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Vedanta Aluminium Empowers Local Youth on World Youth Skills Day

16th July 2024: On World Youth Skills Day, Vedanta Aluminium, India’s largest producer of aluminium, reaffirmed its commitment to youth empowerment by announcing the expansion of its skill development initiatives across its locations. These programs aim to enhance the skillsets of rural youth, transitioning them from unskilled to semi-skilled categories through placement-linked training programs. Towards this goal, the company has collaborated with several coveted training institutions like the National Bank for Agriculture and Rural Development (NABARD), Odisha Skill Development Authority (OSDA), and Skill Development Institute (SDI) among others. Through these efforts, Vedanta Aluminium is aiding youth across India in achieving sustainable livelihoods and contributing to the socio- economic development of their communities and the nation.

WORLD YOUTH DEVLOP

 Following a robust skilling framework, Vedanta Aluminium has trained nearly 14,000 youth through its skill development initiatives and institutional collaborations so far. As trainees gain experience and improve their skills, they become eligible for higher-paying job opportunities, offering them secure employment and the potential for salary growth over time. The visible success of these trainees inspires a learning culture, encouraging more individuals in the region to enrol in the programs, fostering continuous improvement. By covering trades that are in constant demand within the market, the training programs ensure sustainable employment prospects that meet ongoing industry needs.

 John Slaven, CEO, Vedanta Aluminium, said, “Skilling the younger population is integral to our vision of elevating the socio-economic status of regions where we operate. By equipping them with market-relevant skills and fostering a culture of continuous learning, we are not only helping them to secure their future but also bringing remote areas of the country to the socio-economic mainstream. To date, we have trained 14,000 youth, and on World Youth Skills Day, we reiterate our commitment to bridging skill gaps and creating opportunities to help shape the next generation of leaders and innovators in India.”

 Vedanta’s skilling programs in Odisha span multiple locations:
– Around its alumina refinery operations in Lanjigarh in Kalahandi district (Odisha), Vedanta Aluminium aims to upgrade the skills of 3,500 youth over the next three years, in partnership with OSDA and Vedanta’s collaboration with NABARD.

 – Skill training centres at Lanjigarh and Bhawanipatna offer training courses for roles in food and beverage, hospitality, and electrical maintenance, to name a few.

 Graduates of these programs have secured placements with prominent organizations such as Club Mahindra, Minerva Group of Hotels and Restaurants, Honda showrooms, and Sarovar Hotels and Resorts. In this fiscal year, the program saw a successful placement percentage of 77%.

– At the aluminium plant in Jharsuguda, Odisha, the company has collaborated with Ashok Leyland and the State Government for the light motor vehicle and heavy motor vehicle training program. Many of the trainees are employed at Vedanta’s operations and in nearby industries.

 – Vedanta also provides technical training for youth in mechatronics, mechanical and electrical services at the World Skill Centre, Bhubaneswar.

 – At its mining operations at Jamkhani in Sundargarh, Odisha, Vedanta Aluminium has partnered with SDI, Bhubaneswar and the State Institute of Hotel Management, Balangir, to train more than 60 candidates across various programs. These programs have been successful, with majority of the trained candidates already securing relevant jobs post-training.

 At Chhatisgarh, where Vedanta has a manufacturing facility in Korba,
– Its unit, BALCO, is imparting vocational training to rural youth, dropouts, and unemployed population through three centres of Vedanta Skill School. The schools impart skilling in relevant trades like electrical maintenance, welding, hospitality, fitter and solar technician, and link them with gainful employment opportunities. In FY24, a staggering 81% of trainees secured jobs or pursued entrepreneurship after training.

 In Andhra Pradesh, where Vedanta runs the Vizag General Cargo Berth (VGCB) port operations,
– The company has collaborated with the Vedanta Foundation to establish a cutting- edge computer lab at Queen Mary Government High School. The lab has empowered over 11,00 young beneficiaries, significantly bridging the digital divide in the area.

