For Immediate Release
Citigroup Inc. (NYSE: C)
September 4, 2014

Citi Foundation Grants INR114 Million to Expand Financial Education and Capability


Programs across seven non-profit organizations to impact 580,000 women and youth

Mumbai – The Citi Foundation today announced an investment of INR 114 million (US$1.95 million) in seven major financial education and capability programs in India that aim to benefit more than 580,000 individuals.

As part of the Citi Foundation's efforts to promote innovation and increase the impact of its grant-making in India, a first-ever Innovation Grant Program was launched in the country to encourage non-governmental organizations (NGOs) to develop innovative financial education and capability programs that expand financial inclusion.

Citi India Chief Executive Officer Pramit Jhaveri said, "The India Innovation Grant Program is a fresh approach to encourage NGOs to develop new and innovative financial education and inclusion programs that are scalable and replicable. Citi India is delighted to be the first in the region to pioneer this approach."

Of the 31 applications received, programs from seven NGOs were selected after a robust review and approval process by the Citi Foundation.

The following non-profit organizations have received grant funds, which will be used to improve consumer financial decision making while utilizing technology, lowering the cost of delivery and enhancing impact: American India Foundation Trust, Grameen Foundation, MelJol, Navya Disha Foundation, Parinaam Foundation, Pratham Education Foundation and Swadhaar FinAccess. Of particular note is each organization's focus on attaining scale.

"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, Citi Foundation. "Our goal is to learn what works and why, and support replication."

The Citi Foundation's mission in India is to address socio-economic challenges with innovative and strategic grants, which will help enhance and facilitate financial inclusion, promote responsible financial behavior via increased financial literacy and create new income-generating opportunities for economically challenged individuals and households. Since 1999, the Citi Foundation has supported more than 35 non-profit organizations, benefiting an estimated 2.5 million individuals across India.

About the selected programs:

Technology enabled financial education in schools by American India Foundation Trust (AIFT) will digitize financial education and use audio visual and smart classrooms to deliver financial education as an integrated part of the Indian school curriculum to 12,000 children in 200 city schools in Delhi, Orissa and Punjab. AIF has also proposed innovative approaches to measure changes in financial knowledge, skills and attitude.

Innovation in Aflatoun financial and social education by MelJol will support the expansion and scaling of MelJol's Aflatoun and Aflateen savings and entrepreneurship programs for over 28,000 school children across nine states, including mothers with young children who are members of self-help groups and children residing in orphanages. Older residents will also be provided skill training.

Diksha financial literacy program by Parinaam Foundation will help scale the Diksha financial literacy program to 52,000 urban and semi-urban low income microfinance women borrowers across India. The program will ensure participants migrate to the formal financial system post training. Data collected on literacy and inclusion will be used to conduct the first study by Parinaam to ascertain the impact of financial education on inclusion. Parinaam is last year's Citi-FT Ingenuity Award winner.

Financial literacy and inclusion program by Pratham Education Foundation will equip students, currently undergoing training in hospitality or entrepreneurship at Pratham's training centers, with the concepts and techniques to effectively manage their finances and savings. The program will reach 3,700 youth participants who are first-time earners across nine states. Grant investment will help Pratham scale their award-winning job skill and placement program and position participants to pay back part of the training cost upon employment, thereby creating a sustainable financial model for the organization.

Integrated mobile financial education and mobile financial services for financial inclusion by Grameen Foundation will use mobile phones to deliver financial education to 15,000 female microfinance borrowers in the northern state of Uttar Pradesh and teach them how to use mobile banking services. The integrated program will be executed in partnership with Airtel Money, Sonata, a leading microfinance institution based in Uttar Pradesh and Axis Bank.

BUZZ India by Navya Disha Foundation will support Buzz, a mobile school modeled on their successful mobile health-clinic initiative. The mobile bus will travel across villages to deliver financial education to an estimated 3,000 women in the southern state of Karnataka. The bus is equipped with AV, training and participant material to set up a mobile ‘classroom' anywhere in a village. Financial knowledge and behavior of the female participants will be monitored by Grameen Financial Services.

Digitization of traditional financial education material by Swadhaar FinAccess will digitize existing financial education modules and make use of computer tablets to change the way financial education is being delivered to urban low-income participants in Mumbai. Swadhaar will make its modules interactive, moving from a center-based teaching approach to peer-teaching and eventually to a self-learning approach, thereby removing the high costs of infrastructure and trainers, as opposed to traditional classroom teaching in existing financial inclusion centers of Swadhaar. The program is expected to target 7,500 individuals. These centers provide financial education and counselling to Swadhaar customers and the general population living around these centers.

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The Citi Foundation
The Citi Foundation is committed to the economic empowerment and financial inclusion of individuals and families, particularly those in need, in the communities where we work so that they can improve their standard of living. Globally, the Citi Foundation targets its strategic giving to priority focus areas: Microfinance, Enterprise Development, Youth Education and Livelihoods, and Financial Capability and Asset Building. The Citi Foundation works with its partners in Microfinance and Enterprise Development to support environmental programs and innovations. Additional information can be found at