Barclays Bank India today launched a Rs5.46-crore microfinance initiative partnering with two NGOs, Care International and Plan International, as part of its corporate social responsibility outreach.
The savings-led microfinance programme has been tagged 'banking on change' and is being operated by the British bank in 11 countries across Asia, Africa and South America. It has a total budget of Rs70 crore.
The India-leg of the programme has allocated a payout of Rs5.46 crore in the next three years to Care International and Plan International, according to the bank's statement.
Announcing the launch of this CSR initiative, Barclays Corporate India managing director & country head Karan Bhagat said, "India is a fast maturing market with microfinance institutions spreading rapidly to reach out effectively to the lower income strata of the society.
Through the 'banking on change programme' we aim to provide access to financial services through authorised channels to these people, with a special focus on marginalised women".
Under the partnership, savings-led community finance schemes would be launched that are effecting in meeting the needs of the poor by providing them with ways to manage their money and enhance their ability to deal with life emergencies.