Citi Foundation, the charitable arm of the US-based financial provider Citigroup, reportedly has given a grant of INR 10 million (USD 180,000) to Parinaam Foundation, an Indian nonprofit organization, to deliver Parinaam’s Diksha Financial Literacy Program to approximately 31,000 microfinance clients. The program reportedly aims to give low-income women in 14 Indian states the tools to understand saving options, make financial decisions and open bank accounts. The program was piloted in 2011 in partnership with Ujjivan Financial Services, an Indian microfinance institution (MFI), and will be launched in 105 Ujjivan branches in November 2012. Further information on the project has not been released.
As of 2010, Citi Foundation reported total assets of USD 63.1 million. As of June 30, 2012, Ujjivan reported to MIX total assets of USD 146 million, a gross loan portfolio of USD 126 million and 855,000 active borrowers. Financial information for Parinaam Foundation is not available.
By Charlotte Newman, Research Associate
About Citi Foundation
The Citi Foundation provides grants and guarantees focusing on the areas of microfinance, small and growing businesses, education, asset building and neighborhood revitalization. As of 2010, Citi Foundation reported total assets of USD 63.1 million. Citi Foundation is the charitable arm of US-based financial services provider Citigroup.
About Parinaam Foundation
Parinaam Foundation is an Indian nonprofit organization providing social services to poor women and their families in the areas of healthcare, education, professional development and community development. Parinaam was incorporated as a nonprofit in Bangalore, India in 2008. Financial information on the organization is not available.
About Ujjivan Financial Services
Ujjivan Financial Services is a microfinance institution (MFI) based in Bangalore, India, that offers loans and insurance products. It was founded in 2004 and focuses on low-income women in urban and semi-urban areas. Its products include business loans, educational loans, emergency loans and life insurance. As of June 30, 2012, Ujjivan reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 146 million, a gross loan portfolio of USD 126 million, return on assets (ROA) of 0.24 percent, return on equity (ROE) of 1.06 percent and 855,000 active borrowers.
Sources and Additional Resources:
FinChannel.com: “India: Citi Facilitates Financial Literacy Training for 31,000 Women,” http://finchannel.com/Main_News/Banks/114977_India%3A_Citi_Facilitates_Financial_Literacy_Training_for_31,000_Women/
MicroCapital.org story, May 16, 2012, “MICROCAPITAL BRIEF: SEEP Network, Citigroup Foundation Launch Planning Stage of Global Savings Campaign,” https://www.microcapital.org/microcapital-brief-seep-network-citigroup-foundation-launch-planning-stage-of-global-savings-campaign/
MicroCapital.org story, September 6, 2012, “MICROCAPITAL BRIEF: Bellwether Microfinance Fund, Michael & Susan Dell Foundation Sell Shares in Ujjivan of India to Lok Capital of Maruitius, Undisclosed Social Investor,” https://www.microcapital.org/microcapital-brief-bellwether-microfinance-fund-michael-susan-dell-foundation-sell-shares-in-ujjivan-of-india-to-lok-capital-of-mauritius-undisclosed-social-investor/
MicroCapital Universe Profile: Citi Foundation
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Citi+Foundation
MicroCapital Universe Profile: Parinaam
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Parinaam+Foundation
MicroCapital Universe Profile: Ujjivan Financial Services
http://microcapital.org/microfinanceuniverse/tiki-index.php?page=Ujjivan+Financial+Services
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Coop TLM Borrows $1.3m from Grameen Crédit Agricole Foundation for Microfinance in Indonesia
- MICROCAPITAL BRIEF: Whole Planet Foundation Offering Interest-free Wholesale Funding for Microfinance in Latin America, Caribbean
- MICROCAPITAL BRIEF: Opportunity International, UPS Foundation Announce “Unstoppable Women Initiative” to Expand Financial Services in Colombia, India, Indonesia, Nigeria
- MICROCAPITAL BRIEF: Mi-Bospo of Bosnia and Herzegovina Borrowing $2.2m from Grameen Credit Agricole Foundation for Microfinance Lending
- MICROCAPITAL BRIEF: Arnur Credit of Kazakhstan Borrows $3.3m from Grameen Crédit Agricole to Expand Access to Microfinance
