Page 43 - Banking Finance September 2019

ARTICLE

CORPORATE SOCIAL

RESPONSIBILITY

AND COLLABORATIVE

GROWTH OF THE

NATION

C orporate and social responsibility is a sense of companies voluntarily contribute for a better society,

responsibility towards the community and
environment, culture etc. now comes under CSR. It is a
environment in which it function. The aim of CSR
contribution of the company to the society by their business
is to increase long term value and shareholders
trust through public relations and reduce business and social activity. Contribution given by the company for
the development of the society helps the company for the
and legal risk. CSR strategy of a company makes positive sustainable development of the business as well as society.
impact on the environment and all stakeholders like
consumers, employees, investors, society and others. CSR Company social responsibility depends on various factors
activity in different part of the world is defined in different such as market, area of operation, business activity, socio
way such as, in China a socially responsible company makes economic environment of the area etc. Since CSR issues have
safe high quality products, in Germans it means secure been gaining in prominence across countries, India also
employment, in South Africa it is contribution towards social introduced a law which made CSR mandatory for large and
needs and in India it means company contribution towards profitable companies.
the society and environment. Corporate social responsibility
is a very old concept in India. Earlier, a concept where Regulatory guidelines:
The first formal attempt by the government of India to put
About the author the CSR issue on the table was in the issuance of Corporate
Social Responsibility Voluntary guidelines in 2009 by Ministry
Vishvajeet Kumar of Corporate Affairs. The most ambitious attempt to
Chief Manager (Faculty) implement CSR activities came in 2013 with the enactment
Union Bank of India of Section 135 of the Companies Act 2013. This law brought
Staff Training College CSR activities of Indian corporates under the purview of
Bangalore
corporate law.

BANKING FINANCE | SEPTEMBER | 2019 | 43