Citi to support financial inclusion, microfinance in India
Press Trust Of India / Mumbai Sep 03, 2010, 00:48 IST
Banking behemoth Citigroup was keen to be a part of India’s growth story and would continue to focus on microfinance and support initiatives in the areas of financial inclusion and education, Chief Executive Officer Vikram Pandit has said.
“We have a strong franchise in India and are looking forward to being a part of India’s growth,” Citigroup CEO Vikram Pandit said while addressing a gathering at an award function here yesterday through video-conferencing.
“From helping India’s top global corporations, to supporting the growth ambitions of its small and mid-sized enterprises, to helping individuals and households build their financial futures, we will play a major role in India’s economic future.”
“We will continue to emphasise on microfinance and support India’s priorities, particularly in the areas of financial inclusion and financial education,” he said. India is set to grow for a long time and the American bank will grow with India, he said.
Rate of interest charged to micro finance loans are exorbitant. Certainly lending at/or above 26% p.a. looks very attractive. It is difficult to lend even at 8-10% in their own country, another opportunity for exploitation.
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