Financial Literacy – Role of Partnerships

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Financial Literacy Role of Partnerships. Alok Prasad Country Director, Citi Microfinance RBI-OECD Workshop on Financial Literacy March 22, 2010. - PowerPoint PPT Presentation

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  • Financial Literacy Role of Partnerships

    Alok Prasad Country Director, Citi Microfinance RBI-OECD Workshop on Financial Literacy March 22, 2010

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  • Established 108 years ago in KolkataLargest FDI in financial services in India Serves the entire breadth of the economyFull Universal Bank presence that is seamlessly integrated with global franchise and product groupsInstitutional Clients GroupGlobal BankingGlobal MarketsGlobal Transaction ServicesCiti Alternative InvestmentsCiti Investment Research & Analysis Consumer GroupPrivate BankCiti Wealth AdvisorsFinancial Strength: For the year ended March 31, 2009, Citibank N.A. India branch, reported PAT equivalent to USD 428 Million .4Capital$3.8bnCities30Branches42Employees>8,000A Century of Commitment to India

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  • The Citi Mandate on Financial EducationLeverage our Financial ExpertiseLeverage our Knowledge of Consumer NeedsDevelop more Informed and Responsible ConsumersBuild and Leverage Partnerships

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  • Microfinance & MicroenterpriseEducationFinancial Capability & Asset BuildingEducation 25%Financial Education 28%Microfinance & Microenterprise 47%Citi Foundation in IndiaFocus Areas

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  • Citis Approach to Financial Capability & Asset BuildingOffice of Financial Education First global bank to establish an Office of Financial Education Launched in 2004 to meet financial education needs of communities it servesIn 2004, Citi announced a 10-year, $200 million global commitment to support financial educationSix years into the commitment, Citi has already invested over $167 million in 73 countriesEncompasses four elementsProviding access to knowledge to increase Financial LiteracyDeveloping short-term and long-term financial plansIncreasing the ability to select appropriate financial products or services to implement those plansDevelop financial strategies for periods of economic prosperity & instability Towards achieving sustainable resultsIncreases in the number of low-income adults who adopt positive financial behaviors and accumulate and preserve financial assets Increases in the number of low-income youth who demonstrate their ability to earn, keep and spend their money wisely

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  • Indian School of Microfinance for WomenPartner Since 2004Partnership Goals -Capacity-building training for microfinance stakeholdersResearchFinancial literacy campaigns, workshops & trainingKey Beneficiaries: Underprivileged women in urban and rural areasGeographical Coverage - MP, Manipur, Orissa, Mah., Guj., TN, Puducherry, Andaman & Nicobar Islands, AP, Assam, Uttrakhand, Karnataka, Kerala & WBCurrent Reach - 9765 NGO staff & members - 370445 through Citi Center for Financial Literacy (CCFL) and the National Alliance for Financial Literacy (NAFiL)Targeted Reach: 500,000 in 2011Partnership Highlights Establishment of the Citi Center for Financial Literacy (CCFL) and the National Alliance for Financial Literacy (NAFiL)

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  • Friends of Womens World Banking IndiaPartner Since 19972010 Focus: Launch of two-year Livelihood and Enterprise Development (LEAD) project after pilotKey Beneficiaries: Underprivileged women, minorities and tribal communities in both urban and rural areasGeographical Coverage: TN, Kerala, Karnataka, AP, Maharashtra, Orissa, West Bengal, Jharkhand, Chhattisgarh, Bihar, UP, MP, Delhi, Assam, Manipur, Rajasthan, Gujarat, AP2007 LEAD Reach: 10,250 HH across 6 states2007 LEAD Reach: 10,000 HH in 2011

    Partnership HighlightsThe LEAD programme partners grassroots organizations and their beneficiaries with finance and business development services like skill & entrepreneurship training, backward & forward linkages, and financial planningStrong combination of microfinance, enterprise development & livelihood development.

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  • Sasha Association for Crafts ProducersPartner Since 1998Partnership Goals -Expansion of microfinance loan fund for 1500 marginalized artisansin WB & Orissa-Increased access to credit & financial management training to help meet business development needs- Establish financial asset building fund & financial literacy programKey beneficiaries- Underprivileged women, ethnic minorities & tribal communities withmicro/small craft enterprises in rural areasGeographical Coverage-9 States/UTs-Orissa, Bihar, Tripura, UP, MP, Rajasthan, Gujarat & KarnatakaCurrent Reach -5000 artisans & their families -30,000 directly through NAFiL

    Partnership HighlightsOne of the first 10 founding partners of ISMWs NAFiL and instrumental in its institutionalization and in the furtherance of the program

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  • Indian School of Business, Centre for Analytical Finance

    Partner Since 2007Partnership Goals Research and policy fora to positively impact financial market participants like small and growing businesses, SMEs and micro entrepreneurs Key End-Beneficiaries Economically disadvantaged groupsTargeted Reach: ~3000 opinion leaders & ~One million economically disadvantaged people

    Prof Raghuram Rajan, Chair, Committee on Financial Sector Reform, Planning Commission delivers the special address at the Indian Banking Conference at ISB

    Partnership Highlights -Research Projects focused on financial inclusion - Workshops & lectures introduce financial practitioners to modern finance concepts, tools and techniques as well as finance targeted specifically to microenterprises and SMEs

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  • Meljol Partner Since 2008Partnership Goals-Financial education pilot programme Aflatoun for underprivileged children -Saving program for children of ages 6-14Key beneficiariesUnderprivileged children in rural areasGeographical Coverage: 4 States (Maharashtra, Kerala, Orissa & Rajasthan) & 2 in the preparatory phase (Assam & Jharkhand) Current Reach: 2,98,323 children Targeted Reach: 3,55,000 by March 2011

    Partnership HighlightsCitis partnership enabled Meljol to initiate a financial literacy programme outside Maharashtra for the first timeCiti-Financial Times Financial Education Summit provided a strong platform for Meljol to network with stakeholders & potential partners

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  • New PartnershipsSwadhaar FinAccess

    Partner Since 2009Partnership Goal An 8-module bi-lingual financial education program for 1,200 women in two slum communities in Mumbai covering:

    understanding the difference between income and cash flow

    the importance of budgeting and how to maintain budget diaries

    how to save and where to save - linked to an existing savings program

    managing credit

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  • Thank You!

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