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Magma Fincorp - Impacting the lives of the underprivileged students with M-Scholar Programme

By auther pic. Jyoti

May 19, 2020

Magma Fincorp - Impacting the lives of the underprivileged students with M-Scholar Programme

M-scholars with the Magma management during the press release

"M-Scholar is a scholarship program and one of Magma’s flagship CSR projects, reflecting the company’s mission, “ Investing in the smallest dream”. Education is a weapon to improve one’s life, the marginalized can dramatically change their whole life with the help of financial aid for education. Education improves one’s knowledge, skills and develops the personality and attitude. Most noteworthy, Education affects the chances of employment for people and thus Magma introduced the M-Scholar program where we provide financial support to students with high academic excellence in the rural communities. We believe that higher Education is important for the social and economic development of the nation and are thus committed to this betterment."

 

 

Magma’s CSR vision is to make a positive difference to the society. It firmly believes in its commitment to all its stakeholders – customers, employees and the community in which it operates, and the commitment can only be fulfilled by sustainable and inclusive growth. The aim is to improve quality of life through its positive intervention in the community.

 

Magma’s key CSR initiatives are undertaken with a long-term view; initiatives that are sustainable, have a long-term benefit to the society at large and have business linkage, but do not result in business benefits are prioritized. The Board of Directors of Magma established a CSR committee which holds the responsibility of formulating CSR policy and transparent monitoring mechanism for implementation of the CSR projects or programs or activities undertaken by the company.

M-scholars with the Magma management during the press release

Magma Fincorp’s M-Scholar remains one of its many initiative demonstrating the commitment to impact lives through education. Through this program, the company reaches out to the meritorious (as reflected by the students XII Final Exam Results) students belongs to the underprivileged families and support them by offering financial assistance to complete their college education.

 

To qualify for M-Scholar programme, the students have to meet the following criteria –

  • Must have cleared class XII in the year of applying with a minimum of 80% marks
  • Maximum age of the candidate should be 20 years old
  • Family income should be less than or equal to INR 10000/ month

  • M-scholars with the Magma management during the press release

    The scholarship program was started in the year 2015 and ever since, Magma has received thousands of applications out of which they select a hundred most deserving students. Though the ‘scores’ remain their primary benchmark, sometimes exceptions on the basis of marginalization, physical conditions etc. are also made. They reach out to the students Pan India via newspaper, social media, NGOs, etc. Additionally, they personally call up students who get featured in local newspapers for their brilliant results despite their poor financial background.

     

    Arghadip Das, an M-Scholar of 2016, secured an All India Rank (AIR) 5 in the GATE Examination. He comes from a low middle class family. While in school, Arghadip received financial support from his teachers along with a scholarship that took care of his fees. He was a rank holder in Plus 2, and cracked JEE the same year. His biggest worry was how his family will afford the cost of engineering studies?

     

    His mother noticed a newspaper article on M-scholar program of Magma Fincorp Ltd. She encouraged him to apply. Arghadip was selected on merit. Now in his 4th year of Bachelor of Engineering and Telecommunication Engineering at Jadavpur University. Currently, a topper in his department with an average CGPA of 9.76.

     

    Thanking MAGMA for his success, Arghadip says, ‘Magma M-Scholar allowed me to concentrate on my studies as I had no worries about course fees. Thank you, Magma for this great initiative which changes the lives of many students like me. My dreams are now a reality.’

     

    By sponsoring the education of some of the underprivileged yet the brightest mind of India- Magma invariably end up facilitating these learners’ aspirations to weed out social, cultural and economic imbalances in their own little ways in future. With M-Scholar, Magma look forward to substantiating a ‘future’ which can hardly be envisaged without education.

     

    Needless to say, students who qualify for the M-scholar scheme, besides battling financial constraints; face social and cultural marginalization as well. By giving them a chance to pursue higher education, the company helps them explore social and cultural avenues that they didn’t have a chance to explore earlier. Till date the activity has provided financial assistance to around 400 such students; few students from the first batch have completed their college and have begun their professional journey.

     

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    Impact-Story is a series on development and CSR interventions leading to some impacts on the ground. If you have a project, innovation or intervention that has changed the lives of a few people or a community, please share a brief note at csr@ngobox.org. Our Team will get back to you after validating the information for a detailed coverage.

    Author

    Jyoti, a post graduate of International Business, is working as a Senior Analyst Communication in NGOBOX and CSRBOX. A resident of Ahmedabad, she likes to spend her weekends in solitude by reading, with a steaming cup of coffee to give her company.

     

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