New Delhi, 8 November 2020: Continuing its CSR commitments despite incurring losses, the Jammu & Kashmir Bank has voluntarily spent around Rs 2.41 Crore on various CSR projects for the financial year 2019-20. This year, the bank focused its CSR activities on promotion of education, health, environment and community development.
According to its annual report, the bank has incurred an average net loss of Rs 162.37 Crore over the past three financial years. Due to the losses, the company had no mandatory CSR obligation for the year 2019-20. However, the company showing its commitment towards the social causes, voluntarily spent around Rs 2.41 Crore towards its CSR projects for the financial year. The prescribed CSR budget of a company is calculated as 2% of the average net profit of the past three years.
"As a responsible corporate citizen, the J&K Bank envisions to integrate its strategic intent and business goals with the needs of the society in order to achieve an inclusive, sustainable and harmonious ecosystem. This represents the core principle and forms the basis of the bank’s CSR policy," the bank said in its annual report.
The CSR Committee of the bank is led by RK Chhibber and other members of the committee include Dr Arun Kumar Mehta, Vikram Gujral and Monica Dhawan.
Expenditure overview:
| Projects | Sectors | Amount spent (in Rs Crore) |
| Promoting Community Development Activities | Community Development | 0.03 |
| Improving Public Health delivery system | Preventive & Curative Healthcare | 0.20 |
| Promotion of Education | Education | 0.18 |
| Preservation and promotion of Ecology/ Heritage | Environment | 2.00 |
| Total | | 2.41 |
Community Development
During the FY 2019-20, the bank installed pole lights in the popular leisure place- Rajinder Park- in Jammu in addition to the solar lamps in Khalsi Market of Leh under the Community Development program of CSR. Besides, the bank conducted a relief camp for passengers who were stranded at Bathindi due to the prolonged closure of Srinagar-Jammu Highway.
Preventive Healthcare
During the FY 2019-20, the bank provided support to help complete a comprehensive fabrication of shed at District hospital Rajouri. The bank also procured a hi-tech USG machine along with a 1KVA UPS with Transformer for installation in Nephrology Department of SKIMS Srinagar.
Promoting education
To provide students potable water, the bank installed a water treatment plant at NIT Srinagar besides installing 480 dustbins within the campus of Kashmir University. The bank also contributed towards helping develop the park at Government College for Women MA Road to provide a better ambience to the students studying in the college. Notably, the bank also provided monetary assistance to CHINAR Kashmir, an NGO that works to provide a nurturing environment for socially and economically disadvantaged kids.
Preserving Environment/Heritage
The bank continues to endeavour to help preserve the ecology, environment and heritage of the region. Besides being a culturally rich place, the region teams with diverse flora and fauna and the banks undertake CSR initiatives to help preserve the pristine and historically important places of the region. Under its "Environment Excellence Program", the bank has inter alia been maintaining 13 parks/walkways across the UT thereby helping the cause of environmental protection.
