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ICICI Bank (BSE: 532174, NYSE: IBN) (formerly Industrial Credit and Investment C

orporation of India) is a major banking and financial services organization in I


ndia. It is the third largest bank in India [3] and the largest private sector b
ank in India by market capitalization. The bank also has a network of 2,016 bran
ches (as on 31 March 2010) and about 5,219 ATMs in India and presence in 18 coun
tries,[2] as well as some 24 million customers (at the end of July 2007). ICICI
Bank offers a wide range of banking products and financial services to corporate
and retail customers through a variety of delivery channels and specialization
subsidiaries and affiliates in the areas of investment banking, life and non-lif
e insurance, venture capital and asset management. (These data are dynamic.) ICI
CI Bank is also the largest issuer of credit cards in India.[4] ICICI Bank's sha
res are listed on the stock exchanges at BSE, NSE, Kolkata and Vadodara (formerl
y Baroda) ; its ADRs trade on the New York Stock Exchange (NYSE)
The Bank is expanding in overseas markets and has the largest international bala
nce sheet among Indian banks. ICICI Bank now has wholly-owned subsidiaries, bran
ches and representatives offices in 19 countries, including an offshore unit in
Mumbai. This includes wholly owned subsidiaries in Canada, Russia and the UK (th
e subsidiary through which the HiSAVE savings brand[5] is operated), offshore ba
nking units in Bahrain and Singapore, an advisory branch in Dubai, branches in B
elgium, Hong Kong and Sri Lanka, and representative offices in Bangladesh, China
, Malaysia, Indonesia, South Africa, Thailand, the United Arab Emirates and USA.
Overseas, the Bank is targeting the NRI (Non-Resident Indian) population in par
ticular.
ICICI reported a 1.15% rise in net profit to Rs. 1,014.21 crore on a 1.29% incre
ase in total income to Rs. 9,712.31 crore in Q2 September 2008 over Q2 September
2007. The bank's CASA ratio increased to 30% in 2008 from 25% in 2007.[6][7]
ICICI Bank is one of the Big Four Banks of India, along with State Bank of India
, Axis Bank and HDFC Bank its main competitors.[8]

