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ICICI Foundation for Inclusive Growth,
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Website: www.icicifoundation.org
2012 ANNUAL ICICI FOUNDATION FOR INCLUSIVE GROWTH
2013 REPORT
 Vision
To be a leading institution for the promotion
of inclusive growth in India by contributing
to the key enablers required for widespread
participation in economic opportunities in
the country.

Mission
We will promote inclusive growth in India
through focused initiatives in the identified
areas including primary healthcare, elementary
education, skill development & sustainable
livelihoods and financial inclusion.

2 2012 ANNUAL
2013 REPORT
ICICI Foundation for Inclusive Growth (ICICI Foundation)

2012 ANNUAL 3
2013 REPORT
 Message from Chairman of the Governing Council,
ICICI Foundation for Inclusive Growth

India has come a long in the economic activity in I invite you to join me as we
way in the last 20 years. the country. The ICICI Group review our efforts in the year
We have achieved has been endeavouring to gone by, and look ahead to
significant diversification address these challenges the future.
of the economy, creation through initiatives Mr K.V. Kamath
of globally competitive by each group entity Chairman, Governing Council,
ICICI Foundation for Inclusive Growth
businesses, improvement as well as through the and Chairman, Board of Directors,
in the rates of economic ICICI Foundation for ICICI Bank
growth, upward migration Inclusive Growth.
of household incomes and
increasing savings and To give a larger number
wealth creation. India’s of people the ability
potential going forward to participate in the
continues to be strong, growth process, we
driven by the demographic have made focused
dividend and potential interventions in the areas
for viable investments of healthcare, education,
in infrastructure and the skill development &
industrial sector. sustainable livelihoods
and financial inclusion.
However, we continue These key enablers are
to face the challenge of interconnected and
widespread poverty. At complement one another.
the ICICI Group, our belief We continue to scale up
has been that this can be our initiatives, incorporating
addressed only by building the learnings from our
the social infrastructure experiences into our
required to equip every future plans.
person with the enablers to
engage with the economic
mainstream and participate

4 2012 ANNUAL
2013 REPORT

Message from Member of the Governing Council,
ICICI Foundation for Inclusive Growth
The ICICI Group, through
ongoing initiatives in
various group companies
as well as through the ICICI
Foundation for Inclusive
Growth continues to focus
on the building blocks that
will support inclusiveness
in India. We believe that
inclusive growth is the
outcome of interventions
at different life stages of
an individual. Therefore,
in our efforts to promote
inclusive growth, we
focus our initiatives on
specific growth enablers –
healthcare, education, skill
development & sustainable
livelihoods and access to
financial services.
We operate through
a variety of models
depending on the specific
requirements of each
area. For example, in the
health and education
domains we work with the
government to maximise
2012 ANNUAL
2013 REPORT
the outreach and impact
of our programmes. By
strengthening public
health systems and
delivery mechanisms, we
are aiming to improve
access to healthcare
for some of the poorest
communities across the
nation. Similarly in the
education field, by directly
embedding our initiatives
within the government
institutional space, we
seek to ensure a systemic
and sustainable impact,
which would ultimately
result in better teaching-
learning outcomes in the
schools and classrooms.
This approach continues to
reflect in our relationship
with the government, as
we work towards being a
model example of public-
private partnerships in the
social sector.
In the area of skill
development & sustainable
country through residential
and non-residential
courses. In the first year,
we plan to train about 5,000
young people.
In the area of financial
inclusion, ICICI Bank
continues to expand its
presence in rural and
livelihoods, we have semi-urban markets
chosen a more direct through a combination of
approach. While India has branches and Business
the advantage of a large Correspondent (BC)
proportion of the population channels. At March 31,
being in the productive 2013, we had about 14.9
age group, this poses a million financial inclusion
significant challenge for accounts with over
our country in terms of job 13,500 villages under the
creation and the immediate coverage of our financial
need for skill-building. To inclusion plan. Our
address this issue, ICICI strategy is to provide a
Foundation has launched comprehensive product
a skill development suite encompassing
initiative that will help in savings, credit and
realising the dream of a remittances to customers
prosperous India, where in rural India, through a
every individual is equipped multi-channel network.
with the skills to earn a
living and take part in the We look forward to your
nation’s growth. continued support in
our mission to equip the
This initiative, the ICICI underprivileged with the
Academy for Skills, will ability to participate in India’s
focus on vocational training growth and thus contribute
for the youth to give to a more prosperous India.
them the ability to earn a
sustainable livelihood. This Mrs Chanda Kochhar
Member, Governing Council,
is a national initiative, which ICICI Foundation for Inclusive Growth
and Managing Director & CEO,
will be spread across the ICICI Bank
5
 Message from President,
ICICI Foundation for Inclusive Growth
ICICI Foundation continues
to consolidate its efforts in
the design, implementation
and impact evaluation of its
programmes and projects
in the identified areas
of primary healthcare,
elementary education,
skill development & in
sustainable livelihoods and
financial inclusion.
Our initiatives in the health
space seek to strengthen
the delivery of outpatient
healthcare at public
healthcare facilities and
also involve private players
to further improve the
healthcare accessibility
for Below the Poverty
Line (BPL) populations.
ICICI Foundation’s flagship
healthcare programme
with ICICI Lombard – the
Outpatient Healthcare pilot
project is a prime example
of this commitment, with
the government now
deciding in principle on
scaling up the initiative for
a nationwide rollout at all
Rashtriya Swasthya Bima
Yojana (RSBY) empanelled
health facilities.
6 2012 ANNUAL
In the area of elementary Through ICICI Bank’s Rural As you read through the
education, our programmes Self Employment Training fifth edition of our Annual
were launched in Institutes (RSETIs), we are Report, I invite you to share
partnership with now providing skill training with us your views on how
government institutions for sustainable livelihoods India’s growth can be made
in the states of Rajasthan to about 350 youth a month more inclusive.
and Chhattisgarh towards at our residential and
enhancing the quality satellite centres in Udaipur We look forward to your
education, which and Jodhpur districts. thoughts and ideas.
would ultimately result in The focus of the training
better teaching-learning programmes is on market
processes and outcomes demand based vocational Mr Subrata Mukherji
within schools and trainings, and creating President,
ICICI Foundation for Inclusive Growth
classrooms. Towards this, forward and backward
we have nearly completed linkages to the markets,
the development of thereby ensuring better
new syllabi, curricula employability of the trained
and textbooks, and candidates.
are now focusing on
training of teachers However, since the
in Rajasthan. RSETI model focuses on
underprivileged rural youth
As part of a similar exercise in only two districts, viz.
in Chhattisgarh, four Udaipur and Jodhpur, ICICI
District Institute of Training Foundation now plans
and Education (DIETs) are to scale up its work in
being developed as Subject the area of sustainable
Resource Centres (SRCs) livelihoods across India
for the state. These centres for both rural and urban
of excellence are expected communities. Our recent
to emerge as sustainable skill development initiative
resource support nodes in in Jaipur is one such
their subjects for catalysing planned activity, which is in
the pedagogical needs of the final stages of planning
the whole state. and implementation.
2013 REPORT
 Content
Primary Healthcare 08-17

