Citizens' Issues
Most firms expect to spend more on CSR next fiscal: FICCI
New Delhi : A majority of Indian industry expects to spend more on social welfare activities in the next fiscal with corporate social responsibility (CSR) increasingly becoming part of corporate strategic decision-making, industry chamber FICCI said on Sunday citing its survey.
 
"There is a discernible trend in CSR activity becoming more a part of strategic decision- making for companies. It clearly brings to the fore how companies are complying with the Companies Act 2013 and how they are integrating CSR reporting into their main business practices," the Federation of Indian Chambers of Commerce and Industry said in a statement here.
 
The Companies Act, 2013, mandates that a category of profitable firms spend at least 2 percent of their three-year average annual net profit towards CSR activities.
 
FICCI said while 83 percent of the survey participants anticipate an increase in their CSR spending in 2016-17, 77 percent reported an increase in their CSR budget in 2014-15, compared with the 2013-14 period.
 
"While 6 percent participants expected a decline, another 9 percent cited no change. The remaining 2 percent of the companies said that they have made a CSR allocation in their budget for the first time," it said.
 
The survey was conducted between January and February this year covering 150 respondents, which include public sector undertakings, private firms and foreign multinational companies with a turnover ranging between Rs.1.7 crore and Rs.75,000 crore.
 
However, the survey also found that "inadequate clarity on laws and tax related regulations", among others, was seen as an obstacle by firms in implementing CSR.
 
The majority of the respondents noted ethical considerations as the primary motivating factor behind adoption of CSR activities.
 
"Companies are increasingly looking at integrating their businesses with the community to create shared value. About 49 percent of the respondents stated creation of shared value as a motivation factor, followed by social good compliance," said FICCI.
 
"It is encouraging to note that companies have continued to base their CSR programmes according to community needs aligning with the national development agenda, especially those impacting women and children," said Ficci-Aditya Birla CSR Centre for Excellence chairperson Rajashree Birla.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Strike call in IDBI Bank puts union leaders in spot

IDBI Bank will not function for nine days since April 1 too is a holiday on account of the beginning of the new financial year

 

The decision to strike work for four days starting March 28 by some young officers in the IDBI Bank has put even seasoned bank union leaders in a spot, who stress that there is no split in the bank officers union.
 
Opposing the government's move to dilute its holding to less than 50 percent, the All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) had given a strike call on March 28.
 
However, a group of young officers in the IDBI Bank has called for four-day strike from March 28.
 
As a result, the IDBI Bank will not function for nine days since April 1 too is a holiday on account of the beginning of the new financial year. 
 
Even the strike on March 28 did not find favour with many union leaders in the banking sector as the strike day falls on Monday following four holidays beginning from Holi and Good Friday on March 24-25.
 
"We make it a point to see that the strike is not called on a day preceding or following holiday (s)," a senior bank union leader told IANS on condition of anonymity.
 
"There is a process to be complied with before giving a strike call, like 14-day notice. Internally, the union has to discuss the matter. We found March 28 will inconvenience the public the least as there will be three working days for them to transact," R.S. Athalye, general secretary, All India IDBI Officers Association and convenor of United Forum of IDBI Officers and Employees told IANS on Friday.
 
However, Athalye denied a split in the IDBI Bank officers union.
 
A sizeable number of officers in IDBI Bank are in their thirties and the four-day strike call seems to be a knee-jerk reaction without thinking about the repercussions.
 
Athalye agrees that the government's decision to dilute its holding to less than 50 percent in IDBI Bank is a test case.
 
If the government reduces it's holding in IDBI Bank successfully, it will do the same in other banks as well, he said.
 
"Our fight is against the government that is going against the assurances given in parliament that the public sector character of the banks will be maintained," Athalye said.
 
Meanwhile, AIBEA general secretary C.H. Venkatachalam told IANS that his union has given a strike call on March 28 only in the IDBI Bank and not in other government banks.
 
"The strike call is only for March 28," he reiterated.
 
Similarly, AIBOA general secretary S. Nagarajan told IANS that his organisation has given strike call only for March 28.
 
"Four days of strike seems to be premature," he added.
 
He said IDBI Bank management is approaching the court to prevent the strike.
 
A civil court in Hyderabad in Andhra Pradesh has issued an interim injunction against the strike, Nagarajan said.
 
The bank management has announced that its branches would function on March 26 (Saturday) and warned of disciplinary action against those absent on that day, Nagarajan said.
 
Second and fourth Saturdays are public holidays for banks.
 
"The union has asked the management on the legality of decisions made on a public holiday. We have also asked the management as to the rationale for opening the branches on a day when clearing operations are closed," Nagarajan said.
 
Senior union leaders agreed that a four-day strike call - resulting in nine days of holidays - will be counter-productive and the public will not look at their cause sympathetically.
 
"So what if the government banks are privatised. They have run up lakhs of crores as bad loans. The bank unions demand recapitalisation out of taxpayer's money," one V. Nitya told IANS.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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Soldier missing as avalanche hits Army patrol

The avalanche hit the army patrol in Turtuk area of Ladakh around 8 a.m. on Friday

 

An avalanche hit an army patrol in Ladakh region of Jammu and Kashmir early on Friday, burying two soldiers, one of whom remains missing, said an army officer.
 
The avalanche hit the army patrol in Turtuk area of Ladakh around 8 a.m. on Friday.
 
"Two soldiers were buried under the snow. Immediate rescue drills resulted in one soldier being rescued while the second soldier is still missing," a statement issued by the Army said.
 
The rescued soldier is critical and is being evacuated to the nearest military hospital.
 
"All efforts are being made to rescue the missing soldier," the statement said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 
 
 

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