Citi Foundation Grants INR130 Million to Advance Financial Inclusion for more than 300,000 Women, Youth and Children
In its second year,
the India Innovation Grant Program supports eight non-profit organizations to expand
financial inclusion across India.
Mumbai: The Citi Foundation today announced an investment of INR 130
million (US$2 million) under the 2015 India Innovation Grant Program to support
eight innovative programs that will accelerate and deepen financial inclusion in
India.
Launched in 2014, the
India Innovation Grant Program encourages local non-governmental organizations
(NGOs) to develop scalable and replicable programs that improve consumer
financial decision making while utilizing technology and behavioral insights to
lower the cost of delivery and expand financial inclusion in India. The
initiative is aligned with India’s national financial inclusion agenda aimed at
improving access to financial services and products for low income populations.
Pramit Jhaveri, Chief
Executive Officer, Citi India, said, “The India Innovation Grant Program – now
in its second year - is a pioneering approach by the Citi Foundation to source
and scale innovative financial inclusion interventions. The 2015 initiative carries
a strong focus on producing positive and measurable financial behavioral change
among women and youth by encouraging the accumulation and preservation of
financial assets.”
The
2015 India Innovation Grant Program experienced an overwhelming response; of
the 300 expressions of interest received, programs from eight NGOs were
selected after a robust review and approval process.
The eight
nonprofit organizations that are part of the 2015 India Innovation Grant
Program include: Navya Disha Trust, Swadhaar FinAccess, Anudip Foundation for
Social Welfare, American India Foundation Trust, Pratham Education Foundation,
MelJol, Kalighat Society for Development Facilitation, and Grameen
Foundation.**
The Citi
Foundation’s support in India helps to address socio-economic challenges with
innovative and strategic grants, which will help enhance and facilitate
financial inclusion, promote responsible financial behavior via increased
financial literacy and create new income-generating opportunities for
individuals from low income households.
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