 – It has also partnered with Centre of Excellence for Maritime & Shipbuilding (CEMS) for the training and placement of 100 youth as computer numerical control (CNC) operators, electricians and inventory controllers, with the inventory controller training batch comprising only female candidates.

 Vedanta Aluminium, a business of Vedanta Limited, is India’s largest producer of aluminium, manufacturing more than half of India’s aluminium i.e., 2.37 million tonnes in FY24. It is a leader in value-added aluminium products that find critical applications in core industries. Vedanta Aluminium ranks 1st in the S&P Global Corporate Sustainability Assessment 2023 world rankings for the aluminium industry, a reflection of its sustainable development practices. With its world-class aluminium smelters, alumina refinery and power plants in India, the company fulfils its mission of spurring emerging applications of aluminium as the ‘Metal of the Future’ for a greener tomorrow.

NABARD Partners with Online PSB Loans Limited to Digitalize Jan Suraksha Schemes for RRBs

Mumbai, 6th July 2024: In a landmark initiative towards financial inclusion, a Memorandum of Understanding (MoU) was signed between the National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited. The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks onboarded on one platform through the JanSuraksha Portal. Shri Shaji K V, Chairman NABARD, accompanied by Dr. Ajay Kumar Sood, DMD NABARD, inaugurated the project during a meeting with the heads of all RRBs.

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 This initiative represents a significant stride towards bridging the financial gap in rural areas and will further empower Regional Rural Banks to leverage digital solutions for seamless enrollment and efficient settlement of Jan Suraksha schemes. Under this initiative, NABARD will integrate all 43 RRBs onto the JanSuraksha Portal with a view to democratising access to financial protection schemes across erstwhile inaccessible corners of the country. Such a digital transformation will not only make processes easier but also make sure of more transparency and quicker speed for disbursal to beneficiaries; therefore, strongly reinforcing an inclusive growth agenda of the Government of India under the Digital India initiative.

 On this launch, Shri Shaji K V stated that “The launch of this initiative is one giant leap towards enhancing digital financial services across rural India. This epitomises NABARD’s commitment to leveraging technology to make accessible, efficient digital solutions available to RRBs so that financial resilience can be built and inclusive growth promoted.”

 By leveraging technology to connect the JanSuraksha Portal with the Core Banking Solutions (CBS) of RRBs via Application Programming Interfaces (APIs), the project aims to ensure a hassle-free experience for both banks and their customers.

 The JanSuraksha Portal, an initiative undertaken by the Department of Financial Services (DFS) of the Government of India, facilitates digital enrollment and claim settlements for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY).

Former NABARD Chairman Dr. Govinda Rajulu Chintala Joins IIFL Samasta Finance as Chairman of Board

April 29, 2024 Mumbai, Maharashtra, India
IIFL Samasta Finance, which is one of India’s largest non-banking microfinance companies (NBFC-MFI), today said that Former Chairman of NABARD, Dr. Govinda Rajulu Chintala has joined as independent director and Chairman of the Board at IIFL Samasta Finance. The microfinance company also announced the appointment of three other members to its Board of Directors.

This strategic move reflects the company’s commitment to further strengthen its governance structure and driving continued growth and innovation in the microfinance sector.

DrGovindaRajuluChintalaChairmanIIFLSamastaFinance

Besides Former Chairman of NABARD, Dr. Govinda Rajulu Chintala, Former Managing Director of Equifax Credit Information Services Mr. Kalengada Mandanna Nanaiah, Former President of Institute of Chartered Accountants of India (ICAI) Mr. Nihar N Jambusaria and Co-promoter of IIFL Group, Mr. R. Venkataraman have joined the board. Mr Venkataraman joined as an Additional Director (non-executive), while Dr. Chintala, Mr. Nanaiah and Mr. Jambusaria joined as Additional Director (non-executive and Independent). The Board will now comprise of seven members.

