NEW DELHI: Karur Vysya Bank (KVB) CSR obligation for FY 2021 was Rs. 7.40 Crores, of which the bank has already spent Rs 4.25 Crores. Bank has transferred the balance of Rs. 3.15 Crores to notified funds under Schedule VII of the Companies Act, 2013.
Our business outlook incorporates active interest and focused actions with regard to the environment, sustainability and responsible engagements with the community at large, the bank said.
“We understand that well-designed and properly implemented community service programmes build our corporate reputation and reinforce our legacy of giving back to society, the bank said.
Hence, our CSR mission is to contribute to the social and economic development of the community as a whole and to establish ourself as a
responsible corporate citizen, it said.
Also Read: CSR: Bandhan Bank spends over Rs. 78 Cr on social development in FY 2021-22
The Bank is strongly committed to serving society in which it operates.
The Bank has taken up developmental projects that would help the community at large and create a positive impact.
A Corporate Social Responsibility (CSR) Committee has been constituted in accordance with provisions of Section 135 of the Companies Act, 2013, read with the amended Companies (Corporate Social Responsibility Policy) Rules, 2014.
During the year, Bank has spent or committed to spend the stipulated amount towards CSR, spread across key areas like education, health and sanitation, environmental sustainability in line with the CSR Policy of the Bank and as permitted in Schedule VII of the Companies Act, 2013.
All spends as per the allocations made towards various heads prescribed under Schedule VII will be spent and Unspent amounts, if any, will be transferred to the Funds identified by the Central Government.
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