Upload
others
View
3
Download
0
Embed Size (px)
Citation preview
Financial Literacy – Role of Partnerships
Alok Prasad Country Director, Citi Microfinance
RBI-OECD Workshop on Financial Literacy
March 22, 2010
2
• Established 108 years ago in Kolkata
• Largest FDI in financial services in India
• Serves the entire breadth of the economy
• Full Universal Bank presence that is seamlessly integrated with global
franchise and product groups
– Institutional Clients Group
• Global Banking
• Global Markets
• Global Transaction Services
• Citi Alternative Investments
• Citi Investment Research & Analysis
– Consumer Group
– Private Bank
– Citi Wealth Advisors
• Financial Strength: For the year ended March 31, 2009, Citibank N.A. India branch, reported PAT equivalent to USD 428 Million .
Citi provides a fully comprehensive range of financial products and services to a wide cross-section of clients across the entire
spectrum of the Indian economic landscape
4
Capital $3.8bn
Cities 30
Branches 42
Employees >8,000
A Century of Commitment to India
3
The Citi Mandate on Financial Education
• Leverage our Financial Expertise
• Leverage our Knowledge of Consumer Needs
• Develop more Informed and Responsible Consumers
• Build and Leverage Partnerships
3
4
Microfinance & Microenterprise Education Financial Capability & Asset
Building
Education 25%
Financial Education
28%
Microfinance & Microenterprise
47%
Citi Foundation in India Focus Areas
5
Citi’s Approach to Financial Capability & Asset Building Office of Financial Education
• First global bank to establish an Office of Financial Education
– Launched in 2004 to meet financial education needs of communities it serves
• In 2004, Citi announced a 10-year, $200 million global commitment to support financial education
• Six years into the commitment, Citi has already invested over $167 million in 73 countries
Encompasses four elements
- Providing access to knowledge to increase Financial Literacy
- Developing short-term and long-term financial plans
- Increasing the ability to select appropriate financial products or services to implement those plans
- Develop financial strategies for periods of economic prosperity & instability
Towards achieving sustainable results
• Increases 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
6
Indian School of Microfinance for Women
Partner Since 2004
Partnership Goals -Capacity-building training for microfinance stakeholders
-Research
-Financial literacy campaigns, workshops & training
Key Beneficiaries: Underprivileged women in urban and rural areas
Geographical Coverage - MP, Manipur, Orissa, Mah., Guj., TN, Puducherry, Andaman & Nicobar Islands, AP, Assam, Uttrakhand, Karnataka, Kerala & WB
Current 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 2011
Partnership Highlights Establishment of the Citi Center for Financial Literacy (CCFL) and the National Alliance for Financial Literacy (NAFiL)
7
Friends of Women’s World Banking India
Partner Since 1997 2010 Focus: Launch of two-year Livelihood and Enterprise Development (LEAD) project after pilot Key Beneficiaries: Underprivileged women, minorities and tribal communities in both urban and rural areas Geographical Coverage: TN, Kerala, Karnataka, AP, Maharashtra, Orissa, West Bengal, Jharkhand, Chhattisgarh, Bihar, UP, MP, Delhi, Assam, Manipur, Rajasthan, Gujarat, AP 2007 LEAD Reach: 10,250 HH across 6 states 2007 LEAD Reach: 10,000 HH in 2011
Partnership Highlights
The LEAD programme partners grassroots organizations and their beneficiaries with finance and business development services like skill & entrepreneurship training, backward & forward linkages, and financial planning
Strong combination of microfinance, enterprise development & livelihood development.
8
Sasha Association for Crafts Producers
Partner Since 1998
Partnership Goals
-Expansion of microfinance loan fund for 1500 marginalized artisans
in WB & Orissa
-Increased access to credit & financial management training to help
meet business development needs
- Establish financial asset building fund & financial literacy program
Key beneficiaries
- Underprivileged women, ethnic minorities & tribal communities with
micro/small craft enterprises in rural areas
Geographical Coverage
-9 States/UTs
-Orissa, Bihar, Tripura, UP, MP, Rajasthan, Gujarat & Karnataka
Current Reach
-5000 artisans & their families
-30,000 directly through NAFiL
Partnership Highlights
One of the first 10 founding partners of ISMW’s NAFiL and instrumental in
its institutionalization and in the furtherance of the program
9
Indian School of Business, Centre for Analytical Finance
Partner Since 2007
Partnership 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 groups
Targeted 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
10
Meljol
Partner Since 2008
Partnership Goals
-Financial education pilot programme ‘Aflatoun’ for underprivileged children
-Saving program for children of ages 6-14
Key beneficiaries
Underprivileged children in rural areas
Geographical 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 Highlights
Citi’s partnership enabled Meljol to initiate a financial literacy programme
outside Maharashtra for the first time
Citi-Financial Times Financial Education Summit provided a strong platform
for Meljol to network with stakeholders & potential partners
11
New Partnerships
Swadhaar FinAccess
Partner Since 2009
Partnership 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
12
Thank You!