Page 47 - Banking Finance December 2021

ARTICLE

CORPORATE

SOCIAL

RESPONSIBILITY -

TOOL FOR NATION

BUILDING

W e live in a natural eco-system and each societies, organisations and companies collectively who are

activity of a citizen impacts the surrounding
earning profit by utilising the common resources of eco
environment and communities around us.
system. This responsibility can be termed as corporate social
Therefore, it is the moral responsibility of
each citizen to give back to the society in which he/she lives responsibility (CSR). Though, there is no universal definition
of CSR but the common understanding is concerned with
and earns livelihood. India firmly believes in the theory of how the profits are made and how they are used, keeping
giving back to society. This can be better understood by the in mind the interests of all stakeholders.
following shloka-
The concept of Corporate Social Responsibility is constantly
AmË‘mWª OrdbmoHo$pñ‘Z² H$mo Z Ord{V ‘mZd:&
AmË‘mWª OrdbmoHo$pñ‘Z² H$mo Z Ord{V ‘mZd:& evolving. The emerging concept of CSR requires the company
AmË‘mWª OrdbmoHo$pñ‘Z² H$mo Z Ord{V ‘mZd:&
AmË‘mWª OrdbmoHo$pñ‘Z² H$mo Z Ord{V ‘mZd:&
AmË‘mWª OrdbmoHo$pñ‘Z² H$mo Z Ord{V ‘mZd:&
na§ namonH$mamWª ¶mo Ord{V g Ord{V&&
na§ namonH$mamWª ¶mo Ord{V g Ord{V&&
na§ namonH$mamWª ¶mo Ord{V g Ord{V&&
na§ namonH$mamWª ¶mo Ord{V g Ord{V&& to act beyond its legal obligations and to integrate social,
na§ namonH$mamWª ¶mo Ord{V g Ord{V&&
(Bg OrdbmoH$ ‘| ñd¶§ Ho$ {bE H$m¡Z Zht OrVm? na§Vw, Omo namonH$ma environmental and ethical concerns into company's business
Ho$ {bE OrVm h¡, dhr gƒm OrZm h¡&) process because it has a responsibility towards its
stakeholders and society at large.
But is it the responsibility of citizens only? The answer is Introduction of Section 135 (Corporate
obviously "No". It is also the moral responsibility of groups,
Social Responsibility Rules) under
About the author Companies Act
Lalit Kumar Sunil Kumar With the idea of giving back to society and environment
Chief Manager (Faculty) & & & & & Manager (Faculty) through corporate social responsibility, India has become the
Union Bank of India Union Bank of India first country in the world to make corporate social
STC Ahmedabad STC Ahmedabad responsibility (CSR) mandatory by introducing Section 135

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