HSBC unveils Rs 100 crore skill development programme

Banking major HSBC has announced a skill development programme for India, entailing an investment of Rs 100 crore, which will impart skills to more than 75,000 people.

The launch of the programme - HSBC Skills for Life - was announced last evening by Prime Minister Narendra Modi and his UK counterpart David Cameron. Modi is on a three-day visit to the UK.

The programme aims to provide more than 75,000 young people and women with requisite skill sets, over the next five years, to enable them to earn a sustainable livelihood.

"HSBC, has committed a sum of Rs 100 crore towards this programme, spread over the next five years," a release said.

The programme would also facilitate exchange of learning, innovation and best practices and engage various stakeholders to broaden the ambit of discourse around skills and align it with the government's vision of Skill India, it noted.

HSBC Skills for Life would support non-profit organisations in three focus areas -- employment-linked skills development of disadvantaged, upskilling of educators and teachers and women's empowerment through livelihood enhancement, according to the release.

"The first vertical will be launched in 2015 in partnership with Swades Foundation while the other two verticals will be initiated from 2016 onwards in partnership with other NGOs," it said.

According to the banking major, India is poised to become the world's youngest country by 2020, with an average age of 29 years.

"Skill development will play a significant role in ensuring sustainable development and will also serve as a powerful instrument to reduce poverty and inequality," it added.

HSBC India Group General Manager and CEO Stuart P Milne said it believes that financial institutions have a role to play in building the capacity of disadvantaged young people and women, and enabling them to contribute to the economic prosperity of their local communities.

"HSBC Skills for Life is a flagship initiative of the Group in India that will support the ambitions of these young people and women, and provide relevant skills towards creating livelihood opportunities and making them employable," Milne said.

In India, HSBC offers a range of banking and financial services.