Hero to help poor in cycle financing

The Hero Group is willing to partner with financial institutions to enable the poor buy cycles on instalments. Co-chairman and managing director of Hero Cycles Pankaj Munjal said in New Delhi on Thursday, "There is an urgent need to provide financial assistance through microfinance to enable rural people to purchase bicycles."

Munjal told senior management of various financial institutions, "We are keen to partner various financial institutions so as to empower rural people to enhance their livelihood."

Around 400 million Indians below the poverty line do not have the financial capability to purchase bicycles, he added.

How these 400 million people look towards bicycles as a big enabler which can help them earn and increase their livelihood.

Hero Cycles, the world's largest cycle manufacturer, wished President Pranab Mukherjee on his 79th birthday and gifted 50 Hero cycles to his staff at the event marking the inauguration of Financial Awareness Festival at Rashtrapati Bhavan.

The cycles will be used by the staff at the Rashtrapati Bhavan for a healthier and environment-friendly commute within the 320-acre President Estate.

Mukherjee flagged off the 'Go Green' initiative along with Munjal, who said, "We at Hero Cycles wanted to take this opportunity to give our best wishes to the President on his birthday. We wanted to wish him a long, healthy life."

During the event, Munjal also announced scholarships for students of Rajendra Prasad Sarvodaya Vidyalaya, which is located within President Estate. The scholarships will be awarded to toppers of standard VI to XI. As part of the celebrations, a drawing competition was also organised for the students.