Elementary Education 18-31

Skill Development & Sustainable Livelihoods 32-39

Access to Finance 40-43

Other Initiatives 44-51

Financials 52-58
 Primary
Healthcare

8 2012 ANNUAL
2013 REPORT
 ICICI Foundation believes that
health is the first and foremost
enabler for promoting inclusive
growth. By ensuring access to
proper healthcare and nutrition
from childhood, individuals
have a better opportunity to
become productive members
of society. Our efforts therefore
focus on developing innovative
pilot projects in collaboration
with governments that have
the potential to translate into
large-scale and sustainable
initiatives capable of bringing
about significant improvements
in healthcare and its delivery
to marginalised communities
in India.

2012 ANNUAL 9
2013 REPORT
Primary Outpatient Healthcare Programme, Odisha & Gujarat:
Healthcare ICICI Foundation’s flagship healthcare
programme – the Outpatient
Healthcare (OP) Pilot is a unique
programme that rides on the existing
Government of India’s inpatient
healthcare platform - Rashtriya
Swasthya Bima Yojana (RSBY). The
pilot seeks to strengthen the delivery
of outpatient healthcare at public
healthcare facilities and also involve
private players to further improve
healthcare accessibility for Below the
Poverty Line (BPL) households in the
districts of Puri (Odisha) and Mehsana
(Gujarat). The OP pilot project has
been launched in partnership with the
Ministry of Labour and Employment
(MoLE), the Microinsurance Innovation
Facility of International Labour
Organisation (ILO) and ICICI Lombard
General Insurance.
ICICI Foundation’s pilot project began
in July 2011 in Puri (Odisha) and in
November 2011 in Mehsana (Gujarat),
with the following objectives:
• To improve health seeking
behaviour among people belonging
to BPL and other marginalised
segments
• To ensure delivery of quality
healthcare to them
• To reduce out-of-pocket
expenses for quality healthcare
10
To address the challenges of the
project, an oversight committee
comprising ICICI Foundation, the
Ministry of Labour and Employment,
and the Microinsurance Innovation
Facility – ILO was formed.
In terms of their respective roles,
ICICI Foundation is the chief learning
partner for the OP pilot project. It is
also providing insurance premium
funding for the pilot project.
Microinsurance Innovation Facility
– ILO is the investment partner
funding the technology and marketing
requirements of the project, and ICICI
Lombard is the implementation partner.
Financial Inclusion and Network
Operations (FINO) is the technology
provider responsible for both hardware
and software requirements of
the project.
2012 ANNUAL
2013 REPORT
2012 ANNUAL 11
2013 REPORT
 Puri
150000
129,938 60000

50000
120000

40000
90000

Programme Update 30000

60000

20000
As on June 31, 2013, the pilot
project has seen 129,938
30000
beneficiaries in Puri and 53,243
10000
beneficiaries in Mehsana utilise
the RSBY outpatient services.
The positive outcome from
the OP pilot project so far
31-Aug-11

30-Dec-11
31-Oct-11

30-Apr-13
30-Sep-11

30-Nov-12
31-Jan-12

31-Mar-13
31-Oct-12

28-Feb-13
30-Nov-11

31-Jan-13
31-Aug-12
31-Jul-11

26-Dec-12
23-Feb-12

27-Jun-12
27-May-12

30-Sep-12
30-Apr-12

30-May-13
30-Jun-13
26-Mar-12

31-Jul-12

31-Aug-11
30-Sep-11
31-Jul-11
has helped other states like
Punjab, Uttarakhand, Mizoram
and Andhra Pradesh to adopt
similar experiments. The
Puri
Government of India has also
Mehsana
129,938
decided in principle to extend
60000 53 2
53,243
outpatient healthcare facilities
to all the RSBY beneficiaries as
a standard product across the 50000
nation, potentially benefitting
34 million persons.
40000

30000

20000

10000
30-Apr-13
30-Nov-12

31-Mar-13
31-Oct-12

28-Feb-13
31-Jan-13
26-Dec-12
30-Sep-12

30-May-13
30-Jun-13

31-Aug-11

30-Dec-11
31-Oct-11

30-Apr-13
30-Sep-11

30-Nov-12
31-Jan-12

31-Mar-13
31-Oct-12

28-Feb-13
30-Nov-11

31-Jan-13
31-Aug-12
31-Jul-11

26-Dec-12
23-Feb-12

27-Jun-12
27-May-12

30-Sep-12
30-Apr-12

30-May-13
30-Jun-13
26-Mar-12

31-Jul-12

12 2012 ANNUAL
2013 REPORT
 Highlight

From left to right: Mr Subrata Mukherji, President, ICICI Foundation; Mr Anil Swarup, IAS, Additional Secretary and Director General Labour
Welfare, Ministry of Labour & Employment (MoLE), Government of India; Ms CTM Suguna, IAS, Commissioner-cum-Secretary, Labour &
Employment Department, Government of Odisha; and Dr Nitesh Shah, SNA Nodal Officer, Government of Gujarat.

In order to share the learning, experiences, challenges and successes of

the pilot project, ICICI Foundation developed a detailed case study titled -
Pilot Project Introducing Outpatient Healthcare on the RSBY Card. The aim
of the case study was to create a comprehensive source of information for
the many key stakeholders involved in providing healthcare to India’s poor,
including the government. In order to widely disseminate the learnings of
the pilot, the book was launched at the 5th National RSBY Workshop, held in
Thiruvananthapuram, Kerala on April 10, 2013.

2012 ANNUAL 13
2013 REPORT
 Programme Update Apna Clinic

The project aims to reach up Apna Clinic, an ICICI Foundation initiative is based on the concept of a wellness
to 30,000 truckers over the clinic that promotes health and general wellbeing among long-route truckers. It was
project period of three years started in 2011 as a three-year pilot project towards increasing the health-seeking
through various activities such behaviour among long-route truckers and improving their knowledge and attitude
as health camps, street plays, towards road safety issues. Apna Clinic provides healthcare and counselling on
yoga sessions, etc. The highest issues of health, hygiene and road safety to truckers passing through Transport
number of clinical visits has been Nagar at Nigdi in Pune, Maharashtra. Apart from clinical services, yoga and other
for illnesses like viral fever and wellness activities are also conducted. Apna Clinic provides a friendly environment
malaria. Those suffering from for truckers to visit and interact with fellow truckers and receive free medical
chronic problems are referred advice from qualified doctors and health & hygiene specialists.
to doctors and hospitals in the
referral list, where they receive
treatment at very nominal
charges. Under this initiative:
• 13,800 clinical visits by
truckers have been registered
• 2,617 diagnostic tests have
been conducted
• 115 health camps have been
conducted
• 408 yoga sessions have been
conducted
• 463 street plays have been
conducted
• 1,593 sessions on issues
relating to health, hygiene
and road safety have been
conducted

14 2012 ANNUAL
2013 REPORT
 Highlight

Apna Clinic’s Truckers Utsav organised on May 4, 2013 at Transport Nagar – Nigdi, Pune.

