As an element of its Corporate Social Responsibility (CSR), IDFC FIRST Bank has promised the launch of its 2020-2022 batch MBA Scholarship Program. The scholarship is awarded to MBA candidates around the world as part of its signature CSR programme. It seeks to offer financial assistance to students from poorer socio-economic backgrounds, allowing them to obtain a degree in management from a B-school they choose.
Varun Ganatra, a beneficiary of the 2019-21 batch MBA scholarship, enrolled at TA Pai Management Institute, Manipal, stated, “I started selling SIM cards to support my family at age 16. On weekends I worked part-time, tutoring students to fund my graduation expenses. My dad (now retired) sold our property to cover losses on business. I wasn’t approved for a college loan because of our financial situation. The MBA scholarship from IDFC FIRST Bank has helped me access the funds required for higher education. I am a proud ambassador of that scholarship today.”
The MBA Scholarship Program was founded in 2016 by the former Capital First as a CSR initiative and continued after the merger that resulted in IDFC FIRST Bank being created. Until now, this initiative has supported 530 students from both urban and rural India. Such applicants belong to different socio-economic backgrounds with retired parents being public sector employees on a lower-income scale, auto-rickshaw drivers, farmers and other similar backgrounds.
The applicant must gain entry into a two-year full-time MBA program to qualify for the MBA scholarship and the family income must be less than Rs. 6 lakhs per year. The program provides students with financial support to alleviate the burden of tuition they are charged and to make entry to the best colleges and universities available to financially underprivileged students. This year, the Bank will be granting about 150 scholarships.
Rachana Iyer, Head – Corporate Social Responsibility, IDFC FIRST Bank said, “We think an MBA ‘s expenses are very high and even meritorious students frequently drop out of pursuing their careers due to financial difficulty. With this project, we plan to grant students from disadvantaged societies a shoulder with Rs . 2 lakh per student for two years, to seek higher education and to reach a better quality of living.
The MBA scholarships fund students from across India from over 150 B-Schools. As the number of applicants greatly exceeds the number of scholarships, the Bank prioritizes and rates applicants for scholarships based on the criticality of need, which can include considerations such as family size, socio-economic status and other similar requirements. The scholarship application can be obtained via the IDFC First Bank page dedicated to MBA Scholarships. The final day to register for this award is 31 July 2020.
What’s More besides the MBA Scholarship?
IDFC FIRST Bank also offers scholarships to students seeking higher education or providing mental health services, autistic students, students participating in Ashoka University’s Young India Fellowship scheme, and youth from shelter homes and underprivileged families, as an expansion of this initiative.
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