Citi Foundation has announced an investment
of 130 million rupees under its India Innovation Grant Program that is focused
at supporting eight programmes that the organisation claims will accelerate and
deepen financial inclusion in India.
Launched in 2014, the India Innovation
Grant Program encourages local non-governmental organisations (NGOs) to develop
scalable and replicable programmes that improve consumer financial decision-making
while utilising technology and behavioural insights to lower the cost of
delivery and expand financial inclusion. The initiative is aligned with India’s
national financial inclusion agenda aimed at improving access to financial
services and products for low-income populations.
In a media release shared with CauseBecause,
Pramit Jhaveri, chief executive officer,
Citi India, said, ‘….the 2015 initiative carries a strong focus on producing
positive and measurable financial behavioural change among women and youth by
encouraging the accumulation and preservation of financial assets.’
The 2015 programme, as per the organisation’s
official claims, received 300 expressions of interest from non-profit organisations
and eight of them were selected after a thorough review.
The selected organissations 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.