One of India’s premier financial institution Housing Development Finance Corporation Limited (HDFC) has announced strategic plans to enter the Education Sector. Right now the HDFC board has approved investment of 100 crores. HDFC has played a pioneering role in enabling India’s middle income households to own affordable homes over last 34 years. It is also the promoter of India’s leading private sector bank, HDFC Bank, and several other organizations like HDFC Mutual Fund, HDFC Standard Life Insurance etc.
In a press statement, The Corporation said that it believes that the education sector will provide HDFC another opportunity to play a transformational role by enabling middle income households across the country to access quality yet affordable education spread across nearly every segment over the student learning life cycle.
Mr. Deepak Parekh, Chairman, HDFC said, “Our education initiative has been conceived as an answer to the question ‘Why can’t equal opportunities be provided to middle income households to secure affordable and quality education for their children leading to better careers and better lives?’. To support such an initiative, we will start with some baby steps and envisage building an education organisation on the principles of efficiency, effectiveness, integrity and transparency which have been so successfully applied and institutionalised within HDFC.” .
Mr. Keki Mistry, Vice Chairman and CEO, HDFC said, “There is an opportunity to treat education as a long-term investment theme providing yet another opportunity like housing to fulfill social objective at the same time to create value for all stakeholders.”
HDFC also plans to enter the segment of Vocational Education and Training by undertaking career enhancement programs, initially offered to graduates across the country. The objective is to address the twin challenges of employability and deployability being increasingly experienced across several industry sectors including the financial sector.
Mrs. Renu Sud Karnad, Managing Director, HDFC, who is overseeing this initiative said, “HDFC plans to add value in the student’s entire life cycle from the first mile of a school to the last mile of a career. HDFC’s foray into the education sector will be undertaken through a wholly owned subsidiary which will serve as a platform to provide a portfolio of education and allied services. HDFC is a trusted brand name and will aim to attract the best of talent from the education sector as well as collaborate with groups of talented people and institutions who share similar values with a strong commitment to make a difference.”
HDFC had earlier entered the education finance sector through its subsidiary, Credila Financial Services Private Limited. Credila is India’s first and only fully dedicated education loan company.
Mrs.Renu Sud Karnad, Managing Director HDFC
With great interest i have read the article that HDFC is keen to get into the Education Sector in India, especially the Vocational Training.
In this regard, i wish to suggest that the Chartered Institute of Logistics & Transport International (www.cilt-international.com)is keen to promote in India, Professional Eduaction and Training in the growing field of Logistics & Transport with Internationally Accredited Qualifications and are on the looking out for suitable partners in strategic locations in India.
Appreciate if the above venture is of interest to your esteemed Organization, appreciate if you could kindly let me to know whom i should co-ordinate in India.
Thank you for your assistance. Wishing you all success in this nobel venture of education.
Professional Development Adviser,
The Chartered Institute of Logistics & Transport International,
Mob: 00971 503580620
Excellent initiative. Congrats to the HDFC fraternity. Wish you grand success !!
It would be a pleasure if I can be of any assistance.
Vice President – Macmillan India
contact AT debasishbiswas.com
Mrs.Renu Sud Karnad, Managing Director HDFC
It is a good move by HDFC under your leadership congratulations
I shall be happy if you help us to formulate and implement the skill development program in engineering education by Industry Participation in education. I shall be happy to enter into MOU with HDFC to Develop concept and base paper for the engineering educaton in the country.
Idea is to groom the students for the needs of Industry
Dr P P Raichurkar
Dear Ms.Renu Sud Karnad,
HDFC has been doing well as far as their Housing Finance/Banking Aspects are concerned.Education sector needs institutions that can match World class Research facilities in India and also guide world economies in this Double-Dip Recession.Hence, have a brain storming session as to what areas they should enter rather than having one more University of routine .Ofcourse, Rs 100 crore might not be sufficient for a big dream.
Doon Business School,Selaqui,Dehradun
Dear Ms. Karnad:
It is an excellent initiative! I am confident that HDFC will be as successful as it has been in the other segments.
Some of the key attributes that any higher education initiative should keep in mind is employability, industry engagement, developing elements of critical thinking and integrity. It will be interesting to see the approach that HDFC adopts.
Here’s wishing HDFC a grand success. We need pioneers who could invest at a scale which brings hopes to millions in India. It will be a great service to the nation. Relevant education will have a transformational impact in India.
Dr. Vinnie Jauhari
Editor, Journal of Services Research
Editor, Journal of Technology Management for Growing Economies