National Skill Development Corporation (NSDC), along with Central Bank of India and MasterCard, a leading global payments solutions provider, announced the launch of a customised payments solution for youth trainees who successfully complete specific skill development programmes run by NSDC.
Each trainee participating in the Standards Training Assessment and Reward (STAR) Scheme, run by NSDC, will be financially included through the opening a zero balance bank account and a MasterCard Debit Card. The monetary reward for the course will be directly deposited into these accounts upon the unique identification of the trainee and successful certification post completion of his/her course. In addition, trainees will have access to mobile banking, internet banking with e-commerce facilities, and accidental insurance of Rs 1,00,000.
This initiative is in line with the government’s vision of promoting financial inclusion and delivering comprehensive financial tools to the financially excluded low-income households.
So far, Central Bank of India has issued MasterCard Debit Cards to over 2,00,000 trainees – the largest issue in this project – and has signed MOU’s with over 50 training partners across India to roll out this project.