Canara Bank is a public sector bank under the control and ownership of the Ministry of Finance, Government of India. The bank was founded by Shri Ammembal Subba Rao Pai in July 1906, at Mangalore, Karnataka. After nationalization in 1969, the bank attained the status of a national level player in terms of geographical reach and clientele segments. In June 2006, the Bank completed a century of operation in the Indian banking industry.
CSR is not applicable to Canara Bank as per Section 135 of Companies Act. However, as a responsible organization, the bank has adopted a strategic approach towards CSR and contributes to the upliftment of the society and environment.
As part of their Corporate Social Responsibility, Canara Bank aims to integrate environmental, social and governance objectives, established in line with national priorities for inclusive development.
Major CSR initiatives of the bank include training unemployed rural youth, providing scholarship to meritorious underprivileged girl students, renovation of schools and providing infrastructural facilities to the needy educational institutes, providing primary healthcare especially in remote and backward areas, arranging for clean drinking water, undertaking various community development initiatives, empowerment of women, Swachh Bharat, sports and other social initiatives. While development and welfare programmes in India address all the citizens, the primary focus is on the disadvantaged, marginalised and excluded.
The bank also implements sustainable initiatives like installation of solar panels, solar power plants, grids etc. for environment protection.
Highlights
The CSR initiatives of Canara Bank are focused mainly at the grassroot development of underprivileged/underserved / underdeveloped population. The bank is involved in organising various activities under our Corporate Social Responsibility, under different sectors, like, Health, Education, Poverty Eradication, Rural Development, Environmental Protection, Swacch Bharat etc.
During the FY 2023-24, under the Sustainable Development & Corporate Social Responsibility (SD &CSR) initiatives of the Bank, the Bank has spent Rs 70.09 crore on various sectors like Skill Development, Financial Inclusion, Women Empowerment Activities, Education, Environment Protection, Health, Poverty & Nutrition, Persons with Disability, Rural Development, Swachh Bharat, Sports & other sectors.
Canara bank has sponsored and co-sponsored 74 training institutes, which have trained more than 12.44 lakh unemployed youth so far, with a settlement rate of 74 percent.
The Bank has donated four ‘Retail Mobile Marketing Vans’ to assist women entrepreneurs, SHGs and artisans to market their products.
The Canara Vidya Jyothi Scholarship scheme aims to empower underprivileged meritorious SC/ST Girl Students. During FY 2023- 24, 17992 students have been benefitted, utilizing a total amount of Rs 8.00 crore.
Major initiatives of the Bank under CSR have been the setting up of Trusts and Institutions which have created an impact in serving the people and society at large. These include Canara Centenary Rural Development Trust and Canara Financial Advisory Trust.
The bank continues to actively fund and also involve in the activities of these Trusts under its CSR. In addition, Canara Bank has facilitated setting up of Canara Golden Jubilee Education Fund and Canara Relief & Welfare Society.
The bank has also been partnering with likeminded organisations for CSR activities in the area of livelihood creation, education, health and environment and participated in meaningful activities.
Education
Canara Bank has taken up several initiatives to promote education and skill development across the country. It has contributed towards providing infrastructure to schools, books and school essentials for students, setting up of Digital classrooms, computer laboratories, libraries etc.
Canara Vidya Jyothi Scheme
The Scheme is formulated to provide scholarship to meritorious underprivileged girl students since 2014-15. The Scheme is implemented through the Rural, Semi-Urban and Urban branches of the bank.
The scholarship amount is Rs 2500/- each for students from class 5th 6th & 7th and Rs 5000/- each for students from class 8th 9th & 10th standard. During FY 2023- 24, 17992 students have been benefitted, utilizing a total amount of Rs 8.00 crore as per the bank’s annual report.
Financial Literacy Centres
Canara Bank has set up Canara Financial Advisory Trust (CFAT) in 2010 for spreading financial literacy through Financial Literacy Centers across the Country. During FY 2023-24, 23,817 FLC camps were conducted wherein 20,41,190 persons were educated and 1,15,651 persons were counselled claims the bank’s annual report.
Healthcare
The bank has financed for providing Hi-tech ambulances in rural areas, providing basic healthcare facilities like hemodialysis unit in Androth Island of Lakshwadeep and supporting Cachar Cancer Hospital at Silchar, which provides free treatment for cancer patients. The bank has also supported Civil Hospitals and Government hospitals with ambulances, surgical equipment etc. and provided ICU ventilators, Ultrasound machines to Satya Sai Sarala Memorial Hospital to serve the downtrodden villagers in rural areas of Karnataka.
Poverty and Nutrition
The bank has undertaken various initiatives to alleviate poverty and improve nutrition in the country. Bank has taken initiatives to provide food & nutrition to underprivileged people through temples, orphanages, old age homes etc.
Environmental Protection
The bank has undertaken initiatives to protect the environment and promote sustainability. Bank has implemented green initiatives, such as installation of solar panels, solar power plants, grids, water harvesting systems, bio gas plants in Govt. Schools, Universities, Panchayats etc. to promote environment protection. Bank has also assisted in distribution of 40,000 coconut trees in the cyclone affected areas of Odisha.
Water and sanitation
The bank has taken up initiatives to support the Swachh Bharat Mission, such as building girls toilets in rural areas, providing water purifiers in schools etc. Under Swachh Bharat Abhiyan, Bank has provided vehicles for garbage collectors and setting up of bio waste processing units & portable sewage water treatment units.
Persons with Disabilities
The bank has taken initiatives to empower PWDs by financing Braille Resource Centres and by providing wheel chairs, foot abduction braces, assistive devices, transportation van to children with special needs.
Rural Development
The bank has undertaken initiatives to promote rural development and security by strengthening of Kotwal Cadre through activation of 200 Local Service Centers by providing Pre Fabrication Rooms and Furniture under CSR activity. Canara Bank has set up training institutes like Rural Self Employment Training Institutes (RSETIs) to provide self-employment training and credit to rural entrepreneurs.
As part of Corporate Social Responsibility initiatives, the bank has set up Self-Employment Training Institutes for Skill Development (38 RSETIs, 3 ATIs & 5 CBIITs) across the country for skill & entrepreneurship development of people from marginalised section of society. These RSETIs impart free skill development training to poor people and build their capacity for gaining sustainable livelihood. The bank is also co-sponsoring 27 RUDSETIs across the country.
Women empowerment
As part of their Corporate Social Responsibility initiatives, the bank has set up a Women Empowerment Section at its Head office in Bengaluru. The bank has also formed the Centre for Entrepreneurship for women, at 24 of its Circle Offices across India, which offer counselling services to women, both existing and prospective entrepreneurs, organises seminars on important topics related to women’s issues, conduct Skill Development and Entrepreneurship Development Training programmes, Entrepreneurship Awareness programmes and also organise exhibition-cum-sale of products manufactured by women entrepreneurs.
Sports
Sports initiatives were undertaken this year for implementation of District level sports through all Circle Offices and Regional Offices across India.
Conclusion
Canara Bank spent Rs 70.10 crores on CSR activities in the financial year 2023-24.
