Janalakshmi Financial Services Pvt. Ltd.(JFS) and Manipal Global Education Services (MaGE) announced today the launch of Janalakshmi-Manipal Institute of Financial Inclusion(JMIFI), that was formally inaugurated at Bangalore, by Shri. Ajay Maken, Union Minister of Housing and Urban Poverty Alleviation, Government of India.
Today, with the growing urbanization, the country is facing a unique challenge where the requirement is to train approximately 500 million youth joining the labour force by 2020, while current capacities can only provide training to 10% of this number. Therefore, there is a need to create scalable and sustainable solutions that can address the demand-supply mismatch. The initiative by JFS, a pioneering urban financial inclusion services company, and MaGE, a well-known leader in the field of end-to-end integrated learning & training services to enterprises in India, is significant, in this context.
MaGE has launched several such joint initiatives with leading banks and financial institutions. This is however, the first time that MaGE has entered into a similar tie-up with a microfinance institution focused on delivering comprehensive financial services to the financially excluded. The current programme has been designed for newly inducted staff, as a 3-week residential program covering all aspects of basic delivery of services to the financially excluded. The course covers statutory and industry guidelines along with specific feature of products offered and processes followed in JFS. Soft skills and personality development of the trainees are also provided for. The training will be conducted in vernacular, and jointly by trainers from JFS and faculty of MaGE. The programme structure also includes field visits in which the trainees will visit local markets to meet potential customers and also branches of JFS. Faculty from MaGE and members from JFS team will accompany JFS trainees for the field visits.
Upon successful completion of the training programme, the candidates will be issued a certificate entitled "Certificate in Basic Inclusive Financial Services" by the Janalakshmi-Manipal Institute of Financial Inclusion. Over time, the programme will be expanded both in terms of content and timing, to reflect the growing demands of the organisation and the sector. Close to 1000 employees of JFS are likely to undergo this programme on an annual basis at Bangalore, Maharashtra and National Capital Region.
Launching the Janalakshmi-Manipal Institute of Financial Inclusion, Shri. Ajay Maken, Hon'ble Union Minister of Housing and Urban Poverty Alleviation, Government of India said "The fast pace of urbanization of India is throwing up interesting opportunities as well as challenges. Financial inclusion of the migrating population, affordable housing, slum upgradation and prevention, skilling or re-skilling of unemployed/underemployed population and creation of employment opportunities for the youth coming to the urban centres are some of the key challenges that we need to address on an urgent basis.
The Government of India has launched various initiatives including the setting up of the National Skills Development Corporation, National Skills Mission and the National Urban Livelihoods Mission. However, the Government is conscious of the fact that in order to successfully implement such initiatives, the Government has to enable, encourage and partner with non-government players for achieving scale and long-term sustainability. It is in this context that this initiative undertaken by Janalakshmi Financial Services and Manipal Global Education Services is extremely significant. This collaboration is expected to achieve the triple objectives of skill development, employment and financial inclusion of the youth that the Government is focused on."
Shri. M. Lakshminarayana, Principal Secretary to the Chief Minister and Housing Department, Government of Karnataka, commented that "The Central and the State Governments have taken up several initiatives to address these issues of skilling and employment of the youth. In the State of Karnataka, which is one of the better off States with relatively lower rate of unemployment, the Government of Karnataka through the Department of Employment and Training and Karnataka Vocational Training and Skill Development Corporation Ltd (KVTSDC) have driven various initiatives like Sahayog, E-learning Labs, Karnataka Placement Cell, Margadarshi, Udyogadarshi to deliver the target of training about one lakh people through Industrial Training Institutes, Industrial Training Centres (ITCs)and Vocational Training Providers. KVTSDC is to train one lakh fifty thousand people and around one lakh people have to be placed though Job fairs and Human Resource Development Councils (HRDCs). The State Government is actively encouraging private institutions to participate in programmes to further scale these initiatives.
