Pune: Bank of Maharashtra has entered into a MoU with Bharatiya Yuva Shakti Trust (BYST) on 06/04/2015. The purpose of MoU is credit facilitation and mentoring to deserving entrepreneurs under the program brand “BYST-BOM Entrepreneur Development Program”. Under the program BYST will select deserving new entrepreneurs in the age group of 18-35 years and provide credit facilitation and mentoring service in association with Bank of Maharashtra. MoU is signed by Mr. Philip D’Silva, General Manager, Credit Priority and Ms. Lakshmi V Venkatesan, Founding Trustee and Executive Vice President for better understanding, co-operation and achieving mutual goals. One of the objectives of BYST is to support self employment in micro sector and covert job seekers into job creators.
Bank of Maharashtra will be processing the credit proposals received through BYST and sanction need based loans to eligible applicants under Bank’s Collateral Free Loan Schemes. This MoU will give boost to finance to Micro & Small entrepreneurs particularly women and SC ST entrepreneurs.
Bharatiya Yuva Shakti Trust (BYST) is a not-for-profit organization that primarily assists disadvantaged Indian youth to develop business ideas into viable enterprises under the guidance of a mentor, the main idea being assisting job seekers become job creators. With Mr. Rahul Bajaj as its Chairman, Captains of Indian Industry such as TATA’s, Escorts, Bajaj, Godrej, DIAGEO, AIG and CII support BYST. Ms. Lakshmi V. Venkatesan is the Founding Trustee & Executive Vice President.
• BYST offers loans upto Rs.50.00 Lakhs through partner banks such as Bank of Maharashtra, Bank of Baroda, Indian Overseas bank, Bharatiya Mahila Bank, State Bank of India (particularly for Assam, Guwahati Project) without security or collateral to disadvantaged youth to set up their own ventures.
• The unique aspect of BYST, is the Mentor concept. Each entrepreneur is assigned a mentor or business adviser who provides on-going managerial advice and guidance to the young entrepreneur. BYST has given a new dimension to the ancient “Guru-Sishya” Parampara, by applying it to small business management.
• Along with mentoring, It provides wide range of services to budding entrepreneurs ranging from much needed Finance, need based training programmes to networking and marketing opportunity.
Its holistic approach paves the way for success of entrepreneurs and also benefits the society by addressing socio-economic problems – unemployment and poverty.
BYST is currently operational in 10 centres – Delhi, Haryana (Rural), Chennai (urban programme), Rural Tamilnadu, Pune Urban, Rural Maharashtra, Aurangabad, Hyderabad, Assam and Orissa.
Over 3000 businesses supported who in turn have provided employment to over 30000 other young people. 10% of the BYST entrepreneurs have become millionaires -with turnover more than Rs 1 million.
For further details please visit the nearest Zonal Offices of Bank of Maharashtra or BYST
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