SATYA MicroCapital Ltd., one of the leading RBI registered NBFC-MFIs in the country, announced their collaboration with National Skill Development Corporation (NSDC) for providing financial support to the students enrolled with NSDC’s network of training partners. The collaboration has an objective to offer loans to students at attractive interest rates, in addition to improving productivity and creating sustainability in rural geographies.
MD, CIO and CEO-Mr. Vivek Tiwari, SATYA MicroCapital Ltd. with Mr. Ved Mani Tiwari, COO and Officiating CEO of National Skill Development Corporation
With a vision to help aspiring students pursue certifications, diplomas, degrees, and other skill development training courses, this initiative will enable them to explore higher chances of employment on merit basis. Underprivileged students, who do not have access to such educational facilities, can avail this loan for skilling and upskilling through NSDC approved institutions. This initiative will also effectively contribute to the Indian Government’s Skill India Mission as the skill loans target the skilling and upskilling of youth of the nation. Aspiring students can contact nearest SATYA branch office for details on the skill loans and offerings.
India boasts the world’s largest youth population aged less than 25 years, with most of them living in the country’s small towns and villages. With this association, SATYA plans to expand its microfinance outreach to the people at the bottom of the pyramid in the rural and semi-rural hinterlands. Over the course of next three years, SATYA aims to provide accessible credit services of worth INR 1000 crore for Skill loans, in tandem with developing a skilled India. This partnership will unequivocally empower people, safeguard their future, and endure the overall growth of an individual.
SATYA MicroCapital Ltd. and NSDC will also be encourage trainees to take up entrepreneurial roles resulting in the creation of more employment in their communities.
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, 2013). NSDC was set up by the Ministry of Finance as the Public Private Partnership (PPP) model. NSDC aims to promote skill development by catalyzing creation of large, quality, and for-profit vocational institutions. Further, the organization provides funding to build scalable and profitable vocational training initiatives. Its mandate is also to enable a support system which focuses on quality assurance, information systems and train the trainer academies either directly or through partnerships.
Sharing his views on the association, Mr. Ved Mani Tiwari, COO and Officiating CEO of NSDC stated, “NSDC has partnered with SATYA MicroCapital to provide Skill Loans to the students enrolled with NSDC accredited training partners, thereby promoting the skilling and up-skilling of the youth and increasing their employability skills. Skill loans will help in bridging the financing gaps and making the access to skill development programs convenient for the students. This is a great partnership leveraging on the last milestone reach of SATYA and presence of NSDC training institutions across the country to provide financial assistance to the aspiring students.”
“By effective provision of microloans and facilitation of enumerable growth opportunities, SATYA has played a catalytic role in driving financial inclusion and poverty alleviation. However, we also cannot deny that acquiring education beyond higher secondary is still a dream for many in the rural India. There is a discernable gap in rural education system owing to which rural children face many difficulties. We recognized that lack of availability of financial assistance is one of the biggest constraints to pursue technical and vocational education training (TVET) courses. Buoyed by the fact that investing in quality education pays the best, we have created these products to offer a solution to the challenge. I ardently believe that it’s the time for SATYA to foray in the educational segment. Bestowing the youth with skill development will certainly propel the nation’s economic growth. I also extend my gratitude to NSDC for reposing their faith in our business and furnishing this opportunity to SATYA. The programme will not only train youths/women to build the skills but will also equip them with networking, time management, communication skills,” said Vivek Tiwari, MD, CIO and CEO, SATYA MicroCapital Ltd.
SATYA has fostered an ecosystem for the growth of microfinance industry within India. It has also significantly generated comprehensive economic opportunities for around 9 lac microentrepreneurs by providing comprehensive loan disbursement worth approx. INR 5600 crore, thereby serving as an impetus for inclusive growth and development of the marginalized sector of the population at the grass root level. Envisioning its future course of action, SATYA aims to act as a catalyst for the socio-economic upliftment of 5 million households by the year 2025. Along with educating its clients about financial inclusion, digital banking, saving options, and government schemes, the company is earnestly imbibing a new dimension in the Indian microlending space.