Union Bank of India Approves Rs 23 Cr to CSR Projects in FY2023

Significant Funding Supports Diverse Community CSR Projects Across India.

MUMBAI (India CSR): In the fiscal year 2023, Union Bank of India, through its Union Bank Social Foundation Trust (UBSFT), approved substantial funding totaling Rs 23.38 crores for 51 diverse projects and programs aimed at social upliftment. This initiative reflects the bank’s steadfast commitment to enhancing community well-being and driving significant social change across various sectors.

Comprehensive Funding Allocation

During FY2023, Union Bank of India’s CSR initiatives saw a robust allocation of resources, with a total of Rs 23.38 crores approved for 51 projects. These projects cover a broad spectrum of areas, including education, healthcare, community development, and environmental conservation, among others. This strategic funding underscores the bank’s dedication to addressing a wide array of societal needs and contributing to the sustainable development of the communities it serves.

Effective Disbursement and Impact

Of the approved funds, Rs 38 crores were effectively disbursed across 42 projects and programs during the same fiscal year. The disbursement highlights the bank’s efficiency in fund management and its ability to execute and advance its CSR objectives promptly. These initiatives are not just investments in community projects but are foundational steps towards building resilient and self-sustaining communities.

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Focused Areas of Contribution

The Union Bank Social Foundation Trust (UBSFT) specifically directed Rs 16.42 crores towards 38 critical projects under its umbrella in FY2022-23. These projects were carefully chosen to impact essential areas such as education, where literacy and skill development are promoted; healthcare, which enhances the quality of health services and accessibility; community development, which focuses on holistic community welfare; skill development, aimed at empowering individuals with new competencies; and environmental conservation, which ensures sustainability and protection of natural resources.

• During FY2023, Union Bank approved donations amounting to Rs 23.38 crores for 51 projects and programmes.
• Out of this amount, Rs 38 crore were disbursed across 42 projects and programs. These initiatives span various areas of social responsibility and aim to make a meaningful impact on the communities the bank serve.
• Rs. 23.38 crores Donations approved by Union Bank of India/UBSFT for projects/ programmes during FY 2022-23. 51 The number of projects/programmes for which donations approved by Union Bank of India/UBSFT during FY 2022-23.
• Rs. 16.42 cr CSR spend CSR spend by Union Bank Social Foundation Trust (UBSFT) in FY2022-23 on 38 projects under Education, Healthcare, Community Development, Skill Development and environmental conservation.

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Union Bank Social Foundation Trust (UBSFT)

Union Bank of India is deeply committed to its role as a responsible corporate entity. In addition to adhering to ethical business practices, the Bank actively contributes to the economic development of communities beyond its statutory obligations. “We recognize our social responsibility to enhance the quality of life for the local community and society as a whole. To fulfill this commitment, Union Bank sets aside 1% of the previous year’s published profits for voluntarily undertaking CSR activities.”, the bank said.

To uplift underprivileged communities and significantly improve the living standards of the poor and marginalized, as an extended arm for carrying out CSR activities, the Bank set up Union Bank Social Foundation Trust (UBSFT) as a Trust on March 2, 2006. UBSFT is registered under section 12AA and have obtained certificate under section 80G of the Income Tax Act, 1961.

The vision of UBSFT is to foster public-private initiatives and act as a catalyst for socioeconomic development.

The bank aims to collaborate with other agencies to fulfill our obligations as a corporate citizen. Focus areas include improving healthcare, providing infrastructure and tools for education, and promoting continuous and sustainable skill development. UBSFT’s mission is to launch, implement, participate in, fund, or otherwise assist programs and projects that contribute to the socioeconomic development of individuals and communities. “We are dedicated to fulfilling our obligations to society.”, the bank said.

The UBSFT Board is led by your Bank’s MD & CEO, with Executive Directors serving as Vice Chairman Trustees.

Other trustees include Union Bank’s General Managers and one independent trustee. The UBSFT Board provides strategic direction aligned with Union Bank’s CSR priorities and conducts regular reviews of activities. The Chief Executive of UBSFT oversees the execution of the Board’s directives.

Union Bank has also established a Stakeholders Relationship Committee (SRC) at the apex level, comprising members of the Board of Directors, which monitor’s the CSR activities of both your Bank and UBSFT on a quarterly basis. This committee, headed by the MD & CEO, includes Executive Directors and non-official Directors.

Key Donations

During the FY 2022-23, donations of Rs. 23.38 crores were approved towards 51 projects/programs under various sectors like Education, Healthcare, Sanitation, Community Development, Skill Development, etc., Some of the major activities conducted in the area of social responsibility during the FY 2022-23 are as under:

• Towards improving health infrastructure, donated one X-ray machine with a digital upgrade kit & one 33-seater camp van to Tirumalai Medical Mission hospital, Ranipet, Tamilnadu.

• Donated an Ambulance to “SDMH” hospital, one of the prestigious Hospitals in Jaipur, to cater to the patients.

• Donated an ICU Ambulance to Jayadev Memorial Rashtrothana Hospital, one of the prestigious Hospitals in Bengaluru, to cater to the patients.

• Donated towards the renovation of the Rajkiya Vriddhashram, Varanasi.

• Donated two food delivery vehicles to Akshaya Patra Foundation, Bengaluru, for their mid-day meal scheme at Mangalagiri, Andhra Pradesh.
• Organized Financial Literacy Camp at RSETI Varanasi.

• Provided modern infrastructure in the conference hall at Government First Grade College, Hebri, Karnataka, towards providing of quality & modernized education environment to the college students coming from socially & economically weaker sections of society.

• Conducted Narishakti credit camp for RSETI Chikmagaluru trained women entrepreneurs and credit sanction letters were issued.

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CSR Initiatives of FY 2023

Some of the key activities carried out by Union Bank through UBSFT in the field of social responsibility during FY2023 include:

» Education and Skill Development: Supporting programs to enhance access to quality education, promote skill development, and empower individuals for a better future.

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» Healthcare and Sanitation: Partnering with organizations to provide healthcare facilities, medical camps, sanitation infrastructure, and initiatives to promote general well-being.

» Livelihood Enhancement: Undertaking initiatives to promote livelihood opportunities, entrepreneurship, and economic empowerment of individuals and communities.

» Environmental Conservation: Engaging in activities that contribute to environmental sustainability, such as tree plantation drives, waste management programs, and promoting renewable energy.

» Rural Development: Implementing projects focused on rural infrastructure development, access to clean water, agriculture and farming techniques, and rural livelihood improvement.

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Union Bank Social Foundation (UBSFT) for Inclusive Growth

Here’s a table summarizing the focus areas and activities of the Union Bank Social Foundation (UBSFT) for Inclusive Growth during FY 2022-23. This table showcases the diverse ways in which UBSFT is contributing to inclusive growth through various social, educational, and environmental initiatives, enhancing its impact on society and the economy.

FY2022-23 Highlights: Natural, Social, and Human Capitals

This table encapsulates key financial and social contributions made during the fiscal year, reflecting the organization’s commitment to sustainable growth and community support.

(India CSR)