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April 25, 2018

Maharashtra State Rural Livelihoods Mission signed MoU with SBI for financial literacy and health benefits of DDU-GKY beneficiaries

Mumbai : With a vision to provide all-inclusive growth of rural Indian youth of Maharashtra, Maharashtra State Rural Livelihood Mission (MSRLM) joined hands with the largest public sector bank, the State Bank of India by signing an Memorandum of Understanding (MoU) on 9th April in Mumbai.

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.

The Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) program, under the aegis 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 bank account is mandatory. The target group in DDU-GKY are 18-35 year age group youth who have never had access to the banking services and financially illiterate.

After enrolling the candidates in DDU-GKY training many of the youth 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 & health awareness. After signing of MoU on 9th April 2018, SBI will provide the following services in all the DDU-GKY programs across Maharashtra, which is first of its kind in the country.

  • To open accounts under “corporate salary package” – Zero balance account of the youth 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.
  • SBI will associate 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.
  • SBI will work closely with the PIAs for providing financial literacy to all the DDU-GKY trainees as a part of training. Also help the students the benefits various services available to manage their money using internet banking.
  • SBI also agreed to provide MIS (Management information System) for tracking the payments made by the PIAs to the students and also SBI will 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 getting job opportunity.

Beside the signing authorities, Mr. Ravindra Shinde, Chief Operations Officer, MSRLM, Mr Randhir Somvanshi Deputy Director, MSRLM,  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, Mr. Jitendra Kumar Grant Thornton were also present at the time of signing the MoU.

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