ICICI Foundation has been implementing CSR programmes with a primary focus on promoting employment, vocational skills, and strengthening livelihoods and public health.
MUMBAI (India CSR): ICICI Securities has invested Rs. 20 Crores as CSR funds towards ongoing livelihoods and other programmes for communities during the year 2021-22. It has supported the livelihoods of the under-served communities through CSR programmes and partnerships.
“Our objective is to support meaningful socio-economic sustainable development and enable a larger number of people to participate and benefit in India’s economic progress.”, the company said.
Funds to ICICI Foundation
The Company has contributed Rs 11.75 Crores (March 31, 2021: 3.5 Crores) to ICICI Foundation for a contribution toward CSR. As per Section 135 of The Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities.
Key CSR projects
The Company undertook eight initiatives in addition to the initiatives undertaken by ICICI Foundation for Inclusive Growth in specific areas, particularly skill development. The initiatives were directly undertaken by the Company itself or through its partners in the areas of skill development and sustainable livelihood, creation of job opportunities, healthcare including preventive healthcare, empowering women, and senior citizen welfare.
ICICI Foundation for Inclusive Growth
ICICI Foundation has been implementing ICICI Group’s CSR programmes with a primary focus on promoting employment, improving vocational skills, and strengthening livelihoods and public health.
“We have worked on the development of over 2,100 communities in 31 states and union territories, with the ICICI Foundation administered programmes having reached over a Million people in India’s various regions and communities so far.”, the company said.
Four key areas of CSR
An impact assessment study was conducted with the help of an external agency to assess the impact generated through the various skill development CSR projects of FY2021. The impact of the programs was analysed in four key areas: inclusiveness, relevance, the impact created, and service delivery.
Further, the Company has articulated its CSR philosophy as supporting the cause of education, healthcare including preventive healthcare, women empowerment, the welfare of senior citizens, skill-development training for sustainable livelihood, contributing to incubators for promoting a culture of entrepreneurship through incubation of new ventures/start-ups which may create jobs and promote financial inclusion.
Fifteen CSR initiatives
During the year, the Company focused on helping fight the COVID-19 pandemic. In FY2022, the Company undertook fifteen CSR initiatives, including the two initiatives implemented through ICICI Foundation for Inclusive Growth (ICICI Foundation) in specific areas particularly, skill development and healthcare. All initiatives were implemented directly or through partners (including ICICI Foundation) in the areas of skill-development and sustainable livelihood, creation of job opportunities, initiatives for relief as well as to support research projects in essential medical equipment for critical COVID-19 patients, research and development projects in technology and engineering (through incubators), healthcare including preventive healthcare, empowering women and senior citizen welfare.
Providing Healthcare Support
Amid the second wave of COVID that affected many, the Company undertook several new CSR projects with an enhanced focus on healthcare, while continuing with its ongoing projects. All the initiatives were implemented directly or through partners (including ICICI Foundation).
The company joined hands with the Foundation for Innovation & Research in Science & Technology (FIRST), a Technology Business Incubator (TBI) of IIT Kanpur, to support the Research and Development (R&D) of domestic manufacturing of oxygen concentrators.
Through this partnership, it sets up medical oxygen plants under the aegis of Mission Bharat O2 (MBO2), intending to create decentralised manufacturing pockets for rapid delivery of medical oxygen.
It helped set up high-capacity oxygen plants at five hospitals of the Border Security Force (BSF). Communities living around the BSF hospitals also access these hospitals for availing of medical treatment and are potential beneficiaries it supplied essential medicines and medical equipment for the treatment of COVID patients in Lokmanya Tilak Municipal College and General Hospital, Sion (Mumbai).
With TATA Memorial Hospital, it supported the treatment of needy cancer patients in Mumbai and supplied high-end medical equipment, ambulances, and a bus for patients for a new cancer hospital – The Homi Bhabha Cancer Hospital and Research Centre (HBCH & RC), Mullanpur, Punjab.
The company also supported surgery of needy children under the Children’s Surgery Support Programme, and conducted free cataract surgery for senior citizens belonging to economically weaker sections of society.
Further, it supported SINE incubated start-ups, focussing on R&D of finding solutions to health disorders like cancer, Parkinson’s Disease, rapid testing of mosquito-borne diseases, prosthesis limb having senses, etc., with the potential of creating a large and beneficial social impact.
Drinking water treatment at Kishor and Edvan village: Clean drinking water is a basic necessity of life. The company had supported a start-up of SINE-IIT Bombay, to install two water treatment units at 2 villages, each filtering that filters 2.5 Lakh daily.
Corporate Social Responsibility (CSR) Committee
During FY2022, the composition of the Corporate Social Responsibility (CSR) Committee of the Company complied with Section 135 and other applicable provisions of the Act. During FY2022, there was no change in the constitution of the CSR Committee. During FY2022, four meetings of the CSR Committee were held on April 15, 2021, July 15, 2021, October 13, 2021, and February 17, 2022.
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