New Delhi, October 22, 2026: The National Bank for Agriculture and Rural Development (NABARD) has marked a significant milestone in advancing innovative and outcome-based development financewith the successful listing of the National Skill Development Corporation (NSDC)'s Zero Coupon Zero Principal (ZCZP) issue on the Social Stock Exchange (SSE)/External) platform of the National Stock Exchange (NSE). NABARD has subscribed ₹4 crore to the issue,supporting a pioneering overseas skilling and employment programme for 600 rural youth belonging to Other Backward Classes (OBC) in Madhya Pradesh.
The initiative is being implemented by NSDC in partnership with the Government of Madhya Pradesh and represents an innovative blended-finance model that combines Social Stock Exchange funding, outcome-linked public financing and beneficiaryparticipation. The project seeks to align financial resources with measurable social outcomes, thereby strengthening accountability and impact in development financing.
The programme aims to create sustainable livelihood opportunities by equipping rural youth with internationally relevant skills and competencies required for overseas employment in Japan and Germany. Participants will undergo language training,domain-specific skill development, cultural orientation, certification and end-to-end facilitation for overseas placement, including documentation and deployment support.
Unlike conventional skilling programmes that primarily focus on training completion, this initiative is designed around verified outcomes. The emphasis is on actual overseas deployment, sustained employment and livelihood enhancement ofparticipating youth. Through this approach, the programme seeks to improve income prospects for rural households while enabling rural talent to access opportunities in the global workforce.
The project incorporates beneficiary-level monitoring, periodic reporting and independent outcome verification mechanisms to ensure transparency, accountability and measurable developmental impact. The focus throughout implementation willremain on tangible outcomes rather than outputs alone.
The listing is also an important step in the evolution of the Social Stock Exchange ecosystem in India. By supporting this issue, NABARD aims to demonstrate how innovative financial instruments can mobilise capital towards high-impact socialinterventions while ensuring robust outcome measurement and stakeholder accountability. NABARD has been actively supporting the growth of the Social Stock Exchange ecosystem and continues to encourage outcome-oriented financing models capable of addressingcomplex rural development challenges.
The initiative is expected to serve as a demonstration model for leveraging the Social Stock Exchange to finance rural skilling, employability and livelihood interventions at scale. Its successful implementation could pave the way for similaroutcome-based financing models across sectors such as rural entrepreneurship, climate resilience, women-led development, social inclusion and skill development.
By connecting rural aspirations with global employment opportunities and linking institutional finance with measurable social outcomes, NABARD seeks to showcase the transformative potential of the Social Stock Exchange as a platform forinclusive and sustainable development. The project is expected to catalyse wider participation by philanthropic institutions, development agencies, corporates and investors in addressing critical development challenges through innovative financing mechanisms.
