New Delhi, 4 October 2020: Tourism Finance Corporation of India (TFCI) has spent Rs 2.13 Crore on social activities under CSR in the Financial Year 2019-20. The company which had a mandate of spending around Rs 2.13 Crore has managed to spend the exact amount by helping the needy, through various initiatives. However, a large chunk of Rs 1.60 Crore of the total CSR budget was contributed towards Prime Minister National Relief Fund.
The company’s average net profit for the past three financial years stood at Rs 106.50 Crore. Accordingly, its prescribed CSR budget was calculated as Rs 2.13 Crore for the Financial Year 2019-20. TFCI had had a prescribed CSR budget of Rs 1.88 Crore in the financial year 2018-19.
"During the year under review, Tourism Finance Corporation of India has undertaken CSR activities/projects during the year 2019-20 amounting Rs 2.13 Crore (2% of the average net profit of the last three years) in compliance with CSR objectives and Policy of the company and the total CSR approved amount of Rs 2.13 Crore was spent," the company reported.
The major thrust area of the company is to promote and create additional employment opportunities particularly in Tourism Sector by enhancing vocational skill especially among the children, women, young entrepreneurs, by undertaking livelihood enhancement projects as a key contributor to the growth of India and support sustainable development activities aimed at creating a cleaner, greener and healthier environment.
The company also takes initiatives to support projects that would promote tourism in the country by preservation/protection/ enhancement of tourism products of the country.
Major areas of spending in the financial year 2019-20
- A huge chunk of Rs 1.60 Crore was contributed towards the Prime Minister’s National Relief Fund.
- Rs 18 Lakh were spent through Sulabh Sanitation Mission Foundation for renovation and upgradation of existing Sulabh Toilet Complex at NM Joshi Lower Parel in Mumbai.
- Rs 10.15 Lakh were spent towards supporting education, nutritional and overall development of destitute and needy children by contributing to in Parivar Education Society.
- Rs 7.70 Lakh were spent for a mid-day meal of students studying in Government School at Delhi and Jaipur through Akshaya Patra Foundation.
CSR Committee
During the financial year 2019-20, the Corporate Social Responsibility Committee of the Board which comprised four directors, met thrice. The Committee is headed by Chairman S. Sridhar and other members include Thankom T. Mathew, Suman Billa Non, Rudhra Gangadharan, Naresh T Jain, BM Gupta and RK Sood.
