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NIIT Foundation and Mahindra Finance Launch Financial and Digital Literacy Program for Gig Workers

Newsmantra — Tue, 26 Nov 2024 14:03:51 +0000

26th November 2024, National: NIIT Foundation, in partnership with Mahindra Finance, has announced the launch of a Financial and Digital Literacy Program aimed at empowering 30,000 underprivileged Gig workers across India. This initiative represents a significant step towards equipping the growing gig workforce with essential skills for the digital age.

In today’s rapidly evolving economic landscape, financial and digital literacy have become crucial for personal and professional success. Despite the prevalence of the digital landscape, only 38% of the households are digitally literate[1], while only 27% of the population can be deemed as financially literate.[2]

This program addresses a critical need among gig workers, who often lack access to formal financial education and digital tools. By bridging this knowledge gap, the initiative aims to foster financial inclusion and enhance the economic resilience of this vital segment of the workforce.

The comprehensive program will cover a wide range of topics, including banking basics, savings strategies, e-wallet usage, investment fundamentals, insurance principles, and key government schemes. Through a combination of interactive workshops, online modules, and hands-on training, participants will gain practical skills to manage their finances effectively in the digital era.

Sapna Moudgil, CEO at NIIT Foundation, stated, “With the ever-evolving digital landscape, more and more people are going online – and 99.9% of internet users utilise a mobile device[3] to access the web for a plethora of services – be it for paying bills or ordering food and shopping. That said, digital and financially literacy – which, today, go hand in hand to a great extent – still remain amiss. With this in mind, our collaboration with Mahindra Finance allows us to empower gig workers and nano enterprises with financial and digital literacy by not just imparting knowledge but also opening doors to economic opportunities and financial stability.”

Further commending the partnership, Neelima D’silva Dalvi, Lead CSR at Mahindra Finance, said, “Our partnership with NIIT Foundation aligns perfectly with our commitment to fostering inclusive growth. This program will play a crucial role in creating a more financially savvy and digitally empowered community, ultimately contributing to India’s economic progress.”

Looking ahead, NIIT Foundation and Mahindra Finance envision expanding the program’s reach to more beneficiaries in the coming years. This initiative marks the beginning of a long-term commitment to upskilling India’s gig workforce and promoting financial inclusion on a national scale.

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Mahindra Finance gets approval to launch co-branded Credit Cards with RBL Bank

Newsmantra — Mon, 28 Oct 2024 12:57:17 +0000

Bengaluru, 28^th October 2024: Mahindra Finance, a part of the diversified Mahindra Group, has received necessary approvals from the Reserve Bank of India to launch co-branded credit cards in association with RBL Bank, one of India’s leading private sector banks. These co-branded cards will be specifically designed to cater to a broad spectrum of Mahindra Finance’s customer base, offering enhanced benefits, loyalty programs, and milestone rewards.

Raul Rebello, Managing Director & CEO, Mahindra Finance emphasized, “As a preferred financier to emerging India, we continuously endeavour to provide relevant products for our customers. Our first co-branded credit card, being developed in collaboration with RBL Bank, will be designed to meet the aspirational needs of our customers, across geographies in India. Through our 1350 plus branches, healthy customer acquisition across branches and dealerships covering more than 5000 touchpoints, we believe RBL Bank’s expertise and being one of the top card issuers would provide significant synergies”.

Highlighting the significance of this collaboration, Rajeev Ahuja, Executive Director, RBL Bank stated, “The co-branded credit cards with Mahindra Finance represent a significant milestone, combining Mahindra’s legacy of touching lives, dependability, and reliability with RBL Bank’s expertise in the co-branded credit card segment. Our aim is to provide a one-stop solution that offers unmatched benefits across a wide range of categories.”

Through this co-brand partnership Mahindra Finance aims to tap into the growth potential, aligning with the adoption of e-commerce and technological advancements seen even in non-metro locations.

