Citi to give grants of Rs 12.5 cr to fin inclusion NGOs

American lender Citi on Thursday said it will be giving grants up to Rs 12.5 crore to non government organisations (NGO) implementing innovative financial inclusion programmes in the country under its corporate social responsibility agenda.

The 'India Innovation Grant Program' aims to encourage and accelerate innovative financial education and capability programmes that expand financial inclusion for low-income populations, Citi said in a statement.

NGOs will have to apply for the grant, it said, adding that it has decided on a host of factors to narrow down on the beneficiary bodies.

It will be looking for bodies using technology and innovative approaches to expand delivery and lower the costs of serving more people. Integration of delivery of financial education into other social systems such as education and healthcare will also be looked at keenly, it said. This is the second year that the bank is implementing the programme.

Beneficiary NGOs from the first edition include American India Foundation Trust, Grameen Foundation, MelJol, Navya Disha Foundation, Parinaam Foundation, Pratham Education Foundation and Swadhaar FinAccess, it added.