ICICI Foundation, through Apna Clinic organised – Trucker’s Utsav – a one-day

event on May 4, 2013 at Transport Nagar, Nigdi. The event was planned as a day
of celebration and fun-filled activities for the trucker population. Health games or
games that promoted the message of health and wellbeing were organised, along
with stage performances of music and dance. A free health camp comprising
specialists and general physicians was also organised for the truckers at the
event. The health camp saw a total of 315 patients examined and treated from
the total turnout of around 2,000 truckers.

2012 ANNUAL 15
2013 REPORT
 Programme Update
Considering that growth monitoring
and referral is an important activity
under ICDS, which helps keep
track of the nutritional status of
children and follows their growth
trajectory in the formative years,
ICICI Foundation is conducting
a weighing census in order to
document the nutritional status of
children in the 0-5 years age group
in the project area of 253 AWCs.
In addition, capacity building of the
Anganwadi Workers for effective
functioning of the 253 AWCs is
also currently underway. Severely
Acute Malnourished (SAM) children
are being identified and referred
to either Primary Health Centres
(PHC) or Malnutrition Treatment
Centres (MTC) for treatment, and
health of these children is being
continuously monitored even after
discharge. ASHA (Accredited Social
Health Activist) workers have been
commissioned to conduct home
visits to identify malnourished
children for referral to the health
centres and also counsel the
mothers of the malnourished
children. Community connect events
like Mother and Child Health &
Nutrition (MCHN) Days are being
organised at the AWCs.
16
Strengthening Convergent Action for Reducing Child
Undernutrition, Rajasthan:
The Integrated Child Development
Scheme (ICDS) is a programme of the
Government of India to address the
problem of undernourished children
in the country. However, in spite
of progress made, certain pockets
notably tribal and rural populations,
continue to be affected by the scourge
of malnourishment. With a clear
understanding that improvement in
child nutrition can only be achieved
by working on a comprehensive and
convergent model for the prevention,
management and treatment of
malnutrition and childhood illnesses,
ICICI Foundation began working with
the Government of Rajasthan on a
three-year convergent health and
nutrition project in Baran, a district of
Rajasthan. A MoU to this effect was
signed on November 16, 2011.
The pilot project – Strengthening
Convergent Action for Reducing
Child Undernutrition – is being
implemented across 253 Anganwadi
Centres (AWCs) across Shahabad
and Kishanganj blocks in Baran district
in partnership with the Department
of Women and Child Development
(WCD), Government of Rajasthan.
The project focuses on rural and
marginalised communities, including
the Sahariya tribe – a vulnerable
primitive tribal group in Rajasthan.
The tribe accounts for about 7%
of the total district population and
around 30% of the population of
Shahabad and Kishanganj blocks.
2012 ANNUAL
2013 REPORT
 Highlight

Workshop orgainsed by ICICI Foundation on July 6, 2012 at Baran district, Rajasthan.

The programme was launched with

the following objectives:
• To improve the nutritional status
of 0-6 year olds in Shahabad and
Kishanganj blocks of Baran district
through prevention, management
and treatment of children suffering
from malnutrition
• To bring about convergence
among the various government
departments, mandated to ensure
child health and nutrition
• To improve community
awareness and action on child
undernutrition
• To strengthen the ICDS programme
by improving growth monitoring,
supplementary nutrition, referral
and treatment, training of ICDS
and related National Rural
Health Mission (NRHM) staff; On July 6, 2012, ICICI Foundation organised a workshop that was attended
and supportive supervision, as by a large congregation of 650 participants including Anganwadi Workers,
appropriate, for adolescent girls, ASHA Sahayoginis, Auxiliary Nurses Midwives (ANM), Village Health &
pregnant & nursing mothers and Sanitation Committee (VHSNC) members and government officials such as
0-6 year olds Lady Supervisors of ICDS, Project Officers of ICDS, block and district level
• To assess the impact of the pilot health officials, ICDS and rural development officials. The workshop sought
project and assimilate its learning to explain every component of the project in detail and encourage active
for the key stakeholders participation among all the participants present towards bringing down child
undernutrition levels in the area.

2012 ANNUAL 17
2013 REPORT
 Elementary
Education

18 2012 ANNUAL
2013 REPORT
 ICICI Foundation believes that for India’s growth to be
inclusive, access to quality education for all is a prerequisite.
We therefore launched various education programmes in
partnership with government institutions to bring about
a strategic shift in the quality of education, which would
ultimately result in better teaching-learning outcomes in
the schools and classrooms. By directly embedding our
initiatives within the government institutional space, we
seek to ensure a systemic and sustainable impact. Our
objective is to enable teaching-learning processes to move
away from rote methods of instruction, towards child-centric
and child-friendly environments that nurture creativity,
learning and knowledge construction. Government mandates
such as Right of Children to Free and Compulsory Education
Act, 2009 (RtE); the National Curriculum Framework (NCF),
2005; and the National Curriculum Framework for Teacher
Education (NCFTE), 2009 provide the foundation for our
education initiatives.