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Mahindra Finance enters into a co-origination partnership with UGRO Capital Limited

Newsmantra — Wed, 25 Sep 2024 12:47:14 +0000

To provide business loans and Loan against Property (LAP) to MSMEs
Partnership to bolster Mahindra Finance’s MSME lending portfolio

Bengaluru, September 25, 2024: Mahindra Finance, one of India’s leading NBFCs and part of the Mahindra Group, today announced a co-origination partnership with UGRO Capital Limited, a DataTech NBFC and India’s largest Co-lender in the MSME segment. The partnership will offer business and affordable loans secured against properties (LAP) to the Micro, Small & Medium Enterprise (MSME) sector, thereby improving their business prospects.

Mahindra Finance and UGRO Capital aim to combine their respective strengths under a co-origination structure where UGRO will leverage its data analytics, distribution network and ground presence. The MSME businesses will also be able to capitalize on Mahindra Finance’s brand equity, enabling credit access to a wide spectrum of customers across locations, thus creating a synergy that will positively impact MSMEs seeking timely financial support.

Speaking on the partnership, Raul Rebello, Managing Director & CEO, Mahindra Finance said, “The partneship with UGRO Capital will help bridge the small business credit gap, enhancing the growth of India’s MSME ecosystem. We will aim to provide comprehensive financial solutions to the sector helping their businesses grow in our mission of being a responsible financial solution partner to emerging India”.

Shachindra Nath, Founder and Managing Director, UGRO Capital said, “Our collaboration with Mahindra Finance in this strategic partnership will significantly boost access to credit for MSMEs. Together, we aim to deliver timely and efficient financing solutions, furthering our shared commitment to financial inclusion. This partnership is a strong step toward empowering MSMEs and accelerating their growth across the country. It reflects UGRO’s core belief – ‘MSME Accha Hai,’ and reinforces our mission to service every need of every MSME of India.”

The ever-growing MSME businesses will capitalize on Mahindra Finance’s experience of handling MSME customers, hyperlocal schemes, and cost-efficient capital in addition to UGRO Capital’s expertise as an MSME finance specialist. Recognizing the dynamic nature of the financial landscape, the collaboration is envisioned as a long-term commitment, with the initial agreement spanning across three years.

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Kotak Life partners with Mahindra Finance to offer Life Insurance to customers

Newsmantra — Thu, 13 Jun 2024 10:20:13 +0000

Partnership to offer Mahindra Finance customers a host of Kotak Life insurance products
To benefit 10 million Mahindra Finance customers pan India

Bengaluru, June 13, 2024: Kotak Mahindra Life Insurance Company Ltd. (“Kotak Life”) today announced its corporate agency partnership with Mahindra & Mahindra Financial Services Limited (“Mahindra Finance”), one of India’s leading Non-Banking Finance Companies. The partnership will benefit over 10 million customers of Mahindra Finance by offering a wide range of tailor-made life insurance solutions provided by Kotak Life.

The agreement between the two companies was signed by Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company and Raul Rebello, Managing Director & CEO, Mahindra Finance.

Mahesh Balasubramanian, MD, Kotak Mahindra Life Insurance Company Limited, said,

“At Kotak Life, we firmly believe that life insurance is a necessity for every Indian. We are committed to the vision of ‘Insurance for All,’ as outlined by the IRDAI.

Through our collaboration with Mahindra Finance, our aim is to extend our outreach to the untapped segments of the population. By leveraging on Mahindra Finance’s customer reach and our expertise in life insurance, we can now offer life insurance solutions and provide financial security to customers of Mahindra Finance.”

Raul Rebello, Managing Director & CEO, Mahindra Finance mentioned, “We are delighted to enter into this strategic collaboration with Kotak Life to offer life insurance solutions to our customers. It is a significant step in our commitment to facilitate agile and efficient insurance solutions powered with personalised customer experience. Our aim is to help facilitate sustainable growth while delivering on our commitment towards being a responsible financial solution partner to Emerging India”.

These offerings will be provided by Mahindra Finance through its extensive network of more than 1400 branches spread across all states and UTs over a period of time.

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