History

ICICI Bank HQ at BKC Mumbai


In 1955, The Industrial Credit and Investment Corporation of India Limited (ICIC
I) was incorporated at the initiative of World Bank, the Government of India and
representatives of Indian industry, with the objective of creating a developmen
t financial institution for providing medium-term and long-term project financin
g to Indian businesses. In 1994, ICICI established Banking Corporation as a bank
ing subsidiary. Formerly known as Industrial Credit and Investment Corporation o
f India, ICICI Banking Corporation was later renamed as 'ICICI Bank Limited'. IC
ICI founded a separate legal entity, ICICI Bank, to undertake normal banking ope
rations - taking deposits, credit cards, car loans etc. In 2001, ICICI acquired
Bank of Madura (est. 1943). Bank of Madura was a Chettiar bank, and had acquired
Chettinad Mercantile Bank (est. 1933) and Illanji Bank (established 1904) in th
e 1960s. In 2002, The Boards of Directors of ICICI and ICICI Bank approved the r
everse merger of ICICI, ICICI Personal Financial Services Limited and ICICI Capi
tal Services Limited, into ICICI Bank. After receiving all necessary regulatory
approvals, ICICI integrated the group's financing and banking operations, both w
holesale and retail, into a single entity. At the same time, ICICI started its i
nternational expansion by opening representative offices in New York and London.
In India, ICICI Bank bought the Shimla and Darjeeling branches that Standard Ch
artered Bank had inherited when it acquired Grindlays Bank.
In 2003, ICICI opened subsidiaries in Canada and the United Kingdom (UK), and in
the UK it established an alliance with Lloyds TSB. It also opened an Offshore B
anking Unit (OBU) in Singapore and representative offices in Dubai and Shanghai.
In 2004, ICICI opened a representative office in Bangladesh to tap the extensiv
e trade between that country, India and South Africa. In 2005, ICICI acquired In
vestitsionno-Kreditny Bank (IKB), a Russia bank with about US$4mn in assets, hea
d office in Balabanovo in the Kaluga region, and with a branch in Moscow. ICICI
renamed the bank ICICI Bank Eurasia. Also, ICICI established a branch in Dubai I
nternational Financial Centre and in Hong Kong. In 2006, ICICI Bank UK opened a
branch in Antwerp, in Belgium. ICICI opened representative offices in Bangkok, J
akarta, and Kuala Lumpur. In 2007, ICICI amalgamated Sangli Bank, which was head
quartered in Sangli, in Maharashtra State, and which had 158 branches in Maharas
htra and another 31 in Karnataka State. Sangli Bank had been founded in 1916 and
was particularly strong in rural areas. With respect to the international spher
e, ICICI also received permission from the government of Qatar to open a branch
in Doha. Also, ICICI Bank Eurasia opened a second branch, this time in St. Peter
sburg. In 2008, The US Federal Reserve permitted ICICI to convert its representa
tive office in New York into a branch. ICICI also established a branch in Frankf
urt. In 2009, ICICI made huge changes in its organisation like elimination of lo
ss making department and restreching outsourced staff or renegotiate their charg
es in consequent to the recession. In addition to this, ICICI adopted a massive
approach aims for cost control and cost cutting. In consequent of it, compesatio
n to staff was not increased and no bonus declared for 2008-09.
On 23 May ICICI Bank announced merger with Bank of Rajasthan with it through sha
re-swap in a non-cash deal that values the Bank of Rajasthan at about Rs 3,000 c
rore. Each 118 shares of Bank of Rajasthan will be converted into 25 shares of I
CICI. It is said that this merger will also expand ICICI Bank's branch network b
y 25%.[9][10][11]
[edit]Controversy
ICICI Bank has been in focus in recent years because of alleged harassment of cu
stomers by its recovery agents. Listed below are some of the related news links:
ICICI Bank was fined Rs. 55 lakh for hiring goons (known coloquially as "goondas
") to recover a loan. Recovery agents had ,allegedly, forcibly dragged out a you
th (who was not even the borrower) from the car, beaten him up with iron rods an
d left him bleeding as they drove away with the vehicle. "We hold ICICI Bank gui
lty of the grossest kind of deficiency in service and unfair trade practice for
breach of terms of contract of hire-purchase/loan agreement by seizing the vehic
le illegally,""No civilised society governed by the rule of law can brook such k
ind of conduct" said Justice Kaleem, who was born in Laddhawala, Muzaffarnagar i
s the president of the consumer commission.[12][13][14][15][16][17][18][19]
Four ICICI loan employees arrested on theft charges in Punjab [20]
ICICI Bank told to pay Rs. 1 lakh as compensation for using unlawful recovery me
thods.[21]
RBI warns ICICI Bank for coercive methods to recover loans[22]
ICICI Bank drives customer to suicide - Four men including an employee of ICICI
Bank booked under sections 452, 306, 506 (II) and 34 of IPC for abetting suicide
.[23] According to the suicide note they advised him, "If you cannot repay the b
ank loan, sell off your wife, your kids, yourself, sell everything at your home.
Even then if you cannot not pay back the due amount, then it's better if you co
mmit suicide."[24] India biggest private bank has compensated the life by money
[25]
ICICI Bank on huge car recovery scam in Goa - ICICI Bank invest in car-jackers t