2012 ANNUAL 19
2013 REPORT
Elementary School and Teacher Education Reform Programme, Rajasthan
Education
The School and Teacher Education
Reform Programme is ICICI Foundation’s
flagship education programme, which
is being implemented through a six-
year partnership with the Government
of Rajasthan. At the state-level, we
have established a Unit of Teacher
Education (UTE) within the State
Institute for Educational Research
and Training (SIERT), which is the
academic authority responsible
for school and teacher education
in the state. The resource persons
provided by ICICI Foundation, work
collaboratively with the government
faculty of SIERT to anchor the
reform agenda.
The programme has four key
components: (a) Revision and
renewal of curriculum, syllabus
guidelines and development of new
textbooks; (b) Teacher education
and training (both in-service and
pre-service); (c) Governance and
institutional accountability; and (d)
Impact assessment.
20
(a)
Revision and renewal of Textbook writing follows a rigorous
curriculum, syllabus guidelines and process with sub-groups of TEG
development of new textbooks: going through multiple stages
We believe that the quality of the of evaluation and revision of the
school curricula and textbooks content before it is presented to
greatly determine what is being the State Steering Committee
taught and how educational (SSC) for final approval. Upon
instructions are planned and approval, some of these materials
evaluated. With this in mind, the are placed in the public domain
curricula and syllabi for Class I to inviting suggestions from the public
VIII have been revised and new at large. Thereafter the textbooks
textbooks for Class VI to VIII have are published and introduced in
also been developed. So far, 13 the state-run schools.
new textbooks for Class I to VIII
have been prepared during the
current year, which brings the
total number of new textbooks
developed to 16.
To facilitate the process of textbook
development, there is a state-
level Teacher Educators Group
(TEG), which has been constituted
comprising 250 experts and
academicians from state and
national educational institutions
and universities across the country.
2012 ANNUAL
2013 REPORT
(b) Teacher education and training:
ICICI Foundation understands
that the teacher’s role is critical
in ensuring a meaningful learning
experience for the child and
for bringing about a qualitative
change in the teaching-learning
process. This involves review
and preparation of the curricular
guidelines, syllabi, reading
material and also the development
of the assessment system.
In-service teachers – About
300,000 in-service teachers in
Rajasthan need further training to
professionally develop themselves
in line with the requirements of NCF
2005, NCFTE 2009 and RtE 2009.
2012 ANNUAL
2013 REPORT
The training for these teachers is
being conducted on a ‘cascade’
model through a two-tier structure
involving 250 Key Resource
Persons (KRPs) and 2,500
Master Trainers (MTs). Training
modules for teaching of English
textbooks (Class VI to VIII) have
been developed and training
has already been conducted for
over 25,000 in-service teachers.
Pre-service teachers – Towards our
goal of revising the two-year Basic
School Training Certificate (BSTC)
course, the curriculum and syllabi
for the same, have already been
revised for 17 subjects. The study
material for the BSTC programmes
is expected to be ready in
early 2014.
21
Programme Update
• Workshops on implementation
of the guidelines of NCFTE/NCF/
RtE, have been conducted
• English language textbooks for
Class VI, VII and VIII have been
developed and introduced in
the current academic year
• 13 textbooks have been
developed and approved
for introduction in the next
academic year
• For Class II and Class IV, four
subject textbooks in English,
Hindi, Environmental Studies
(EVS) and Mathematics are
currently under development
• Revised curriculum and syllabi
for BSTC have been developed
and study materials are
under development
• Training conducted for over
25,000 in-service teachers
• SMCs constituted in 127
schools and capacity building
processes have been initiated
22
(c)
Governance and institutional
accountability:
The RtE Act 2009 specifies that
every child in the age group of 6
to 14 years has a right to good
quality and free education. It
also mandates recruitment and
training of an adequate number
of trained teachers to be able to
meet the required ratio of one
teacher for every 30 students.
To fulfil this objective, 150
demonstration schools from the
districts of Baran, Churu and Jaipur
in Rajasthan have been taken up as
part of the endeavour for capacity
building and for making the schools
RtE compliant. This includes
establishment and support of
School Management Committees
(SMCs) comprising community-
based groups of parents and
stakeholders to maintain oversight
on these schools. Work is
currently progressing well with
SMCs having been constituted in
127 schools.
(d) Impact assessment:
Monitoring and review are crucial
to the success of the programme
and the sustainability of reforms.
The programme thus seeks to
assess impact of its interventions
at various levels. An independent
baseline study identified lack of
adequate knowledge on the part
of teachers and students as the
basic problem. Insights from the
baseline study have been taken
into account while developing
the various textbooks and training
modules. Steps have also been
initiated for documenting the
whole process of the interventions
carried on by the Government
of Rajasthan and ICICI
Foundation jointly.
2012 ANNUAL
2013 REPORT
 Highlight

From left to right: Mr Subrata Mukherji, President, ICICI Foundation; Mr Brij Kishore Sharma, Minister of Education, Government of Rajasthan;
Ms Veenu Gupta, Principal Secretary Education, Government of Rajasthan; and Mr Chinmay Sengupta, Chief Operating Officer, ICICI Foundation.

ICICI Foundation organised a two-day SMC Convention for parents, teachers

and government officials on September 6 & 7, 2013 in Jaipur. The convention
was held to provide the participants a platform for sharing experiences and
developing a roadmap for future initiatives. About 500 SMC members comprising
parents, teachers and senior education and administrative officers participated in
the programme. Mr Brij Kishore Sharma, Minister of Education, Government of
Rajasthan, inaugurated the convention and launched 13 new text books developed
under the programme for Class I to V.

2012 ANNUAL 23
2013 REPORT
24 2012 ANNUAL
2013 REPORT
 School and Teacher Education
Reform Programme, Chhattisgarh

In 2002, ICICI Bank and its academic

partners developed new curricula and
textbooks for Class I to VIII for the
newly formed state of Chhattisgarh,
in line with the state’s specific socio-
cultural background. These books have
been in use since 2007, impacting
approximately 5 million children.
Taking this relationship forward, ICICI
Foundation signed a MoU with the
State Council Educational Research
and Training (SCERT), Government
of Chhattisgarh on July 10, 2012 for
the following:

• Revising the State Curriculum

Framework, 2007 in line with
the RtE, 2009 and instituting a
mechanism for periodic review
and redevelopment of textbooks
• Training of pre-service and in-
service teachers (including 40,000
untrained teachers)
• Developing four District Institutes
of Education & Training (DIETs)
as subject specific centres of
excellence in the state
• Development of 100 demonstration
schools as RtE compliant
model schools

2012 ANNUAL 25
2013 REPORT
Programme Update
One of the major components of the School
and Teacher Education Reform Programme
is to develop four DIETs as subject specific
centres of excellence – one each for
Language, Mathematics, Science and
Social Sciences. These Subject Resource
Centres (SRCs) are being set up in different
regions and will function under the direct
supervision of SCERT Chhattisgarh.

Each of these DIETs will be supported and

mentored through the involvement of faculty
from nationally recognised educational
institutions, universities, various resource
institutes and select NGOs. The centres
of excellence are expected to emerge as
sustainable resource support nodes in their
subjects for supporting the pedagogical
needs of the whole state. A programme
office named Unit for School and Teacher
Education (USTE) has been set up at SCERT,
Raipur to co-ordinate implementation of the
entire project.

Teacher Educator Groups (TEG) have also

been set up for purpose of developing
curricula, textbook and study material
for the pre-service teachers. As part of
the curriculum development process,
five workshops and a national seminar on
curriculum revision have been conducted.
An academic advisory body for providing
guidance and oversight for the programme
has also been set-up. 1,488 Key Resource
Persons (KRPs) have been trained so far
who in turn would provide training to in-
service teachers.

26 2012 ANNUAL
2013 REPORT
 Highlight

Seated from left to right: Dr Hriday Kant Dewan, Education Advisor, Vidya Bhawan Society; Mr Anil Rai, Director
SCERT, Chhattisgarh; Ms Reena Kangale, IAS, Mission Director & State Project Director SSA, Government of
Chhattisgarh; Mr Subrata Mukherji, President, ICICI Foundation; and Mr Chinmay Sengupta, Chief Operating Officer,
ICICI Foundation.

