Bharat Financial Inclusion Ltd (formerly known as “SKS Microfinance Limited”) today commenced the phase-wise electronic transfer of 1,000 scholarships to the bank accounts of girl children hailing from economically weaker sections in 16 Indian states, as part of the Seventh Annual V. Sitaram Rao Memorial Event. The scholarship programme has a corpus of up to Rs. 2.5 crore for this academic year.
Justice V. Ramasubramanian, Honorable Judge, High Court for the States of Telangana and Andhra Pradesh, has graced the occasion as Chief Guest, initiated the direct scholarship award transfer to 100 recipients on Day One — with the remaining 900 scholarship award transfers to be completed by July 31, 2016 in phases — and delivered his address on ‘Joy of Giving’.
The scholarship programme has been designed to recognize meritorious girl children passing their Secondary School Certificate (10th class)/ Intermediate Examinations (12th class) and encourage them to pursue higher education. These girl children are daughters of the Company’s 56 lakh women members who benefit from Bharat Financial Inclusion Limited’s loans which have the lowest interest rate in the world.
EY has been appointed as the official tabulator for the scholarship programme. The scholarship awards fall in four slabs with the minimum award being Rs. 15,000 (for students scoring less than 75% but more than 60% in 12th class and Rs. 10,000 for students scoring less than 75% but more than 60% in 10th class) and maximum award being Rs. 25,000 (for students scoring above 90% in 12th class and Rs. 20,000 for students scoring above 90% in 10th class).
The company has been holding ‘Sitaram Memorial Lectures’ on his death anniversary on July 10 every year. Late V.Sitaram Rao was considered one of the pillars of India’s microfinance movement. A former CEO, he was a social sector veteran.