o recover loans in Goa. A half an hour investigative report on CNN-IBN's 30 Minu
tes. The under cover report was executed by CNN-IBN's Special Investigations Tea
m from Mumbai, led by Ruksh Chatterji [26]
Family of Y. Yadaiah alleged that he was beaten to death by ICICI Bank s recovery
agents, for failing to pay the dues. Four persons were arrested in this case.[27
]
A father while talking to Times of India, alleged that "ICICI Bank recovery agen
ts visited his house and threatened his family. And his son Nikhil consumed pois
on because of the tension".[28]
Oppressed by ICICI Bank's loan recovery agents, Shakuntala Joshi (38), committed
suicide by hanging. The suicide note stated that she was upset with the ill-tre
atment meted out by ICICI Bank's recovery agents and had thus decided to end her
life.[29]
In another case of a suicide it is alleged that goondas sent by ICICI Bank abused
Himanshu and his wife in front of the entire residential colony before taking aw
ay his vehicle. Feeling frustrated and insulted, he reportedly committed suicide
.[30]
C.L.N Murthy, a scientist with the Hyderabad-based Indian Institute of Chemical
Technology, was allegedly tortured by recovery agents of ICICI Bank after he def
aulted on his loan. They humiliated me no end. They ripped my shirt, shaved my mou
stache, cut my hair and gave electric shocks on my chest and even spat on my fac
e" adds Murthy.[31]
A dozen recovery agents of ICICI Bank, riding on bikes, allegedly forced a promi
nent lawyer, Someshwari Prasad, to stop his car. They held Prasad at gunpoint an
d also slapped him to force him. A manager of the ICICI Bank branch, Rakesh Meht
a, along with four other employees were arrested.[32]
In a landmark case, Allahabad High Court had ordered registration of an FIR agai
nst ICICI Bank's branch manager, President, Chairman and Managing Director on a
complaint of 75-year-old widow Prakash Kaur. She had complained that goondas were
sent by the bank to harass her and forcibly took away her truck.[33] When the Su
preme Court wanted to know about the procedure adopted by the Bank, ICICI Bank c
ounsel said notice would be sent to a defaulter asking him either to pay the ins
talments or hand over the vehicle purchased on loan, failing which the agents wo
uld be asked to seize it. When the Bench pointed out that recovery or seizure co
uld be done only legally, ICICI Bank counsel said, "If we have to go through the
legal process it would be difficult to recover the instalments as there are mil
lions of defaulters".[34]
Taking strong exception to ICICI Bank's use of 'goondas' against a defaulter, th
e president of Consumer Disputes Redressal Forum said, "The fact leaves us aghas
t at the manner of functioning and goondaism in which the bank is involved for a
petty amount of Rs 1,889... such attitude is deplorable and sends chills down t
he spine....The bank had the option to recover dues through legal means. They ha
ve no legal right to snatch the vehicle in such a manner which amounts to robber
y,". In this case recovery agents pointed a pistol at a defaulter when he tried
to resist. ICICI bank argued that they had taken peaceful possession of the vehi
cle "after due intimation to the complainant as he was irregular in remitting th
e monthly instalments". But the court found out that the records proved otherwis
e.[35]
Two senior ICICI Bank officials were booked for abducting one Vikas Porwal from
his house and keeping him hostage in the Bank's premises.[36]
The credit card division of the ICICI Bank allegedly threatened a senior citizen
in Chandigarh with a fictitious arrest warrant on account of a default that nev
er was.[37]
A Consumer Commission has asked ICICI Bank MD K V Kamath to appear before it in
respect a complaint. A borrower on protesting against the forceful dispossession
of his car, as seen in the post-incident photographs, was roughed up and sustai
ned injuries.[38]
An 18-year-old boy was allegedly kidnapped and detained at the Pune branch of IC
ICI Bank.[39]
There have been several other minor legal cases accusing harassment by ICICI Ban
k [40][41][42][43][44]
A consumer court imposed a joint penalty of Rs. 25 lakh on ICICI Bank and Americ
an Express Bank for making unsolicited calls.[45]
PROFILE
ICICI Bank is India's second-largest bank with total assets of Rs. 3,634.00 bill
ion (US$ 81 billion) at March 31, 2010 and profit after tax Rs. 40.25 billion (U
S$ 896 million) for the year ended March 31, 2010. The Bank has a network of 2,0
35 branches and about 5,518 ATMs in India and presence in 18 countries. ICICI Ba
nk offers a wide range of banking products and financial services to corporate a
nd retail customers through a variety of delivery channels and through its speci
alised subsidiaries in the areas of investment banking, life and non-life insura
nce, venture capital and asset management. The Bank currently has subsidiaries i
n the United Kingdom, Russia and Canada, branches in United States, Singapore, B
ahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and r
epresentative offices in United Arab Emirates, China, South Africa, Bangladesh,
Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in
Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the
National Stock Exchange of India Limited and its American Depositary Receipts (A
DRs) are listed on the New York Stock Exchange (NYSE).

