Barclays Bank Plc, India today announced the launch of a new initiative, 'Banking on Change', a savings-led microfinance programme, which is being implemented in partnership with CARE International and Plan International.
'Banking on Change' is being implemented across 11 countries in Asia, Africa and South America, with a total budget of Rs 70 crore. The 'Banking on Change' India Programme has a sanctioned budget of Rs 5.46 crore to be granted to CARE International and Plan International over the next three years.
This partnership focuses on savings-led community finance initiatives, which are effective in meeting the needs of the poor– providing a way to manage their money and increase their ability to deal with life emergencies.
“India is a rapidly maturing market with microfinance institutions spreading rapidly to reach out effectively to the lower income strata of society. Through the Banking on Change programme, in association with CARE International and Plan International we aim to provide access to financial services through authorised channels to these people, with a special focus on marginalised women. With experienced partners in Care and Plan we expect to successfully fulfill these objectives within the three year period.” said Karan Bhagat, managing director & country head, Barclays Corporate India.