Icici bank has opened a skill training academy in jaipur as part of its corporate social responsibility csr efforts, to provide vocational training to youth from economically weaker section of. Governance structure the corporate social responsibility committee csr committee is the governing body that will articulate the scope of csr activities for the bank and ensure compliance with the csr policy. Icici banks core belief behind their csr projects is that there should be readily available access to opportunities for growth, across the entire society. Gold standard for rating csr activities by corporates. A comparative study of corporate social responsibility. Icici bank opens training academy as part of csr activities in india icici academy for skills, jaipur block no. Icici bank social initiatives corporate social responsibility. Corporate social responsibility csr policy yes bank. Policy on corporate social responsibility csr axis bank. An attempt has been made to analyze the existing csr practices of five nationalized banks i. Csr activities may be undertaken by icici lombard, or by icici foundation. Icici trade logo displayed above belongs to icici bank and is used by icici lombard gic ltd.
In 2014, it was the second largest bank in india in terms of assets and third in term of market capitalisation. The main objective of this study is to analyze the csr activities carried out by selected nationalized banks of india. Additional information on the banks csr initiatives can be found in the communities section of the banks sustainability report 201617. Soulace is a csr consultancy firm in india and our mis software csr help companies to assess csr needs. Premendra kumar singh, bidhu kanti dascsr in banks. Icici prudential life insurance company limited corporate. Framework of the icici prudential life insurance company. Hdfc bank parivartan and fxb india suraksha have helped sisilia make a living through her own efforts. Iv, issue 8 november 2016 7073 introduction the concept of csr has gained a lot of momentum in recent years, but it is not a new concept carroll, 2008, the practices. High competition means limited market share growth for icici bank 2. Rural self employment training institutes rsetis as part of a national programme initiated by the ministry of rural development mord, icici has set up rsetis in udaipur and jodhpur. Corporate social responsibility policy icici prudential amc.
Icici foundation for inclusive growth icici foundation was established in 2008 with a view to significantly expand the icici groups activities in the area of. Megha mehta 2014 the corporate social responsibility adopted by icici bank the present study focuses particularly on icici bank and it explores the three layers of csr activities for icici bank, are primary or elementary education, health at birth and microfinance. The csr policy was approved by the committee in july 2014, and subsequently was put up on the bank s website. Sbi and one private sector bank, icici and comparison of. Icici bank is indias secondlargest bank with total assets of rs. Click here to view icici prudential lifes csr policy. Robust csr business connect for winwin and long term sustainability 5. Visit us for best corporate social responsibility consulting guidance. Icici bank limited is an indian multinational banking and financial services company headquartered in mumbai, maharashtra with its registered office in vadodara, gujarat. The policy would also ensure compliance with section 5 of the companies act, 20 the act. The groups contribution to social sector development includes several pioneering interventions, and is implemented through the involvement of stakeholders within the company, the group and the broader community.
The bank would publish its sustainability report 201718 which would include its details of its csr activities. The bank s contribution to social sector development includes several pioneering interventions, and is implemented through the involvement of stakeholders within the bank and the broader community. The banks csr policy has been framed in accordance with section 5 of the companies act 20 and the rules framed thereunder. Corporate social responsibility csr and sustainability data for icici bank ltd, banking and india. Insurance is the subject matter of the solicitation. Following are the bank corporate social responsibility csr activities. Enactment of companies act, 20 by the ministry of corporate affairs, government of india was one of the worlds largest experiments of introducing the csr as a mandatory provision by imposing statutory obligation on companies to take up. Csr has been a longstanding commitment at the icici group and forms an integral part of the companys activities. Icici bank offers a wide range of banking products and financial services to corporate and retail customers including investment banking, life and nonlife insurance, venture capital and asset management. As the banks csr activities evolve further, the policy may be revised with the approval of the csr committee of the board.
