over 10,000 youth

The Company 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. 

Muthoot Fincorp, the flagship company of the Muthoot Pappachan Group, has partnered with the National Skill Development Council (NSDC) to contribute towards the Pradhan Mantri Kaushal Vikas Yojana (PMKVY 2.0) programme under the Special Category Project.

Under this scheme, Muthoot Fincorp aims to train over 10,000 people over the next three years and make them job ready.

NSDC has approved a target of 3000 candidates in the first year and 3500 each in the subsequent two years.

The Company 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 programme will equip candidates with job-ready skills, facilitating access to steady income opportunities in the NBFC space in India.

Prospective candidates can apply directly to the training service providers (TSPs), 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 BCom, with minimum 55 per cent marks.

Tojo Jose, CHRO, Muthoot Fincorp, says, “The BFSI sector is likely to become the fifth largest in the world by year 2020 and the third largest by year 2025. It is expected to have a manpower requirement of 8.5 million skilled workers by 2022, which is an increase of about 4–4.5 million from where India stands today.”

“Skill development in India is an issue that needs our immediate attention. Through this programme, we aim to train and skill more than 10,000 people and address the skill gap in India,” he adds.

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, such as loan processing by creating a training programme 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, capable of contributing from the beginning of their careers, thus saving the training cost and time of the prospective employers.