Towards the goal of making teacher education sustainable in the state, ICICI
Foundation and SCERT Chhattisgarh organised a national seminar on curriculum
revision during May 21 – 23, 2013 in Raipur. The objective of the seminar was
to bring together experienced teachers from around the country and initiate
a discussion on the work done by the different states. Representatives from
nine SCERTs (Madhya Pradesh, Uttar Pradesh, Andhra Pradesh, Bihar, Assam,
Odisha, Chhattisgarh, Meghalaya and Arunachal Pradesh) along with national
resource persons from National Council of Educational Research and Training
(NCERT), Ministry of Human Resource Development (MHRD), NCTE and other
academic bodies took part in the seminar. Issues discussed at the seminar
included development of curricula, effective teaching methodologies and
ideas on how best to induct the newly trained teachers into the system.

2012 ANNUAL 27
2013 REPORT
 Ms L.S. Changsan, Mission Director, Axom Sarba Siksha Abhijan (SSA), receiving the impact assessment report of the
ICICI Foundation ERP project

Programme Update
The ERP Kits were deployed across
all 100 pilot schools and 239
teachers were trained on using
these kits. The programme has
impacted 14,000 students in Class
I to V in the state. The programme
has since been successfully
completed and details of the
programme along with the impact
assessment have been handed
over to the Government of Assam.
A comparison of the research
findings at the beginning and at the
end of the programme highlighted
the following:
• A marginal increase in the
endline performance of
students in the treatment
group as compared to those in
the control group
• Increase in performance
for reading and speaking
competencies in the treatment
group as compared to the
control group
• Younger students (Class II-III)
showed significantly more
improvement than older
students (Class IV-V) during
the course of the programme.
They also showed greater
improvement in reading
and speaking competencies
compared to those in the
control group

28 2012 ANNUAL
2013 REPORT
 English Relay Programme, Assam:

ICICI Foundation in collaboration with • Continuous support and delivery of

the Axom Sarba Shiksha Abhijan teaching methods through weekly
(SSA) initiated the English Relay support visits throughout the tenure
Programme pilot project in July 2011, of the project
across 100 government schools in • Baseline and endline studies using
Kamrup district, Assam with IL&FS treatment and control methodology
Education and Technology Services as including qualitative and quantitative
the implementation partner. Towards assessment of the programme
enhancing the capacities of teachers
and the competencies of students
in basic English language skills
such as listening, speaking, reading
and writing, the programme was
launched with the following objectives:
• Introduction of English through
creating an input-rich environment
in the form of English Relay
Programme (ERP) kit
• Training and development of teacher
competencies in English Learning &
Teaching (ELT) through trainings

2012 ANNUAL 29
2013 REPORT

Programme Update
• 11 modules of the first year
foundation course have been
designed, pilot-tested and
documented
• 82 teachers have successfully
completed first year
foundation course during
the academic year June
2011-May 2012, of which
70 have been recruited by
Muktangan and are currently
undergoing their school-
based residency
30
Muktangan classroom
Integrated Teacher and
School Education Project,
Mumbai:
ICICI Foundation has supported
Muktangan’s three-year professional
teacher education initiative since
FY2012. The model adopts a holistic
approach combining inclusive and
child-centred learning with its
integrated school-based teacher
training programme. The objective of
the programme is to develop child-
focused teacher education and school
programmes in partnership with local
communities and to advocate them
to the larger system. The course
seeks to comply with all relevant
norms and policies of the government,
including those outlined in the Right
to Education Act (RtE 2009) and the
National Council for Teacher Education
(NCTE). It is a three-year professional
teacher education course, consisting
of a one-year foundation course
including internship, followed by two
years of school-based residency and
elective courses. The programme
aims to cover 90 teacher trainees and
250 in-service faculty members
reaching out to 2100 students
every academic year.
2012 ANNUAL
2013 REPORT
2012 ANNUAL 31
2013 REPORT
 Skill Development &
Sustainable Livelihoods

32 2012 ANNUAL
2013 REPORT
 ICICI Foundation’s interventions in
the area of livelihoods aim to create
adequate employment opportunities
for rural youth, particularly those
from marginalised communities,
by imparting to them relevant skills
and market linkages. We consider
supporting skill development for this
section of youth essential to ensure
their effective participation in the
economic growth of the country. ICICI
Foundation through the ICICI Rural
Self Employment Training Institutes
(RSETIs) and its satellite centres has
identified several local opportunities
for employment and designed
appropriate vocational training
courses to map this demand.

2012 ANNUAL 33
2013 REPORT
Skill ICICI RSETIs
Development
& Sustainable RSETIs are part of a national
programme initiated by the Ministry
Livelihoods of Rural Development (MoRD)
that are run by Banks for providing
vocational training to youth from
marginalised communities. ICICI
Bank runs two RSETIs in the districts
of Udaipur and Jodhpur, along with
several satellite centres in the
various blocks in these districts.
ICICI Foundation manages these
centres on behalf of ICICI Bank.
The primary focus of ICICI RSETI
programmes is on demand based
livelihood trainings, wherein
the requirements of various
local employers are mapped for
developing relevant and contextual
curricula for training of the youth.
This ensures better employability
of youth trained at the ICICI RSETIs.
Another innovation pioneered by
ICICI RSETI is the setting up of
satellite centres in various blocks
within the district, which brings
the ‘training-at-doorstep’ model to
the youth.
34
The satellite centres offer flexible
on-location training courses that
enable local youth to receive
vocational training without having
to commute long distances or to
sacrifice on their current livelihood
incomes. Several such centres
have already been set up and
more are being set up currently.
In addition to vocational training
programmes, trainings on financial
literacy and soft skills are also
conducted. Regular sessions
on physical education and yoga,
along with free medical checkups
and medicines are provided to all
trainees as part of the programme.
The key components of the
programme include:
• Skill training in trades such as
mobile repairing, electrician,
masonry etc
• Basic financial literacy training
• Facilitating credit and market
linkages as required
• Placement support
2012 ANNUAL
2013 REPORT
2012 ANNUAL 35
2013 REPORT
 Programme Update
• The RSETIs have trained over
3,200 beneficiaries in FY2013 at
the centres in Udaipur and Jodhpur
• About 70% of the trainees have
either been placed in jobs or are
self-employed providing them
income of ` 250 to ` 500 per day
• Additional satellite centres have
been set up in FY2013 under the
‘training-at-doorstep’ model in
Udaipur and Jodhpur districts,
with more planned in the
current year
• Courses for physically challenged
persons are being conducted to
enable them to become financially
independent
• Entrepreneurship Awareness
Programmes (EAP) have been
introduced across the districts
to motivate youth towards self
employment
• Placement support cells have been
set up to provide employment to
the trained youth
• Credit support through banks
is also being provided to
entrepreneurs and those who wish
to start their own enterprises
• Both RSETIs have been
commended for their performance
by MoRD

36 2012 ANNUAL
2013 REPORT
 Highlight

Mr Vikas S. Bhale, IAS, Collector Udaipur district, inaugurating the Sarada satellite centre. On his left is
Mr Praveen Saxena, Vice President & Head – RSETI, ICICI Foundation.