Commenting on his appointment Dr. Govinda Rajulu Chintala said, “I am glad to join this exceptional team as we celebrate our company’s impressive financial year results. Looking forward to contributing to our continued success.”

Dr. Chintala has more than 20 years of experience as a Director of Boards of various financial, Insurance and microfinance institutions. He was the Chairman, NABARD till 31st July 2022. As Chairman, he spearheaded pivotal initiatives including the sanctioning of landmark projects and forging strategic partnerships. These endeavours encompassed the establishment of the Long-term Irrigation Fund and Rural Infrastructure Development Fund (RIDF), support for infrastructure projects, assistance for computerization of Primary Agricultural Credit Societies (PACS), implementation of Special Packages, and facilitation of healthcare infrastructure under RIDF/NIDA. Additionally, he played a key role in providing Rural Infrastructure Assistance to States (RIAS).

Commenting on his appointment Mr. Kalengada Mandanna Nanaiah said, “I had the opportunity to work with microfinance Industry during my tenure as CEO of Equifax India and I understand the needs and challenges of the industry. I am pleased to be joining the board of a rapidly growing organization like IIFL Samasta and looking forward to, being able to contribute to the strategic vision and development of IIFL Samasta in the coming years.”

Mr. Nanaiah was the Managing Director, Equifax Credit Information Services Private Limited for over five years till July’23. He was responsible for providing leadership and oversight for the Credit Bureau in India. Nanaiah has extensive experience, expertise, and insight in the financial services sector, particularly in the realms of data, technology, and analytics. Additionally, he serves as a visiting faculty at the College of Supervisors, Reserve Bank of India. With a deep commitment to microfinance, Nanaiah has been recognized with awards for his dedication to fostering workplace diversity.

Mr. Nihar N Jambusaria is the Former President of Institute of Chartered Accountants of India, a distinguished chartered accountant and corporate leader. He qualified as a chartered accountant in 1984 and has been providing consultancy to Reliance Group and organizations of private and public sector in direct tax, international tax, mergers and acquisition, FEMA, restructuring of business, etc. He is a Senior Partner at NN Jambusaria and Company.

Mr. R. Venkataraman is the Co-Promoter of IIFL Group and Chairman of IIFL Securities. He has been contributing immensely to the establishment of various businesses and spearheading key initiatives of the IIFL Group over the past 25 years. He previously held senior managerial positions in ICICI Limited, including ICICI Securities Limited, their investment banking joint venture with J P Morgan of US and Barclays –BZW. He worked with G E Capital Services India Limited in their private equity division.

Commenting on the appointments Mr. Venkatesh. N, Managing Director of IIFL Samasta said, “We are delighted to have Dr. G. R. Chintala, Mr. KM Nanaiah, Mr. Nihar N Jambusaria and Mr. R. Venkataraman, as our esteemed members of the board of directors. Their wealth of knowledge and insights will be instrumental in propelling our ongoing pursuit of innovation, delivering unparalleled value to our customers, and realizing our ambitious objectives.”

The newly appointed members bring a wealth of experience and expertise to the board, enhancing IIFL Samasta’s ability to navigate challenges and capitalize on emerging opportunities. Their diverse backgrounds and proven records of success will complement the existing board members’ skills and contribute to the company’s strategic vision and long-term success.

IIFL Samasta Finance Ltd also reported record net profit of Rs 503.05 crore for the financial year 2023-2024, while loan assets under management rose 34.70% year-on-year to a record Rs 14,211.28 crore. IIFL Samasta Finance’s customer count has increased 25.5% in FY24 to over 30 lac customers, mostly women in smaller rural and semi-urban locations across India. IIFL Samasta Finance, which is a subsidiary of retail-focussed non-banking financial company, IIFL Finance, has been one of the fastest growing and most resilient microfinance institutions in India. IIFL Samasta’s net non-performing assets (NNPA) stood at 0.34% at the end of FY24, while gross NPA was at 1.91%. The company’s net worth rose 51% year-on-year to Rs 1,919.99 crore.