We are happy to see private institutions like Janalakshmi Financial Services and Manipal Global Education Services coming together to contribute to the efforts of the Central and State governments".
Mr. Ramesh Ramanathan, Chairman, JFS said, "We are happy to start this programme in association with Manipal Global Education Services. We see this institute addressing two critical challenges of urbanising India - financial inclusion and good quality employment. Most of our employees we hire have qualifications of only 12th standard, and don't have degree certificates. Their career prospects are therefore limited in the formal sector. This programme is aimed at providing the necessary skills for our newly appointed employees to grow in the organisation. Simultaneously, the programme helps address the massive challenge of financial inclusion in our cities, because it is through these staff that we are able to bring a range of financial services to the under-served sections of our cities".
Adding to this, Mr. S. Vaitheeswaran, MD & CEO, Manipal Global Education Services said, "We are delighted to enter into this alliance with Janalakshmi Financial Services. The 3 week residential programme will equip JFS employees with requisite soft and behavioural skills and with working knowledge required to serve the needs of the financially excluded citizens of India. The course will also cover guidelines relevant to Microfinance Industry, along with specific features of products offered and processes followed at Janalakshmi. Manipal Global Education offers the scale and expertise to set up full-fledged collaborative programs to train employees across multiple levels in an organization, thus building a captive talent pool for participating enterprises. The innovative and customized programs developed by MaGE helps enterprises get first-day-first-hour productive talent, thus eliminating the need for expensive hiring for the employers. This new initiative with Janalakshmi reinforces the role of MaGE as the leading end-to-end integrated learning & training services provider in India".
Janalakshmi Group has been focused on promoting a platform for urban livelihoods, in collaboration with varied stakeholders in the sector including government, enablers and skill providers, to build skills that enable access to growing market-based job opportunities offered by emerging urban economies. The setting up of JMIFI is a step forward for JFS to build a scalable model in urban livelihoods, within the financial inclusion sector.
About Janalakshmi Financial Services
Janalakshmi Financial Services Pvt. Ltd., (Janalakshmi) is one of India's leading Microfinance Institutions (NBFC-MFI), and is structured in the form of a unique 2-tier form, with the promoter stake held in the not-for-profit Section 25 Company - Janalakshmi Social Services. This is the only MFI in India structured in such a manner, with the deliberate intent of keeping the social spirit intact. Janalakshmi's market-based approach to financial inclusion is defined by three distinct characteristics: first, an exclusive focus on servicing the needs of the urban poor; second, a strong customer-value driven approach in designing financial products and services; third, the centrality of technology and processes as the foundation of a scalable enterprise (for more information log on www.janalakshmi.com).
About Manipal Global Education Services:
Manipal Global Education Services is the leading India-headquartered International provider of high-quality higher education services. Its ambit includes a wide range of higher education services to institutions in India, corporate training programmes in partnership with leading enterprises, vocational training across a number of sectors, as well as technology-driven services in areas such as testing and education delivery. It also owns and operates university campuses in Malaysia, Antigua in the Caribbean, Dubai and Nepal. It services and supports over 300,000 students currently, many of them through its award-winning technology platform, EduNxtT.
Manipal Global Education Services believes that industry relevance is the key construct in career-focused education in India. This has led to the development of innovative partnerships, with City & Guilds UK to launch IndiaSkills, and, with leading Indian banks like ICICI Bank, Bank of Baroda, Punjab National Bank, Andhra Bank, Axis Bank, Kotak Mahindra Bank and others to establish academies of banking & finance. Its other strategic investments include MeritTrac, India's leading testing & assessment company, and iRize, a leading creator of the employment ecosystem in India.
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Janalakshmi and Manipal launch Janalakshmi-Manipal Institute of Financial Inclusion
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Janalakshmi and Manipal launch Janalakshmi-Manipal Institute of Financial Inclusion
M Gopalkrishnan, +91 9880716453, email@example.com