March 31, 2018 towards csr activities in fiscal 2019. It could be inferred from the study that certain banks like icici bank, hdfc bank and state bank of india which are top performers in terms of profitability and growth are not at the top in csr activities. Icici lombard general insurance company limited corporate social responsibility policy corporate social responsibility is the commitment of companies to provide resources and support activities focussed on enhancing economic and social development. Pdf the main purpose of the study is to analyze the corporate social responsibility csr activities carried out by indian commercial banks. Earn reward points on transactions made at pos and ecommerce outlets. Corporate social responsibility is the commitment of business to contribute to sustainable economic development working with employees, their families, the local. Corporate social responsibility policy the hongkong and shanghai banking corporation ltd. Read to lead is an initiative of icici bank to facilitate access to elementary education for underprivileged children in the age group of 314 years including girls and tribal children from the remote rural areas. The csr policy of the company sets the framework guiding the companys csr activities, while the csr committee is the governing body that articulates the scope of csr activities and ensures compliance with the csr policy. P university, shimla in the partial fulfillment of award of the degree of bachelor of business administration submitted by.
Economics political science corporate social responsibility case studies social aspects foreign banks pressure groups private banking special interest groups. Corporate social responsibility in indian banking industry. This programme focuses on providing free vocational training in locallyrelevant skills that empower villagers to be selfreliant. Deposit lockers are available to keep your valuables in a stringent and safe environment. Enactment of companies act, 20 by the ministry of corporate affairs, government of india was one of the worlds largest experiments of introducing the csr as a mandatory provision by imposing statutory obligation on companies to take up csr projects towards social welfare activities. Pdf the concept of donations, helping others has existed since the inception of mankind on earth. A study on corporate social responsibility a case of canara bank srinivas k.
Our initiatives in the areas of preventive healthcare, road safety and disaster support have fostered financial immunity in tragic times. Corporate social responsibility policy icici venture. A study on corporate social responsibility a case of canara. Corporate social responsibility activities the csr committee of the company would consider and approve the projects or programmes that the company should undertake as csr in india. Introduction social responsibility of business refers to what a business does over and above the statutory requirement for the benefit of the society. Policy on corporate social responsibility icici prudential life. Csr initiatives of the bank are multifarious, covering activities like training unemployed rural youth, providing primary health care, drinking water, community development, empowerment of women and other initiatives. Icici bank established the icici foundation for inclusive growth icici foundation in 2008 with a. Csr committee the bank will institute a csr committee of the board consisting of three or more directors including at. Corporate social responsibility csr is the commitment of companies to provide resources and support activities focused on enhancing economic and social development. The essence of the policy has been to ensure end utilization, inclusive growth, positive impact and sustainable development. A comparative study of sbi and icici european academic research vol. Corporate social responsibility csr has been a longstanding commitment at icici bank and forms an integral part of our activities.
Annual report for detailed information on csr activities. The corporate social responsibility policy csr policy of icici venture sets out the framework. Icici bank history, objectives, functions, financial assistance, roles the ifci and sfcs confined themselves to lending activity and kept away from underwriting and investing in business though they were authorized to subscribe for the shares and debentures of the companies and to undertake underwriting business. It could be inferred from the study that certain banks like. Icici bank limited established the icici foundation. Icici lombard general insurance company limited corporate social responsibility policy. Indias stock of the drug us got is enough to last an armageddon.
Environment 46 employees 48 community 46 governance 42. The csr department of the bank will be responsible for administering and executing the policy. The csr committee would comprise three or more directors including at least one independent director. The policy also sets out the rules that need to be adhered to while taking up and implementing csr activities. Scope of corporate soci al responsibility policy the policy would pertain to all activities undertaken by the company towards fulfilling its corporate social responsibility objectives. Corporate social responsibility icici prudential life.
