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The Citi Foundation has announced an investment of Rs 11.40 crore in seven major financial education and capability programmes in India.
The programmes will benefit more than 5.8 lakh individuals, and will encourage non-governmental organisations (NGOs) to develop innovative financial education programmes that expand financial inclusion.
“The India Innovation Grant Programme is a fresh approach to encourage NGOs to develop new and innovative financial education and inclusion programmes that are scalable and replicable,” said Pramit Jhaveri, Chief Executive Officer of Citi India in a press statement.
Of the 31 applications received, programmes from seven NGOs were selected after a robust review and approval process by the Citi Foundation. The following non-profit organisations – American India Foundation Trust, Grameen Foundation, MelJol, Navya Disha Foundation, Parinaam Foundation, Pratham Education Foundation and Swadhaar FinAccess – have received grant funds, which will be used to improve consumer financial decision making.
"This initiative will not only help consumers build critical financial skills and adopt positive financial behaviors, but we will be working closely with NGO partners to track results and share these experiences with stakeholders in India and globally,” said Brandee McHale, Chief Operating Officer of Citi Foundation. “Our goal is to learn what works and why, and support replication."
Since 1999, the Citi Foundation has supported more than 35 non-profit organisations, benefiting an estimated 25 lakh individuals across India. The organisation's mission is to facilitate financial inclusion, promote responsible financial behavior, and create new income-generating opportunities for economically challenged.
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