Beauty and wellness firm VLCC today said it will provide seed money to one lakh needy people to open and maintain active bank accounts under the financial inclusion scheme announced by Prime Minister Narendra Modi.
"VLCC's decision to get involved with the Pradhanmantri Jan-Dhan Yojana initiative is in keeping with our philosophy of doing our bit for the development of the nation," VLCC Founder & Vice-Chairperson Vandana Luthra said in a statement.
The company has decided to create a corpus to provide the bank account opening seed money to up to 100,000 people who open an account under this scheme, she added.
"VLCC has already initiated discussions with banks to work out the mechanism through which the company may contribute to the success of the newly announced Pradhan Mantri Jan-Dhan Yojana," Luthra said.
The company, however, did not provide details as how much it intends to earmark for the initiative.
Modi had launched 'Pradhan Mantri Jan Dhan Yojana' on August 15 to help the poor open bank accounts.
VLCC manages the largest chain of slimming, beauty and fitness centers across Asia. It also runs a network of vocational education academies.
Currently, the company has operations in India, Sri Lanka, Bangladesh, Nepal, Malaysia, Singapore, UAE, Oman, Bahrain, Qatar, Kuwait, Saudi Arabia and Kenya.
