Public sector banks are preparing to leverage the Ministry of Youth Affairs' flagship portal Mera Yuva Bharat (MY Bharat) to offer internships and training to young people and create a pipeline for recruitment into entry-level banking jobs. According to reports from Business Standard, this initiative comes after Finance Minister Nirmala Sitharaman asked PSBs to become more youth-friendly to win over Gen Z during the PSB Confluence organized by the Department of Financial Services. The initiative has gained momentum with banks now implementing comprehensive youth-focused banking solutions, as evidenced by recent product launches and digital initiatives.
Under the month-long 'Banking for Youth' initiative from October 2, PSBs plan to train young people registered on the MY Bharat portal through internships under the Prime Minister Internship Scheme. As reported by Business Standard, the trained candidates would subsequently be considered for onboarding as entry-level staff at PSBs. Banks have proposed the number of young people trained through MY Bharat internships and the percentage of trained youth onboarded as staff as measurable parameters for the initiative. Recent developments show banks expanding beyond traditional training to include specialized programs and digital tools for youth banking.
Beyond traditional hiring, banks are implementing comprehensive digital solutions for young customers. Bank of Baroda has launched bob Cyber Veeru, a digital safety assistant designed to help customers navigate cyber threats while banking online. The bank emphasizes the importance of never logging into mobile banking or completing financial transactions using unsecured public Wi-Fi, promoting safe banking practices as a priority. Additionally, bob Digi Udyam offers cash-flow-based MSME financing through a seamless digital journey, available 24×7 through digital channels, specifically designed for entrepreneurs. These digital initiatives complement the MY Bharat portal strategy by providing youth-friendly banking solutions across multiple channels.
The MY Bharat portal, launched by the Ministry of Youth Affairs and Sports in 2023, is a digital platform designed for young people aged 15–29. As reported by Business Standard, it acts as a single-window hub that connects users with volunteering opportunities, experiential learning programmes, skill development workshops and professional mentorship. The portal serves as the foundation for banks' youth engagement strategies, with banks holding in-depth discussions on strategy with finance ministry officials at the PSB Confluence, where 'Banking for Youth' was one of seven themes for deliberation.
At the closing session of the two-day confluence, Sitharaman asked PSBs to shed their 'government bank' image and become 'cool' to attract young customers and build long-term relationships. According to Business Standard, she asked the state-owned banks to take the campaign to colleges, universities and skill development institutions through account-opening initiatives. She also suggested dedicated 'Yuva Kiosks' or 'Yuva Banking Mitra' at branches to help young customers navigate banking and credit products. Recent developments show banks implementing these recommendations with comprehensive youth-focused banking solutions that go beyond traditional banking services.
