NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, September 12, 2012

Citi Foundation, the charitable arm of the US-based financial provider Citigroup, reportedly has given a grant of INR 10 million (USD 180,000) to Parinaam Foundation, an Indian nonprofit organization, to deliver Parinaam’s Diksha Financial Literacy Program to approximately 31,000 microfinance clients. The program reportedly aims to give low-income women in 14 Indian states the tools to understand saving options, make financial decisions and open bank accounts. The program was piloted in 2011 in partnership with Ujjivan Financial Services, an Indian microfinance institution (MFI), and will be launched in 105 Ujjivan branches in November 2012. Further information on the project has not been released.

As of 2010, Citi Foundation reported total assets of USD 63.1 million. As of June 30, 2012, Ujjivan reported to MIX total assets of USD 146 million, a gross loan portfolio of USD 126 million and 855,000 active borrowers. Financial information for Parinaam Foundation is not available.