Awards
2010 2009 2008 2007 2006 2005 2004
2003 2002 2001 2000 1999 1998 Erstwhile ICICI Ltd
ICICI Bank
ICICI Bank was voted as the Most Trusted Brand among private sector banks in the
2010 Economic Times - Brand Equity Most Trusted Brands Awards and ranked 7th in
the list of Top 50 service brands
ICICI Bank received the 2010 World Finance UK award for:
Excellence in Remittance Business, Worldwide
Excellence in NRI Services, Worldwide
Excellence in Private Banking Business, APAC Region
ICICI Bank UK, HiSAVE has been awarded 'Best Online Savings Account Provider 201
0 ' by Your Money ,direct consumer awards,UK
ICICI Bank UK, HiSAVE has been commended for 'Best Internet Account Provider 201
0' and 'Best Fixed Rate Account Provider 2010' by Moneyfacts, an independent con
sumer finance leading aggregator
Ms.Chanda Kochhar, MD & CEO was awarded the Financial Express Best Banker Award
For the sixth time in a row, ICICI Bank has received the Most Preferred Auto Loa
n Brand in the Financials Services category at the CNBC Consumer Awards
ICICI Bank has won Gold in the Readers Digest Trusted Brands 2010 Consumer award
in the Finance category for a) Best Bank and b) Best Credit Card Issuing Bank
ICICI Bank won the Best Trade Finance Bank and Best Foreign Exchange Bank, India
at the Finance Asia Country Awards for Achievement, Hong Kong
ICICI Bank won the Best Local Bank by Trade and Forfaiting Review, UK
ICICI Bank received the Best Trade Finance Bank in India by The Asset Triple A A
ward, Hong Kong
ICICI Bank was awarded the Best Trade Finance Bank in South Asia by GTR (Global
Trade Review), UK
ICICI Bank amongst the top 3 to receive the FE- EVI Green Business Leaders Award
, in the banking industry
ICICI Bank wins the Asian Banker Award for Best Banking Security System
ICICI Bank is the first and the only Indian brand to be ranked as the 45th most
valuable global brand by BrandZ Top 100 Global Brands Report.
ICICI Bank has been ranked 1st in the term money category, from a list of 38 lea
ding Banks by the German magazine, Euro. Since commencement of business two year
s ago in the German market, this is the 5th certification/award including 2 cert
ifications from Stiftung warrenttest (for Savings and Term Deposits) and three "
Best Bank" rankings by Euro magazine.
Forbes' 2000 most powerful listed companies' survey ranked ICICI Bank 4th among
the Indian companies and 282nd globally.
ICICI Bank was awarded The Asian Banker Achievement Award 2009 for Cash Manageme
nt in India.
The Economic Times-Corporate Dossier Annual Survey of India Inc's Most Powerful
CEOs featured Ms Chanda Kochhar, MD and CEO, as the most powerful women CEO in I
ndia. She was ranked 13th in the overall power list.
ICICI Group Global Private Clients (GPC) has won the coveted 'Euromoney Private
Banking Award 2010' for Best Bank in the Super-Affluent Category (USD 500,000 to
USD 1 million) - India. The other categories in which GPC picked up awards were
:
Fixed Income Portfolio Management
Lending/Financing Solutions
Precious Metals Investment
Private Equity Investment
Specialized Services - Entrepreneurs
FX/Rates Derivatives Supplier
ICICI Bank wins the Asian Banker Award for Excellence in SME Banking 2009
ICICI Bank won the second prize in the Six Sigma Excellence Awards, conducted by
Indian Statistical institute, Bangalore for "Improving Sales for TV Banking bus
iness"
Mr.N. Vaghul, Former Chairman, ICICI Bank was awarded the "Padma Bhushan"
Investor Relations
ICICI Bank disseminates information on its operations and initiatives on a regul
ar basis. The ICICI Bank website serves as a key investor awareness facility, al
lowing stakeholders to access information on ICICI Bank at their convenience. IC
ICI Bank's dedicated investor relations personnel play a proactive role in disse
minating information to both analysts and investors and respond to specific quer
ies
ICICI Group Companies
ICICI Group
http://www.icicigroupcompanies.com
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ICICI Prudential Life Insurance Company
http://www.iciciprulife.com/public/default.htm
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ICICI Securities
http://www.icicisecurities.com/index.asp
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ICICI Lombard General Insurance Company
http://www.icicilombard.com/
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ICICI Prudential AMC & Trust
http://www.icicipruamc.com/pruicicin/htdocs/home1/index1.html
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ICICI Venture
http://www.iciciventure.com/
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ICICI Direct
http://www.icicidirect.com
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ICICI Foundation
http://www.icicifoundation.org
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Disha Financial Counselling
http://www.icicifoundation.org

