MSRLM and SBI partner for financial literacy of DDU-GKY beneficiaries

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India has seen immense economic growth in the past two decades, which in turn has transformed all aspects of an Indian’s life. We still, however, have a significant work left to be done, as far as comprehensive and inclusive growth, especially in rural India, is concerned. The Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) program, under the guidance of Ministry of Rural Development (MoRD), is being implemented by Maharashtra State Rural Livelihoods Mission – UMED in PPP model through Project Implementing Agencies (PIA). Mandate of the PIA is to provide job-linked skill development training as per the guidelines of DDU-GKY. In DDU-GKY, there are certain entitlements for the beneficiaries, for which having a bank account is mandatory. The target group in DDU-GKY is youth of 18-35 years of age, who have never had access to the banking services and are financially illiterate.

MSRLM SBI financial literacy

The MoU was signed at Maharashtra State Rural Livelihood Mission (MSRLM), CBD Belapur, Navi Mumbai office by Mrs.R.Vimala, Chief Executive Officer MSRLM, DDUGKY, Government of Maharashtra and Mrs. Yamini Migam, Deputy General Manager, Digital Banking Department, State Bank of India.

MSRLM SBI financial literacy1After enrolment of the candidates in the DDU-GKY training, many of the young people are unable to open bank accounts, because of various reasons. In order to facilitate and address this issue, MSRLM has initiated to tie-up with SBI for financial literacy and health awareness.

On 9th April 2018, MSRLM & SBI signed an MoU for providing the following services in all the DDU-GKY programs across Maharashtra, which is first of its kind in the country.

  1. To open accounts under “corporate salary package” –zero balance account of the youths to be trained under DDU-GKY Scheme at all its branches. The bank further agrees to make the disbursement of the above mentioned payments to the beneficiaries, under the scheme on its Cash Management Product (CMP & DBT) platform.
  2. SBI will work together with the PIAs to provide insurance to all the beneficiaries under the “Pradhan Mantri Suraksha Bima Yojana (PMSBY)” and/or Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) of GOI.
  3. SBI will work closely with the PIAs for providing financial literacy to all the DDU-GKY trainees as a part of training. This will help the students to enjoy the benefits of various services available to them to manage their money using internet banking.
  4. SBI also agreed to provide MIS (Management information System) for tracking the payments made by the PIAs to the students, and also provide bank statements of the candidates placed on the request of PIAs to the nearest SBI branch in Maharashtra.
  5. SBI will be conducting Medical Camps in the DDUGKY training centres as a part of SBI CSR activities.

MSRLM will direct and facilitate the PIAs to utilize the services of State Bank of India for disbursement of these payments to the beneficiaries, situated all over Maharashtra and across the country, wherever the beneficiaries are receiving job opportunities.

At the time of signing this MoU, Mr Ravindra Shinde, COO, MSRLM, Mr Randhir Somvanshi Deputy Director, Mr. George Bernard Shaw State Mission Manager (JPSD), MSRLM, Mr. Vishal Jadhav Mission Manager (RSETI), MSRLM, Mr S.Vardharaja AGM SBI, Mr. Milind Gadkari AGM SBI, and Mr. Jitendra Kumar Grant Thornton were also present.

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