Muthoot Fincorp, NSDC to train 10,000 youth under PMKVY

Muthoot Fincorp Limited today announced its partnership with National Skill Development Corporation to train over 10,000 youth over the next three years and make them job ready.

With the partnership, Muthoot Fincorp claims to have become the first major private sector player to partner with National Skill Development Corporation (NSDC) to launch the Pradhan Mantri Kaushal Vikas Yojana (PMKVY.2) programme.

Under the scheme, Muthoot Fincorp targets to train over 10,000 people over the next three years and make them job ready. NSDC has approved a target of 3,000 candidates in the first year and 3,500 each in the subsequent two years.

"We have created a rigorous selection process to ensure we select the right candidates with the required competencies. Our skilling model is designed for a 290-hour curriculum and we will be operating on a captive employment model.

"We have a tentative plan for the launch of the programme and inauguration of the first centre at Bengaluru in early July 2018," Chief Human Resource Officer of Muthoot Fincorp Tojo Jose told PTI.

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. The programme will equip these candidates with job-ready skills to access steady income opportunity in the NBFC space in India.

Prospective 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.

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.

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