ICICI Foundation for Inclusive Growth

ICICI Foundation for Inclusive Growth (ICICI Foundation) was founded by the ICIC
I Group in early 2008 to give focus to its efforts to promote inclusive growth a
mongst low-income Indian households.
We believe our fundamental challenge is to create a just society one where everyon
e has equal opportunity to develop and grow. Towards this end, ICICI Foundation
is committed to making India s economic growth more inclusive, allowing every indi
vidual to participate in and benefit from the growth process.
We hold a set of core beliefs and values that defines our pathway towards inclus
ive growth and guides our five strategic partnerships.
Vision
Our vision is a world free of poverty in which every individual has the freedom
and power to create and sustain a just society in which to live.
Mission
Our mission is to create and support strong independent organisations which work
towards empowering the poor to participate in and benefit from the Indian growt
h process.

Core Beliefs

ICICI Foundation s pathway towards inclusive growth and our five strategic partner
ships are guided by several core beliefs:
Core belief : Good health and basic education are fundamental prerequisites to a
chieving inclusive growth.
Core belief : While healthy and educated individuals have the capacity to transf
orm their lives, their ability to do so depends on the quality of their access t
o transformative tools such as finance.
Access to comprehensive financial services is therefore an essential part of the
development process. Financial services enable individuals and enterprises to a
llocate their resources most productively by allowing them to better manage risk
(e.g. buy insurance) and take advantage of future opportunities (e.g. saving to
day to build capital for tomorrow).
Core belief : For the Indian growth process to be truly inclusive, health, educa
tion and access to complete financial markets are necessary but not sufficient.
Ensuring that every individual has the freedom and the power to create and susta
in a just society and thereby benefit from the Indian growth process requires ad
ditional efforts on the part of civil society and policymakers. Grassroots organ
isations and regulatory infrastructure, for example, must be strengthened to ens
ure that the market does not exploit marginalised sectors of the population or t
he environment.
Our Approach

Rather than build departments within a large, monolithic foundation, we have cho
sen to collaborate with and foster independent, responsive organisations, each w
ith deep expertise in one of the five areas that we believe provide essential el
ements for inclusive growth: primary health, elementary education, comprehensive
access to financial services, strong civil society and environmental sustainabi
lity.

The Foundation provides active support and mentorship to each of these strategic
partners a strategy we believe will build knowledge and specialisation in each
field and ensure long-term impact. But these organisations will not achieve maxi
mum impact by working alone. As shown, these five strategic partners in turn wor
k closely with other partners, building networks and deepening the effects of ou
r programs.
Financial Information

ICICI Foundation provides a financial statement as a part of our Annual Report.


Registration and Tax Status
ICICI Foundation for Inclusive Growth (ICICI Foundation) has been set up as a pu
blic charitable trust registered at Chennai vide registration of the Trust Deed
with the Sub-Registrar s Office at Chennai on January 04, 2008.
The application for registration of the Foundation under section 12AA of the Inc
ome tax Act, 1961 ( the Act ) was filed on February 7, 2008 and the application unde
r section 80G of the Act was filed on February 14, 2008. Subsequently, ICICI Fou
ndation was registered as a PUBLIC CHARITABLE TRUST under Section 12AA of the Act
with effect from February 7, 2008. Further, ICICI Foundation received approval u
nder Section 80G(5)(vi) of the Act on March 19, 2008. This approval is valid in
respect of donation received by ICICI Foundation from February 14, 2008 to March
31, 2009. Accordingly, ICICI Bank and Group Companies will be eligible to get a
deduction under section 80G on donations made during this period.
ICICI Foundation has also obtained its Permanent Account Number (PAN) and Tax de
duction Account Number (TAN).
Funds Flow 2008-2009
ICICI Foundation received Rs.617.80 million from the following sources as grants
:
(January 4, 2008 to March 31, 2009) (spanning two financial years)
Source (January 4, 2008 March 31, 2009) Amount (Rs. million)
ICICI Bank 500.00
ICICI Prudential Life Insurance 67.72
ICICI Lombard General Insurance 17.12
ICICI Securities 14.98
ICICI Securities PD 6.99
ICICI Home Finance 1.99
ICICI Venture 9.00
Total 617.80
ICICI Foundation also incurred total expenses of Rs.1.25 million during this per
iod and had a fund balance of Rs.61.55 million as on March 31, 2009.
Disbursements (January 4, 2008 to March 31, 2009)

