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About Us  Corporate Social responsibility  Overview
Corporate Social responsibility
CSR Overview
Features Audio Visual

OVERVIEW:

Corporate Social Responsibility (CSR) can be termed as a tribute that a corporate pays to 'virtue', the virtue of being a part and parcel of the community it exists in and grows. In this era of globalization there is an ever increasing emphasis on CSR from non-government organizations, charities, educational institutions and peers in the industry to give CSR a serious consideration alongside the core business. T

his new semblance of awakening has actually sent a lot of business leaders and academicians back to the basics of why at all the corporates evolved, what are their role and responsibility and thereby the impact they have on the society. One acclaimed instance that is shown around, as the proof of the new trend, is 'Business with Human Face' as now practiced and preached by many. Given all this, at the core of it, CSR is a voluntary act of compassion shown by a corporate entity to the society and the environment where in the corporate gives back to the society some part of what it has earned from being a part of such society.

OUR VIEW:

We, at Union Bank of India, feel that Corporate Social Responsibility (CSR) is directly linked to the core business of the bank. It encompasses as to how the bank adds social, environmental and economic value in all its activities to make a positive, sustainable impact on both the society and the business. CSR is usually misunderstood for charity, following the bandwagon of traditional corporate philanthropy many corporates undertakes it with an underlying motive of giving the company visibility and easy gains, but this thought process is not likely to provide long-term local benefits, as it is not possible to maintain continuity and consistency. Businesses, civil society, governments, and development agencies should work together to improve infrastructure and services whereby they can each use their core competencies to help overcome any obstacles.

Ours being a Bank whose corporate office was inaugurated by Mahatma Gandhi, we have been proudly following his footsteps in serving the society, even as we are growing our business for more than nine decades.

OUR INITIATIVES:

We understand that large-scale Corporate Social Responsibility programs need management support and involvement to make it a success and thus we realize that the management must actively promote CSR's value in the company, otherwise it will only be seen as a 'good to promote' rather than 'the way a company does businesses'. In order to ensure that our CSR objectives are met we contribute towards:

 

  1. BUILDING THE NATION

    It is often said, "Today's children are Tomorrow's citizens". As a part of our Corporate Social Responsibility in creating responsible citizens of the future we realize that the children need to be groomed from a tender age to be responsible citizens and thus,

     

    • a. The Bank provides infrastructure to the schools by providing them benches, chairs and other necessary materials. The students get school bags, uniforms and sandals for their well being. Other infrastructure like almirahs, computers, water coolers and other essentials are also provided with the active support of the Panchayat and local School Management.
    • b. A Government of India survey reveals that drop out from the school is because of not having two square meals daily. Union Bank is indirectly helping for providing hot sumptuous meals to the students of various states by providing support to the charitable institutions.

     

  2. CARING FOR THE SICK

     

    • a. The Bank has helped various Hospitals by providing Ambulances to transport patients in and out of the Hospital.
    • b. The bank not only understands the critical health issues but also propagates the same to the village folks by conducting regular health camps and blood donation camps in various centres across the country.

     

  3. CARING FOR THE SOCIETY:

     

    • a) We have introduced an insurance scheme 'Janashree Bima Yojana' with the co-operation of LIC to the women members of credit linked Self Help Groups. We have also introduced 'Aam Aadmi Bima Yojana' for the hawkers who have availed loans from us thorough our biometric card loan product.
    • b) During various Natural Calamities that has affected the nation, Union Bank has always extended a helping arm to the affected areas by providing financial support.

     

  4. EMPLOYEE PARTICIPATION:

    Our Bank not only actively involves itself in CSR but also makes the employees enthusiastic about the work they are doing. We understand that the involvement of the employees is very important in running a successful CSR program. So, we motivate our employees by conducting various workshops, from time to time, to establish healthy linkages between all members of a multi-stakeholder and multi-sector society. All our employees play an important role in the economic growth of the country. In addition to driving economic growth, their active participation has a direct effect on poverty alleviation through the Bank's own policies and practices.

  5. INCLUSIVE GROWTH INITIATIVE

     

    • Another instance where we are furthering CSR by the development of the people is through Financial Inclusion. Here we provide banking services through bio-metric smart card and business correspondents under the branchless banking mode to people hitherto excluded from formal banking channels like the hawkers and street children of Mumbai & other cities, the beneficiaries of Wages under NREGPS & SSP and the small milk-pourers with National Dairy Development Board. We have a wide range of products to suit their specific needs like Micro-Credit repayable in Equated Weekly Installment (a first of its kind in the industry) matching their flow of revenue, an inbuilt Micro-Insurance for all those who avail a loan with a nominal premium to cover their major risks and a Micro-Remittance product. We have enrolled more than 3.2 million customers up to Sep, 10 for a No-Frill Account based on Biometric Smart Card technology. Initially, we provide them only a No Frills SB account, but gradually we are introducing them to other products that are available in the formal banking channel like deposit products, loan products and remittance products, albeit in small size. Thus, the more these products are used the social and economic up-liftment of the beneficiaries is facilitated.

     

  6. OTHER INITIATIVES:

     

    • The Bank has also established Chairs at Madras school of Economics, Chennai, Great lake institute of Management-Chennai, and IIM, Ahmedabad for centres of Banking Excellence with a total corpus amount of Rs.4.50 crores.
    • The Bank has also provided financial assistance to various social causes through institutions like Raksha, Cochin - a school for disabled children, Ramakrishna Mission- Nagpur, Madhyagram Municipality- Kolkata, Satchidananda Institute of Medical Sciences- Kerala, Bhagwan Mahaveer Viklang Sahayata Samiti- Jaipur, and Cochin Child Foundation.

     

 

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