Framework of the icici bank limited corporate social. The corporate social responsibility committee csr committee is the governing body that will articulate the scope of csr activities for the company and ensure compliance with the csr policy. Four years later, when the company offered icici banks shares to the public, icicis shareholding was reduced to 46%. Icici lombard general insurance company limited corporate. Corporate social responsibility, icici bank, private sector. Introduction corporate social responsibility csr has been a longstanding commitment at icici bank and forms an integral part of our activities. Icici bank industrial credit and investment corporation of india is an indian multinational banking and financial services company headquartered in mumbai, maharashtra, india, with its registered office in vadodara.
The progress of csr activities under implementation will be reported to the committee, on a periodic basis an yearly report on csr activities will be included in yes banks annual report the surplus arising out of the csr activities will not be part of business profits of the bank life of policy. It has been given several awards for its banking, csr activities and other initiatives. The initiatives of icici foundation for inclusive growth can be viewed on the link. A case study of state bank of india and icici bank. Private sector banks and foreign banks are still lagging in this area. Icici lombard recognises and embraces its commitment to various communities across india. The banks contribution to social sector development includes several pioneering interventions, and is implemented through. Implement and monitor csr activities and provide timely updates to the lomc 2. Icici bank opens training academy as part of csr activities. Axis bank limited business responsibility report 201718. Corporate social responsibility icici prudential life insurance. Be ppt banks, csr in banks free download as powerpoint presentation.
Oct 04, 20 icici bank has opened a skill training academy in jaipur as part of its corporate social responsibility csr efforts, to provide vocational training to youth from economically weaker section of. Bank of india and one private sector bank namely icici bank and comparison of csr activities of these two banks. The bank s csr activities are largely focussed in the areas of education, health, skill development and financial inclusion and other activities as the bank may choose to select in fulfilling its csr objectives. In this reference the present paper attempts to analyze the csr practices in indian banking sector.
Project report on financial analysis of icici bank submitted to h. Associate professor, cimsb school, jayanagar, bangalore, india. Corporate social responsibilty of icici bank icici bank started its csr activities as. State bank of india and one private sector bank namely icici bank and comparison of csr activities of these two banks. The corporate social responsibility policy csr policy of icici prudential life sets out the framework guiding the companys csr activities. Vii to the act and the companies corporate social responsibility policy rules, 2014 and as amended from time to time. Controversies like alleged money laundering, debt recovery etc hurt the brand image.
Corporate social responsibility policy hsbc bank india. The essence of the policy has been to ensure end utilization, inclusive growth, positive impact and. Abstract no companies can survive without profit, companies must earn profit but with social concern for equitable partnersh canara bank is one of leading bank in banking. It is the effort made by companies to improve the living conditions of the local area in which they. Feb 15, 2017 an overview of csr activities being perofrmed by icici bank limited 1. Csractivities carried out by select public and private sector banks to connect emotionally with their customers in 20. Csr is a term which means corporate social responsibility can be elucidated as the. The bank has a network of 1,495 branches and about 4,816 atms in india. Apart from the basic banking services the icici bank is also indulged in taking csr initiatives towards the benefit of society. As of 2018, icici bank is the second largest bank in india in terms of assets and market capitalisation. Icici bank s core belief behind their csr projects is that there should be readily available access to opportunities for growth, across the entire society.
The study here is conducted for bringing out the csr activities of banks in the country over the past five years in various areas by these two banks. Csr is a term which means corporate social responsibility, can. Corporate social responsibility programmes dharwad 1945 2009 1966 2014 1950s 2010 1994 2011 tata motors established shift in tata motors approach to csr 1. Csr is a term which means corporate social responsibility, can be explained asthe continuing commitment by business to.
Sbi and one private sector bank, icici and comparison of csr activities of these two banks. The policy shall apply to all csr programsactivities undertakensponsored by the bank or executed through axis. Weaknesses here are the weaknesses in the icici bank swot analysis. The growth of csr programmes has the potential to help both businesses and society if the corporations can make their csr activities a core part of their business strategy and company culture. Integrating csr strategy with business strategy 8 feb 2017, 10. A study on corporate social responsibility a case of.
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