What a Bank’s Foundation Is Doing to Push Financial Inclusion in India and Beyond
Friday, February 12, 2016
It’s been a while since we’ve checked in on the Citi Foundation’s financial inclusion work, but rest assured that this funding is still going strong. Citi is one of the top driving financial inclusion forces in corporate philanthropy, splitting support among North America, Latin America, Asia/Pacific, Europe, the Middle East, and Africa.
One of the bank funder’s largest geographic focuses is India, and it recently announced a commitment of 130 million rupees under its India Innovation Grant Program. This amount equals about $1.9 million U.S. dollars. This grant money will be supporting eight projects to boost financial education and capability programs.
The India Innovation Grant Program is a fairly new endeavor, just established in 2014, and it encourages NGOS to develop programs to improve financial decision-making for low-income populations. By using technology and financial insights, the foundation aims to improve access to financial services in India and reduce the cost of delivering these services. Grantees include the following: 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.