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India Positions Itself as a Global Financial Services Hub through Collaborative Skill Development Initiatives
The strategic collaboration between the All India Council for Technical Education (AICTE), the National Skill Development Corporation (NSDC), and Bajaj Finserv Ltd. The partnership aims to equip young graduates with the necessary skills for employment opportunities within the financial services sector.
The collaboration involves the exchange of two Memorandums of Understanding (MoUs) on Tuesday, formalized in the presence of Dharmendra Pradhan, the Union Minister for Education, Skill Development, and Entrepreneurship. The joint effort seeks to leverage Bajaj Finserv's flagship employability program, the Certificate Program in Banking, Finance & Insurance (CPBFI), to enhance the skills of young graduates for the financial services industry.
Initiating in ten districts of Odisha, the skilling program will provide students with a joint certification accredited by Bajaj Finserv and Skill India. The program aligns with the vision of creating a skilled workforce capable of contributing to the ongoing transformation in the financial and digital realms, as expressed by Minister Pradhan.
AICTE Chairman TG Sitharam emphasized the significance of the collaboration in bridging the gap between industry requirements and academic offerings. This partnership is expected to introduce various opportunities for education, internships, and job training in the finance, banking, and insurance sectors.
Sanjiv Bajaj, Chairman and Managing Director of Bajaj Finserv, highlighted the social impact of the collaboration, stating that youth skilling is a crucial aspect of their social programs. The partnership with NSDC and the Ministry of Education is poised to provide greater access to skilling, opening up numerous possibilities for success and contributing to economic resilience and an inclusive workforce, aligning with the theme of "Kaushal Bharat, Kushal Bharat."
The Certificate Program in Banking, Finance & Insurance (CPBFI), a 100-hour initiative developed collaboratively with industry experts and various institutions, has already been implemented across 350+ colleges in 23 states, benefiting over 40,000 students from tier 2 and tier 3 towns. Bajaj emphasized the current phase of growth in India and the need for skilled workers, positioning the private sector as a key player in addressing this shortage.
The CPBFI program not only imparts domain knowledge but also focuses on enhancing confidence through cognitively designed communication and workplace skills. Overall, the collaborative efforts aim to propel India into a prominent position in the global financial services market.
:As India undergoes a noteworthy growth phase complemented by promising demographics, Sanjiv Bajaj acknowledges the existing shortage of skilled workers. He emphasized the pivotal role of the private sector as one of the primary responders to this situation.
The Certificate Program in Banking, Finance & Insurance (CPBFI) takes center stage in this collaborative initiative. With a duration of 100 hours, the program, developed in consultation with industry experts, training partners, educational institutions, and psychological health institutes, is already operational across 350+ colleges in 23 states, benefiting over 40,000 students from tier 2 and tier 3 towns.
Bajaj highlighted the program's focus on nurturing skills, knowledge, and the right attitude among graduates and MBA aspirants, particularly in tier 2 and 3 cities. The objective is to empower them to seek employability and make informed decisions about their long-term careers within the financial services sector.
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