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AASHU

Commonwealth Inclusive Growth Services Ltd. (CIGS) was established in 2008 to provide banking services to underserved populations in India. CIGS intends to offer affordable and socially relevant solutions in banking, healthcare, and education in partnership with other organizations. CIGS aims to expand access to secure and low-cost financial services for the vast population that previously lacked banking access. CIGS will handle technology and field activities to support financial inclusion, while regulatory compliance will remain with partner banks.

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30 views

AASHU

Commonwealth Inclusive Growth Services Ltd. (CIGS) was established in 2008 to provide banking services to underserved populations in India. CIGS intends to offer affordable and socially relevant solutions in banking, healthcare, and education in partnership with other organizations. CIGS aims to expand access to secure and low-cost financial services for the vast population that previously lacked banking access. CIGS will handle technology and field activities to support financial inclusion, while regulatory compliance will remain with partner banks.

Uploaded by

AashishDoss
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Company Overview

Commonwealth Inclusive Growth Services Ltd. (CIGS), (Formerly,


Commonwealth Micro Finance India Ltd. CMFIL) a Strategic Partner of
CBC, has been established, on 21st January 2008, with a view to bank
the vast un-banked and under-banked segments of India, in an
economically viable and socially relevant manner, in partnership with
eligible entities. CBC had placed its then Director General, Dr. Mohan
Kaul, as Non-Executive Chairman on the Board of CIGS.
As part of its vision to support the Millennium Development Goals set
by the United Nations, CIGS intends to provide economically viable and
socially relevant solutions in the areas of inclusive banking, healthcare
and education in India, in partnership with eligible entities. CIGS aims
to extend the basic banking facilities to the vast population, who had,
hitherto, been having no access to secure & cost effective financial
services, due to a variety of reasons.
CIGS end-to-end solution for Financial Inclusion would go a long way in
fulfilling the banking needs of the vast unbanked & under-banked
population, spread across the length & breadth of the country. In line
with the existing regulatory norms, CIGS shall only handle areas
related to technology and approved field-level activities, leaving
Settlement and other matters related to regulatory compliance to the
exclusive domain of partner banks

.
Commonwealth Business Council (CBC), headquartered in London, is a
non-profit organization, formed by the Charter of 53 Commonwealth
Heads of Government, in the year 1997
The United Nations and the Commonwealth Business Council signed a
Memorandum of Understanding (MoU), formalizing partnership
between the two organizations, in February 2008. The MoU envisages
establishing Global Business Council (GBC), for cooperation between
the United Nations Office for Partnerships and the Commonwealth
Business Council. The objectives are, among other things, to help
achieve the Millennium Development Goals.

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