This is a CSR policy for the Indian Institute of Banking & Finance (IIBF). The policy was adopted on December 30, 2016, and was broadened on December 20, 2019.
The Companies Act, 2013, specifically Section 135, requires companies that meet certain criteria to spend 2% of their average net profit from the preceding three financial years on Corporate Social Responsibility (CSR) activities. The CSR Policy of a company must guide all of its CSR activities and initiatives. The IIBF has a history of providing educational skill development and certification services for over 88 years and aims to continue these goals through its CSR Policy.
The IIBF's CSR activities are aligned with the activities listed in Schedule VII of the Companies Act, 2013. These activities include:
Eradicating
hunger, poverty, and malnutrition, promoting preventive
healthcare, and ensuring access to safe drinking water and
sanitation.
Promoting
education, including special education and vocational skills,
particularly for women, children, the elderly, and the
differently-abled.
Promoting gender
equality and empowering women, which includes setting up homes and
hostels for women and orphans.
Establishing old
age homes, daycare centers, and other facilities for senior
citizens, and working to reduce inequalities faced by socially and
economically backward groups.
Ensuring
environmental sustainability, ecological balance, and the
conservation of natural resources. This also includes protecting
flora and fauna, animal welfare, and maintaining the quality of
soil, air, and water.
Protecting
national heritage, art, and culture, such as restoring historical
buildings and promoting traditional arts and handicrafts.
Undertaking
measures for the benefit of armed forces veterans, war widows, and
their dependents.
Providing training
to promote rural, nationally recognized, Paralympic, and Olympic
sports.
Contributing to
the Prime Minister's National Relief Fund or other
government-established funds for the socio-economic development
and welfare of various groups, including Scheduled Castes,
Scheduled Tribes, minorities, and women.
Contributing to
incubators funded by the Central or State Government or
public-funded universities and institutions such as IITs, ICAR,
ICMR, CSIR, DAE, and DRDO.
Implementing rural
development projects and slum area development.
Engaging in
disaster management, including relief, rehabilitation, and
reconstruction activities.
The Institute will conduct all CSR activities approved by its CSR Committee. All CSR initiatives must be guided by and fall within the scope of Schedule VII of the Companies Act, 2013. The Institute can undertake these activities on its own or through an implementing agency, such as a Registered Section 8 Company, Registered Trust, or Registered Society. The activities may also be carried out in association with a Holding, Subsidiary, or Associate Company.
CSR activities will primarily be conducted in and around the Institute's areas of operation. The CSR Committee may also recommend other specific areas where the activities would be highly beneficial to society. The CSR Committee monitors all activities and, in the case of implementation through an external entity, will establish how funds will be used and how activities will be monitored.
Composition:
The CSR Committee consists of three members of the Governing
Council. The quorum for a meeting is at least two members.
Responsibilities: The committee is responsible
for recommending activities, initiatives, and budgets to the
Council for each financial year and for monitoring CSR activities.
The annual CSR budget is 2% of the average net profit of the three preceding financial years. The calculation of net profit is based on Section 135(5) and Section 198 of the Companies Act, 2013. Any surplus generated from CSR projects will not be considered part of the Institute's business surplus; instead, it will be added to the CSR corpus.
The Council is responsible for ensuring the Institute spends 2% of its average net profit from the preceding three financial years on CSR. It must also make mandatory disclosures in the Council Report, as required by the Companies Act, 2013 , and disclose CSR expenditure in the Notes to the Income & Expenditure Account. The approved CSR Policy must also be placed on the Institute's website.
The policy's effective date is December 30, 2016. Any changes to the policy must be recommended by the CSR Committee and approved by the Governing Council. The changes become effective from the date of the Council's approval.