HSBC has a long-standing commitment to promoting education in India
HSBC India will help 75,000 young people and women in India improve their skills and job prospects over the next five years. The bank is investing INR1 billion (around USD15 million) in the HSBC Skills for Life programme to provide training and financial education in disadvantaged communities.
The Indian population is one of the youngest in the world, with an average age of less than 30 years. Equipping young people with the right skills will play a significant role in ensuring the country’s long-term sustainable development – helping to reduce poverty, tackle inequality and encourage economic growth.
HSBC has a long-standing commitment to promoting education in India. In 2014, for example, HSBC India worked with 13 different charities and non-profit organisations offering support to communities including vocational skills training for disadvantaged young people, financial literacy and business management skills for female entrepreneurs and educational support to disadvantaged children.
The new programme will enable the bank to expand the scope of its activities and help many more people. It has three main objectives:
Helping disadvantaged young people develop skills – young people will learn skills that can help them earn a sustainable livelihood, with a focus on the requirements of local industries
Enhancing the skills of educators and teachers – activities will include training teachers and educators to enhance the quality of teaching and improve the experience for learners, as well as digitising and translating teaching materials
Empowering women through financial education – helping disadvantaged women in rural and urban communities develop the skills they need to manage money and build a business
The first part of the programme, delivered in partnership with local charity the Swades Foundation, is being launched in 2015. The second and third parts will be delivered in partnership with other non-profit organisations from 2016 onwards.
The new commitment will help HSBC meet its responsibilities under India’s new Companies Act, which requires that companies spend at least 2 per cent of their three-year average annual net profit in the country on activities relating to corporate social responsibility.
Stuart P Milne, CEO, HSBC India, said: “HSBC believes that financial institutions have a role to play in building the capacity of disadvantaged young people and women, and enabling them to contribute to the economic prosperity of their local communities.
“HSBC Skills for Life is a flagship initiative of the Group in India that will support the ambitions of these young people and women, and provide relevant skills towards creating livelihood opportunities and making them employable.”