Corporation Bank disburses Rs 32 Cr to CBEDF for CSR programs in FY 2017-18

NEW DELHI: Corporation Bank Economic Development Foundation [CBEDF] The Corporation Bank Economic Development Foundation® a non-profit economic outfit Trust has been pursuing its objectives of fulfilling social obligation in tune with corporate mission. All CSR activities of the Bank are conducted under the aegis of CBEDF, annual report for the year 2017-18 said.

Financial grants to the extent of Rs. 32 cr were disbursed for execution of various projects of social concerns during the year 2017-18 through CBEDF.

For the welfare of underprivileged, through “CorpKiran”, Bank granted Rs. 17.09 lakh to various Institutions during 2017-18. The major activities included providing Bench,
Desk, Cupboards, computers, water purifier etc., to poor school children and inmates of orphanages, old age homes, destitute homes, helping physically and mentally challenged
people, Hopper Tipper for Swachh Bharat Abhiyan.

The Corporation Bank Self Employment Training Institutes are operating in Chikmagalur and Kodagu Districts catering to the training needs of the rural unemployed youth hailing from both the districts, where the Bank has the Lead Bank responsibility. Around 32000 candidates have been trained under regular and other programmes by both the institutes since inception. Under Entrepreneurship Development Programes (EDP), 16407 candidates have been trained, of which, 12637 candidates have established their own enterprise, indicating a success rate of 77%.

The Bank has incurred an expenditure of Rs. 50.18 lakh during the year 2017- 18, for conducting the training programmes at both the Institutes. COBSETI, Chikmagalur has been graded as “AA” Training Institute and COBSETI- Kudige is graded as “A” by the Ministry of Rural Development for year the year 2017.

The Bank has sponsored Grameena Abhyudaya Financial Literacy Trust for establishing “Financial Literacy Centers” [FLCs] at various locations. These Centers educate people about the usefulness of the Bank account for all their economic needs and empowerment. The Centers also provide counseling for the borrowers on the basis of financial aspects including insurance, savings and credit related products/services in the Bank etc. As on
31.03.2018, GAFLCC Trust has established 4 District level and 21 Block level FLC centers.

The Bank has provided Rs. 58.00 Lakh for meeting the recurring cost of the Trust, during the year 2017-18. The Trust has conducted 1669 Financial Literacy Camps at villages, schools, colleges, other institutions, SHGs and others, covering about 66000 persons.

During the year, the Bank has spent Rs. 172.45 Lakhs for promoting 17245 new SHGs in 6 districts of Karnataka. Through this major CSR initiative, Bank has helped about 172450 families of the members of SHG groups to become financially empowered. They now have access to banking facilities including deposits and loans. They also receive training in record maintenance and account keeping of their respective groups. Regular meetings of the groups encourage the members to freely interact and become more vocal

(Based on Annual Report, 2017-18)