PNB Housing Finance Limited signs Letter of Intent with CREDAI to upskill 13,000 construction workers pan India

PNB Housing Finance Limited
  • Program to be rolled out across 15 states across India PNB Housing Finance

  • 27,500 candidates trained in last five years

New Delhi, 26 April, 2019: Continuing its commitment towards improving lives of construction workers, PNB Housing Finance Limited (PNBHFL) signed a Letter of Intent (LoI) with CREDAI (The Confederation of Real Estate Developers Association of India) CSR Foundation to train 13,000 construction workers on- site and off-site, pan India. As part of this initiative, PNB Housing Finance and CREDAI CSR have collaborated with 8 skill institutes, to roll out the program in select cities across 15 states. The states to be covered in this are – Delhi, Andhra Pradesh, Bihar, Gujarat, Haryana, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal.

Under this initiative, the skill development training programs reinforce the prior learning of workers, thereby including them in mainstream workforce assuring formal, continuous employment and its benefits. It also aims to upgrade skills of construction workers to meet global benchmarks, which in turn, shall increase the productivity of the workforce.

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In their five years’ partnership with CREDAI, PNBHFL has so far trained about 27,500 candidates as a part of this intervention. The Company thus provides skill training in the trade of masonry, bar bending, shuttering, electrical, painting, welding, fabrication, and plumbing. The program is being closely monitored by Construction Skill Development Council of India, which help in assessing the initiative’s implementation, progress and result.

Discussing the initiative, Mr. Sanjaya Gupta, Managing Director, PNB Housing Finance said, “The initiative is in line with Government’s Skill India Mission program, a vision to make India the World’s Skill Capital. With this partnership, we believe that we will be able to make the construction workers enhance their skills, earn better wages in times to come and thereby upgrade their lives & families. The collaboration with CREDAI is one more such step towards our continued efforts aimed at their overall upliftment and empowerment across India.”

Discussing the initiative, Mr. Satish Magar, President CREDAI National,” Aligned with Hon’ble PM’s vision of making India the Skill capital of the World, CREDAI has consistently undertaken conscious efforts towards uplifting the professional and social lives of thousands of workers across India. In this endeavour, CREDAI is being supported by our long standing funding partner PNB Housing Finance Limited who have committed to support the skilling of 13,000 workers during FY 19-20. The joint association will help in social and economic upliftment of the construction workers, thereby further contributing towards the Indian economy. CREDAI, as an apex realty body, aims to train over 1 lac workers in the next 2 years, and our association with PNBHFL will give us an ideal platform to achieve this objective

About PNB Housing Finance Limited

PNB Housing Finance Limited (NSE: PNBHOUSING, BSE: 540173) is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company got listed on the Indian stock exchanges on 7th November, 2016. The Company offer its retail customers “housing and non-housing loans”. The Company is also into construction finance loans to real estate developers for residential housing. PNB Housing Finance is a deposit taking Housing Finance Company.

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No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this release is only current as of its date. Certain statements made in this release may not be based on historical information or facts and may be “forward looking statements”, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions in India. This communication is for general information purpose only, without regard to specific objectives, financial situations and needs of any particular person. This release does not constitute an offer or invitation to purchase or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The Company may alter, modify or otherwise change in any manner the content of this release, without obligation to notify any person of such revision or changes. This release cannot be copied and/or disseminated in any manner.

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