ICICI RSETI Udaipur inaugurated its second satellite centre in the district with
the opening of a new centre in Sarada block. The ICICI RSETI satellite centre at
Sarada was inaugurated by Mr Vikas S. Bhale, Collector Udaipur district, on March
15, 2013. Since its inauguration, the Sarada centre has completed four training
programmes and successfully trained 90 candidates. Currently, there are three
training programmes that are ongoing, with more courses on carpentry, masonry
and two wheeler servicing & repair scheduled to commence in the near future.

2012 ANNUAL 37
2013 REPORT
38 2012 ANNUAL
2013 REPORT
Proposed Skill Development Initiative
Since the ICICI RSETI model focuses
on providing vocational training in only
two districts (Udaipur and Jodhpur),
ICICI Foundation plans to scale up
its work in the area of sustainable
livelihoods across India for both rural
and urban communities. Towards this
end, a skill development initiative
called ICICI Academy for Skills has
been proposed. It will aim to provide
job-oriented vocational training
to the youth from economically
weaker sections of society.
2012 ANNUAL
2013 REPORT
ICICI Foundation believes that there The duration of the training
is a compelling need to provide skill programmes will be around 8-12
development to youth who drop out weeks. Based on the assessment of
of the formal education system after the project, ICICI Academy for Skills
Class X or XII. These youth get left will be further scaled up thereby
behind to do mainly low value unskilled increasing its reach and impact across
jobs and have no sustainable livelihood the country.
options before them.
ICICI Academy for Skills is proposed
to be implemented as a project to
train around 5,000 people at seven
centres in the first year. The delivery
architecture will contain a mix of
both residential and non-residential
training centres spanning locations,
which will include Jaipur, Pune,
Bengaluru, Chennai, Hyderabad, Sangli
and Coimbatore.
39
 Access
to Finance

40 2012 ANNUAL
2013 REPORT
 ICICI Bank’s initiative on enabling
access to finance aims to provide
banking services to the unbanked
and underbanked population
of the country. The financial
inclusion strategy hinges on
three key pillars: providing basic
banking services to villagers
and urban poor, increasing
penetration of credit products for
these customers and innovative
use of technology solutions
to reduce costs of providing
these services.

2012 ANNUAL 41
2013 REPORT
Access Rural Banking
to Finance ICICI Bank has been providing basic
financial services to the unbanked
and underbanked population
comprising small and marginal
farmers, daily wage labourers,
beneficiaries of government
schemes and the urban poor. Around
47% of the Bank’s branches are in
rural and semi-urban areas. The
Bank’s rural branch network is being
extended to unbanked villages.
The Bank has opened 131 Gramin
branches at unbanked villages in
the states of Punjab, Rajasthan,
Madhya Pradesh, Maharashtra,
Gujarat, Andhra Pradesh, Tamil
Nadu, Odisha, West Bengal and
Karnataka. The Bank is working with
over 25 Business Correspondents
(BCs) who have a network of
over 7,500 Customer Service
Points (CSPs), covering more
than 13,500 villages across India.
42
Through its branches and BC
network, the Bank has facilitated the
opening of about 14.9 million basic
savings bank deposit accounts. The
branches partner with BCs to deliver
savings products to low-income
customers. The Bank’s micro
savings products include micro
savings accounts, fixed deposits,
recurring deposits, insurance
and electronic benefit transfer of
different government subsidies and
payments.
A key pillar of the financial inclusion
plan is the Bank’s ability to innovate
platforms to facilitate remittance
services. Its ‘Mobile Money’
platform, offered in conjunction with
leading telecom network providers,
has been specifically designed
for the unbanked population. This
enables customers to transfer
money in a safe, secure and instant
manner through their mobile phones
without getting connected to
data services.
2012 ANNUAL
2013 REPORT
 Financial Literacy Programme
ICICI Foundation has rolled out the financial literacy programme as an integral part
of its RSETI courses in Udaipur and Jodhpur. Financial literacy modules have also
been developed for women members of Self Help Groups (SHGs) and students
of Class XI and XII in two blocks of Baran district, Rajasthan. The programme
is implemented by the Indian School of Micro Finance for Women (ISMW),
Ahmedabad and aims to reach out to 7,442 members of select SHGs and 2,500
school students. These efforts focus on imparting awareness about the basics of
finance and the usage of organised banking channels.

2012 ANNUAL 43
2013 REPORT
Other ICICI Fellows
Initiatives ICICI Fellows is a pioneering youth leadership programme
initiated in 2010 to create a cadre of socially responsible
leaders with a passion for development work in rural India.

The programme provides the Fellows with experiential

learning opportunities through internships with Non-
governmental Organisations (NGOs) and social enterprises
working in rural areas. The development projects with
NGOs are interspersed with modules on management
training and leadership development. It targets graduates
in the age group of 21-28 years who have displayed a
good academic record and leadership qualities. Upon
completion, the Fellows are equipped to take leadership
positions across all sectors – private, government and
civil society.

The third batch of ICICI Fellows have completed their

first NGO internship and are currently undergoing
classroom training, which will be followed by a “travelling
workshop”. Post the workshop, the Fellows will proceed
on their second NGO internship. ICICI Foundation will
continue to monitor, mentor and empower the Fellows
towards helping them bring about a positive change in
their chosen fields.

44 2012 ANNUAL
2013 REPORT
Third batch of ICICI Fellows programme at ICICI Learning Centre, Khandala during their classroom training in April 2013.

2012 ANNUAL 45
2013 REPORT
Other
Initiatives

Blood Donation
ICICI Foundation has been organising blood donation
camps in partnership with the State Blood Transfusion
Council (SBTC) at ICICI Group offices in Mumbai and
Thane, to address the shortage of blood supply in the
country. The blood is donated to SBTC’s premiere blood
bank – Mahanagar Rakthpedhi – which provides safe
blood and its components to people from all socio-
economic backgrounds. More than 3,500 employees
of ICICI Bank have enthusiastically participated in these
camps so far . A total of six blood donation camps have
been organised during FY2013.

46 2012 ANNUAL
2013 REPORT
 Mrs Chanda Kochhar, Managing Director & CEO, ICICI Bank speaking at the Inclusive India Awards held on
August 18, 2012.

