Barclays Commences Microfinance Initiative in India

Barclays Bank India has launched INR 54.6 million (US$1 million) microfinance initiative in partnership with Care International and Plan International, as part of its corporate social responsibility. Tagged 'banking on change,' this savings-led microfinance program is being carried out in 11 countries spanning Asia, Africa and South America, with a total budget of INR700 million (U$15 million).

Announcing the launch of this CSR initiative, Barclays Corporate India Managing Director & Country Head Karan Bhagat said, "India is a fast maturing market with MFIs spreading rapidly to reach out effectively to the lower income strata of the society. Through the 'banking on change program' we aim to provide access to financial services through authorized channels to these people, with a special focus on marginalized women".

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