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| CSR initiative of J&K Bank is for elites | | Rs 20 cr spent on Srinagar Golf Course | |
Early Times Report
SRINAGAR, Apr 19: Providing funds under Corporate Social Responsibility (CSR) is mandatory for business institutions. There is a law that prescribes minimum of 2% of average net profit of preceding three years to be spent for CSR initiative during the year. After 2014 floods Srinagar Golf Club got damaged due to water-logging for several months. J&K Bank, instead of taking up projects of public importance, spent around Rs 20 crore for up gradation and restoration of this golf course under development of sports.
The fact of the matter is that Srinagar Golf Club is used by elites of Kashmir rather than ordinary people. During his tweet former Chief Minister had criticized the government for what he called government "forcing" J&K Bank to adopt Kashmir Golf Club. In his September 15, 2015 tweet, Omar said that forcing J&K Bank to adopt Kashmir Golf Club under CSR is hardly social responsibility. He had further said that the same money could have been utilized for rural healthcare.
Under CSR activities most of the times banks in their own wisdom contribute towards providing for purchase of machinery for healthcare, basic amenities for travellers using public transport or taking up projects related to arts and culture. In terms of legislation the local area where the bank operates has to be given preference in terms of sponsoring the projects. This is done in the interest of overall society especially the disadvantaged communities.
But it has been observed that J&K Bank has been sponsoring private concerts in the name of art and culture, financing healthcare machinery in the name of public health and developing playing fields like Golf Courses for elite class in the name of sports to spend the CSR funds. With the result this creates chaos and confusion among the bank share-holders and account holders at large.
Sources say that there is no transparency in selection of NGOs and works to be undertaken under CSR by J&K Bank. The exact details of amount spent on CSR initiatives is also not provided. In most of the cases the NGOs and organizations who are the beneficiaries of JK Bank's CSR fund are selected on pick and choose basis. |
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