Inclusive India Series

ICICI Foundation partnered with CNBC-TV18 in FY2013 to present ‘Inside India’ – a
unique three-part initiative focusing on inclusive growth. The series showcased
the efforts made by various groups in building an inclusive India and sharing these
innovative models. The first phase was a four-episode TV series titled, ‘Inside India
– Ideas for Inclusive Growth’, which relates to the four pillars of inclusive growth,
namely primary healthcare, elementary education, sustainable livelihoods and
access to finance. This was followed by the Inside India Summit, which brought
together experts and thought leaders from various fields who focussed on the
challenges facing inclusive growth. The series concluded with the Inclusive India
Awards, which recognised and honoured individuals and organisations who had
done exemplary work in these fields.

2012 ANNUAL 47
2013 REPORT
 Mrs Chanda Kochhar, Managing Director & CEO, ICICI Bank presenting the ICICI Group’s contribution towards the
Chief Minister’s Relief Fund to Mr Vijay Bahuguna, Chief Minister, Uttarakhand.

48 2012 ANNUAL
2013 REPORT
 Contribution Towards Uttarakhand Relief Fund:
The ICICI Group made a contribution of ` 15 crore towards the Uttarakhand
Chief Minister’s Relief Fund to aid the relief work in the disaster-struck state.
Mrs Chanda Kochhar, Managing Director & CEO, ICICI Bank, met with Uttarakhand
Chief Minister Mr Vijay Bahuguna and presented the cheque.

Commenting on the situation in the state, Mrs Chanda Kochhar said: “Our
hearts go out to the bereaved families and those who have been displaced from
their homes due to the tragic natural calamity in the state of Uttarakhand. We
remember them in our thoughts and prayers. The nation now faces the task of
rebuilding and reconstruction in Uttarakhand, while continuing to provide relief
and care to those who are still suffering under the impact of this tragedy. We
at the ICICI Group are committed to playing a role in nation building by providing
assistance to those most in need of a helping hand, through our own initiatives as
well as in partnership with the Central and State Governments.”

The donation comprises contribution of the employees of ICICI Bank, ICICI

Prudential Life Insurance, ICICI Lombard General Insurance, ICICI Prudential
Asset Management, ICICI Venture, ICICI Securities, ICICI Securities Primary
Dealership and ICICI Foundation, as well as direct contributions from the
companies themselves.

2012 ANNUAL 49
2013 REPORT
 Joy of Giving

ICICI Bank in partnership with GiveIndia celebrated

the ‘Joy of Giving Week’ from October 2 - 8,
2012. The objective was to provide all the bank
employees and customers an opportunity to
experience the ‘joy of giving’, by donating in a
small way to meaningful and credible projects.
The campaign was conducted across both online
and offline platforms. The online platform included
ICICI Bank ATMs and the Infinity portal, while the
offline platform included 207 ICICI Bank branches
and 13 offices. The campaign was also promoted
through the ICICI Bank Facebook page and emailers
to ICICI Bank employees. A total amount of ` 5.23
million was mobilised through this campaign.

50 2012 ANNUAL
2013 REPORT
 A ‘wish tree’ providing several donation options to employees and customers during the Joy of Giving week.

2012 ANNUAL 51
2013 REPORT
Financials

52 2012 ANNUAL
2013 REPORT
Registration and Tax Status Governing Council Senior Management

ICICI Foundation for Inclusive Growth
(the “Foundation”) has been set up as
a public 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 u/s 12AA of the
Income Tax Act, 1961 (“the Act”)
was filed on February 7, 2008 and
the application u/s 80G of the Act
was filed on February 14, 2008.
Subsequently, the Foundation was
registered as a “PUBLIC CHARITABLE
TRUST” under Section 12AA of the
Act with effect from February 7, 2008.
Further, the Foundation also received
approval under Section 80G(5)(vi) of
Income Tax Act, which was renewed
and is valid in respect of all donations
received by the Foundation with
effect from April 1, 2009 onwards.
Accordingly, ICICI Bank and group
companies will be eligible to get a
deduction u/s 80G on donations made
during this period. The Foundation has
also obtained its Permanent Account
Number (PAN) and Tax Deduction
Account Number (TAN).
ICICI Foundation is governed by Mr Subrata Mukherji
a council of senior executives President
from ICICI Group and ICICI
Foundation’s President.
Mr Chinmay Sengupta
Chief Operating Officer
Mr K.V. Kamath
Chairman, Governing Council & Mr O.P. Nautiyal
Chairman, ICICI Bank Vice President, Elementary Education Programme
Mrs Chanda Kochhar Mr Praveen Saxena
Managing Director & CEO, Vice President, Sustainable Livelihoods
ICICI Bank
Mr Vineet Rungta
Mr Sandeep Bakhshi Deputy General Manager, ICICI Bank
Managing Director & CEO, & Head, Outpatient Healthcare Programme
ICICI Prudential Life Insurance
Mr Rajiv Sabharwal
Executive Director, ICICI Bank
Mr Bhargav Dasgupta
Managing Director & CEO,
ICICI Lombard General Insurance
Mr N.S. Kannan
Executive Director & Chief Financial
Officer, ICICI Bank
Mr K. Ramkumar
Executive Director, ICICI Bank

Mr Subrata Mukherji
President,
ICICI Foundation for Inclusive Growth

2012 ANNUAL 53
2013 REPORT
 ` million

Funds Flow Source (April 1, 2012 to March 31, 2013) Amount

Financials ICICI Foundation received ` 103.9 million from

the following sources as corpus during
ICICI Bank Ltd.
ICICI Home Finance Lid.
80.0
5.8
ICICI Securities Ltd. 11.3
April 1, 2012 to March 31, 2013: ICICI Venture Funds Management Co. Ltd. 6.8
Total 103.9

Disbursements (April 1, 2012 to March 31, 2013)

Programme Expenses / Grant Beneficiaries Amount

A.Elementary Education
1.Rajasthan Programme Expenses 40.7
2.Chhattisgarh Programme Expenses 6.0
3.Muktangan Education Programme 3.5
4.Other Education Projects 16.0
Sub Total A 66.2

B.Primary Health
1.Outpatient Healthcare Programme (RSBY) 39.5
2.Malnutrition Reduction, Baran 13.3
3.Healthy Lokshakti (Promoting Institutional Delivery) 2.5
4.Truckers Programme (Apna Clinic) 7.1
5.Other Health Projects 14.8
Sub Total B 77.2

C. Other Projects
1.ICICI Fellows Programme 13.9
2.Blood Donation Programme 0.4
3.Joy of Giving Week 4.2
4.Inclusive India Awards (CNBC TV18) 24.7
5.Communications 3.1
6.Magic Bus Foundation (Sports for Development) 4.5
7.Financial Literacy 4.0
8.Sustainable Livelihoods (RSETI) 3.3
9.Others 0.6
Sub Total C 58.7
Total 202.10

