MUMBAI: Citi Foundation has announced the launch of its second edition of the India Innovation Grant Program to encourage and accelerate innovative financial education and capability programs that expand financial inclusion for low-income populations.
This is in line with the government’s agenda to create opportunities to inculcate a habit of savings and demonstrates Citi’s commitment to helping strengthen India’s social security framework. Through this effort, up to INR 125 million will be available for NGOs who wish to apply for a Citi Foundation grant.
Citi India Head of Corporate Affairs Debasis Ghosh emphasized “The launch of the 2015 India Innovation Grant Program underscores the success of the inaugural initiative, which brought forth innovative and scalable financial inclusion programs that support India’s agenda of inclusive growth”
The Citi Foundation 2015 India Innovation Grant Program will award grants to NGOs in India employing innovative approaches to accelerating and deepening financial inclusion among low-income populations.
Of particular interest are programs that:
•Use technology and innovative approaches to expand delivery and lower the costs of serving more low income people
•Integrate the delivery of financial education into other social systems such as education and healthcare
•Improve access to finance with integrated financial capability services
•Prepare young people for and connect them to economic opportunities
•Focus on urban low-income population
•Promote scale and thought leadership
•Produce positive, measurable financial behavior change and the accumulation and preservation of financial assets for low-income populations
The inaugural Citi Foundation India Innovation Program in 2014 awarded grants to seven innovative programs from NGOs including the American India Foundation Trust, Grameen Foundation, MelJol, Navya Disha Foundation, Parinaam Foundation, Pratham Education Foundation and Swadhaar FinAccess.
The programs initiated earlier this year, aim to benefit more than 580,000 individuals in improving consumer financial decision making while utilizing technology, lowering the cost of delivery and enhancing impact. Of particular note is each organization’s focused efforts at attaining scale.
In India, Citi Foundation is focusing its efforts on grants investments that are helping to enhance and facilitate financial inclusion, promote responsible financial behavior via increased financial literacy and create new income-generating opportunities for economically challenged individuals and households.
Since 1999, the Citi Foundation has supported more than 35 non-profit organizations, benefiting an estimated 2.5 million individuals across India.
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