CSR spend of SBI capped at 1% of profit: Bhattacharya
Sharath Chowdary Though the Companies Act 2013 mandates all Indian business entities to spend 2% of their profit on Corporate Social Responsibility (CSR) activities, the Reserve Bank has asked the State Bank of India (SBI) to spend only 1% of its profit on CSR until the country’s banking sector is improved, SBI Chairperson Arundhati Bhattacharya said. She spoke to media after donating Rs.1.15 crore worth ophthalmic equipment to LV Prasad Eye Institute (LVPEI) in Hyderabad on Thursday. SBI has been spending 1% of its profits on CSR since 1973. Committed to the economic and social wellbeing of the people, SBI has so far spent Rs.144 crore under CSR during this fiscal, she said. “As a statutory corporation, SBI does not need to adhere to ...
HAL finishes Rs.4.77 cr Kumudvathi rejuvenation project
The Dollar Business Bureau Hindustan Aeronautics Limited (HAL), the state-run aerospace and defence company, said today that it has completed the Rs.4.77 crore river rejuvenation project of Kumudvathi River - near Nelamangala taluk in Bengaluru Rural district of Karnataka. According to a company release, T Suvarna Raju, Chairman and Managing Director (CMD), HAL has given possession of the project to the panchayats of the beneficiary villages of Nelamangala. “We are really happy for contributing to such a noble cause of rejuvenating dried natural resources of water at this crucial moment, when water has become a valuable commodity everywhere,” Suvarna Raju said. “We hope that our efforts will provide a new lease of life to the region’s natural habitat and we will carry on our ...
Time to focus on developing sports infrastructure: Minister
Sai Nikesh | The Dollar Business The Union Minister of Youth Affairs and Sports Sarbananda Sonowal on Tuesday called upon the corporate houses to extend their help in making India a super power in the world of sports. “Be it through the imported equipment or services of foreign coach, among other facilities, the Corporate Houses have to come forward to encourage the budding sports talent by providing them a proper training and inputs required,” the Minister said in an official release. Speaking at the Eastern India Corporate Social Responsibility (CSR) Summit at Kolkata, the Minister said, “If the Corporate Houses spend a portion of their CSR funds towards promotion of sports, India will surely emerge as the super power ...