54 2012 ANNUAL
2013 REPORT
Balance Sheet at March 31, 2013
Amount in `

Schedule At March 31 At March 31

No. 2013 2012
Amount in `

SOURCES OF FUNDS:
Trustees’ funds:
Corpus fund 1 50,025,630 177,272,934
TOTAL 50,025,630 177,272,934

APPLICATION OF FUNDS:
Fixed assets
Gross block 2 9,400,675 3,979,058
Less: Accumulated depreciation 3,584,183 1,596,702
Net block 5,816,492 2,382,356
Capital Work-in-Progress - 1,150,000
Investment 3 20,000,000 146,152,949
Current assets, loans and advances:
a) Cash and bank balances 4 18,792,860 18,040,726
b) Loans and advances 5 6,921,286 10,944,144
25,714,146 28,984,870
Less: Current liabilities and provisions 6 1,505,008 1,397,241
Net current assets 24,209,138 27,587,629
TOTAL 50,025,630 177,272,934
Significant accounting policies and notes to 8
accounts

As per our report of even date

For KHANDELWAL JAIN & CO. For and on behalf of the Governing Council
Chartered Accountants
Mr K.V. Kamath
SHIVRATAN AGARWAL Chairman
Partner
Membership No. 104180

Place: Mumbai Mr Subrata Mukherji

Date: June 04, 2013 President

2012 ANNUAL 55
2013 REPORT
 Income and Expenditure Account for the year ended March 31, 2013
Financials Amount in `

Schedule No. For the year ended For the year ended
March 31, 2013 March 31, 2012

INCOME
Interest Income TDS ` 865,780
P.Y. ` 1,060,181 9,678,051 11,707,926
Miscellaneous Income 1,849 9,105
Total 9,679,900 11,717,031

EXPENDITURE
Application of funds towards object of the trust 202,102,050 75,987,664
Administrative expenses 7 36,803,610 128,195,061
Depreciation 2 1,987,481 1,007,142
Total 240,893,141 205,189,867

Surplus / (Deficit) before tax (231,213,241) (193,472,836)
Provision for taxation - -
Surplus / (Deficit) after tax (231,213,241) (193,472,836)
Balance brought forward from previous year - -
Deficit transferred to Corpus Funds (231,213,241) (193,472,836)

Significant accounting policies and notes to accounts 8

As per our report of even date

For KHANDELWAL JAIN & CO. For and on behalf of the Governing Council
Chartered Accountants
Mr K.V. Kamath
SHIVRATAN AGARWAL Chairman
Partner
Membership No. 104180

Place: Mumbai Mr Subrata Mukherji

Date: June 04, 2013 President

56 2012 ANNUAL
2013 REPORT
 Schedule No. 8
Significant Accounting Policies and Notes to Accounts

Overview
The ICICI Foundation for Inclusive Growth (the Foundation) has been setup as a public charitable trust, with ICICI Bank Limited
as the Settlor, with the object of inter alia, catalysing and accelerating social and economic inclusion through empowerment
of poor for participating in and to benefit from the Indian growth process through integrated action in the fields of primary
healthcare, elementary education, skill development & sustainable livelihoods and financial inclusion.

Significant Accounting Policies Notes to Accounts

a. Basis of preparation of financial statements: The
accompanying financial statements have been prepared under
the historical cost convention in accordance with generally
accepted accounting principles and the applicable Accounting
Standards issued by the Institute of Chartered Accountants of
India (“ICAI”).
b. Use of estimates: The preparation of financial statements
in conformity with generally accepted accounting principles
requires estimates and assumptions to be made that affect
the reported amounts of assets and liabilities on the date of
the financial statements and the reported amounts of grants/
donations and expenses during the reporting period. Difference
between the actual results and estimates are recognised in
the period in which the results are known/materialised.
A. Related party disclosure
1) Names of the related parties and nature of relationship, as
identified by the Trust, are as follows:
Sr. Name Nature of
No. relationship
1 ICICI Bank Ltd. Settlor
2 ICICI Trusteeship Services Ltd. Trustee
3 ICICI Prudential Life Insurance Co.Ltd. Group Company
of the Settlor
4 ICICI Lombard General Insurance Co. Ltd. Group Company
of the Settlor

c. Revenue recognition: Grants/donations are accounted on 5 ICICI Venture Funds Management Co. Ltd. Group Company
cash basis. Interest income is accounted on accrual basis. of the Settlor

6 ICICI Securities Ltd. Group Company

d. Fixed assets and Capital Work-in-Progress: Fixed assets of the Settlor
are stated at cost less accumulated depreciation. All costs
relating to the acquisition and installation of fixed assets are 7 ICICI Securities Primary Dealership Ltd. Group Company
capitalised. Cost relating to intangible asset includes Website of the Settlor
design and development/implementation cost. The advances 8 ICICI Home Finance Co. Ltd. Group Company
given for acquiring fixed assets are shown under Capital Work- of the Settlor
in-Progress.

e. Depreciation: The Trust provides depreciation on fixed

assets at the rates and in the manner specified in the Income
Tax Act, 1961.

f. Prior period items: Prior Period items, if any, are included in

the respective income and expenses and material items are
disclosed by way of note.

2012 ANNUAL 57
2013 REPORT
 2) Further contribution to corpus: Amount in `

Particulars Current Year Previous Year

ICICI & Group Companies

ICICI Bank Ltd. 80,000,000 239,667,000

ICICI Venture Funds Management Co. Ltd. 6,836,000 7,390,000
ICICI Securities Ltd. 11,319,550 Nil
ICICI Home Finance Co. Ltd. 5,810,387 11,903,846
Others
Financials IKP Knowledge Park
Total
Nil
103,965,937
2,099,012
261,059,858

3) Interest received:
• On balance in savings bank account ` 1,020,248 (Previous Year: ` 1,106,115)
• On fixed deposits ` 8,657,803 (Previous Year: ` 10,601,810)

B. Capital Commitments:
Estimated amount of contract for development of intranet base application and implementation remaining
to be executed on capital account not provided for (net of a dvances) ` Nil [P.Y. ` 1,150,000].

C. During the current year, the management have identified the salary and other administrative expenses that
are directly related to the programmes and accounted for accordingly. This change does not have any impact
on the loss for the year.

For KHANDELWAL JAIN & CO. For and on behalf of the Governing Council
Chartered Accountants
Mr K.V. Kamath
SHIVRATAN AGARWAL Chairman
Partner
Membership No. 104180

Place: Mumbai Mr Subrata Mukherji

Date: June 04, 2013 President

58 2012 ANNUAL
2013 REPORT
 Published by
The Communication Team
ICICI Foundation for Inclusive Growth

Design
netscribes (I) Pvt. Ltd.
2012 ANNUAL 59
2013 REPORT