The General Insurance Corporation (GIC) of India is funding the installation cost of 10,000 stainless steel seating benches at various railway stations at an estimated expenditure of 52 crore rupees. The activity is a part of Corporate Social Responsibility (CSR) at GIC RE.
Nearly 70% of the installation is already done and the balance 3,000 benches will be completed before the end of current fiscal year. The company had responded to an appeal made by Railways through the Railway Sahyog portal.
In addition, as part of its CSR, the company supported 2,000 ex-service men (ESM) through penury grants amounting to INR 9.60 crores, out of total ESM of 7292 beneficiaries spending of INR 35 crores. A similar proposal had been received for approval this year too and has been approved. Normally penury Grant is given by the Kendriya Sainik Board to non-pensioners ESM of rank havildar and below; and their widows at INR 4,000 per month – those who are in a state of penury and have no other source of income. The Defense Minister has recognized the company’s effort.
Commenting on this, Deepak Prasad, General Manager, GIC Re said, “These initiatives are an integral part of our business and our commitment of giving back to the society.”