Barclays ties up with Care, Plan NGOs with Rs. 5.5 Cr microfinance initiative

Microfinance Monitor, August 28, 2010:Barclays Bank India has launched a Rs. 5.46-crore microfinance initiative in partnership with Care International and Plan International, as part of its corporate social responsibility, said a press release.

Tagged ‘banking on change,’ this savings-led microfinance programme is being carried out by the leading British bank in 11 countries spanning Asia, Africa and South America, with a total budget of Rs. 70 crore.

The India-leg of the programme involves a payout of Rs. 5.46 crore over the next three years to Care International and Plan International, the bank said in a statement in Mumbai.

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”.

This partnership focuses on savings-led community finance initiatives which are effective in meeting the needs of the poor by providing them with a way to manage their money and increase their ability to deal with life emergencies.

The programme will be implemented in urban and semi-urban areas on the self-help group and joint liability model.