Grant Beneficiaries (January 4, 2008 March 31, 2009) Amount (Rs. million)
ICICI Foundation Programmes
ICICI Centre for Child Health and Nutrition 150.00
IFMR Finance Foundation 200.00
Environmentally Sustainable Finance 20.00
CSO Partners 50.00
CARE (Policy Unit) 5.00
Strategy and Advisory Group 20.00
ICICI Group Corporate Social Responsibility Programmes
Read to Lead 25.00
MITRA (ICICI Fellows Programme) 55.00
CARE (Disaster Management Unit) 5.00
Rang De
25.00
Total 555.00
Grant Beneficiaries for 2008-2009
ICICI Foundation Programmes

ICICI Centre for Child Health and Nutrition (ICCHN)


The grant of Rs.150.00 million was provided to ICCHN by way of corpus support an
d for pursuing various projects consistent with its mission.
IFMR Finance Foundation (IFF)
The grant of Rs.200.00 million was provided to IFMR Finance Foundation by way of
corpus support and for pursuing various projects consistent with its mission.
Environmentally Sustainable Finance (ESF)
The grant of Rs.20.00 million was provided to ESF for their collaboration work w
ith Rural Energy Network Enterprise (RENE) on sustainable energy and environment
projects benefiting remote rural end users. The proposed projects will promote
developing tools and driving innovation to scale rural energy access for remote
rural users.
CSO Partners
The grant of Rs.50.00 million was provided to CSO Partners by way of corpus supp
ort and for pursuing various projects consistent with its mission.
CARE (Policy Unit)
A grant of Rs.5.00 million was provided to CARE, an Indian NGO that is closely a
ffiliated with CARE (USA), to create a policy unit in Delhi. Learning from CARE s
work in India and world-wide as well as from the work of ICICI Foundation and it
s partners, the unit will serve as a platform to engage the government and polic
ymakers in an effort to bring about required policy changes in areas such as mat
ernal and child health.
Strategy and Advisory Group (SAG)
Charitable foundations in India and world-wide struggle to fully develop the str
ategy formulation, knowledge management and impact assessment dimensions of thei
r work. A grant of Rs.20.00 million was provided to Strategy and Advisory Group
(SAG), a team at Centre for Development Finance that provides strategic advisory
services to clients in the development sector, to develop these functions and t
o offer their expertise to foundations in general, including ICICI Foundation.
ICICI Group Corporate Social Responsibility Programmes

Read to Lead
Read to Lead is an initiative of ICICI Bank to facilitate elementary education f
or disadvantaged children in the age group of 6-13 years. An amount of Rs.25.00
million has thus far been disbursed to 100,000 children through 30 NGOs. The bal
ance amount of Rs.75.00 million is planned to be disbursed during the period 200
9-2010.
MITRA (ICICI Fellows Programme)
MITRA is an affiliate of CSO Partners that is focused on addressing the challeng
e of human resources for civil society organisations (CSOs). In partnership with
CSO Partners and MITRA, ICICI Foundation proposes to launch an ICICI Fellows Pr
ogramme. An amount of Rs.55.00 million has been disbursed to MITRA for developin
g and launching the programme over the period 2009-2010.
CARE (Disaster Management Unit)
A grant of Rs.5.00 million has been given to CARE in India to enable it to prepa
re for any future disasters that may strike and respond immediately with the req
uired relief efforts.
Rang De (Micro Enterprise Development)
Rang De, an affiliate of CSO Partners, has partnered with ICICI Venture to roll
out funds for micro enterprise development in rural and semi-urban locations. Th
e amount of Rs.25.00 million that has been disbursed to them will support micro
enterprises to the extent of Rs.15.00 million and the balance amount of Rs.10.00
million will go towards meeting their expenses to build the platform.

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