Corporate Social Responsibility Policy
NEDFi has been engaging itself in various developmental and promotional activities of NER since its inception, which has helped to build its image as a developmental financial institution of the North Eastern Region. This policy on Corporate Social Responsibility is an effort to make NEDFi’s CSR activities more effective and meaningful and to channelize it in a manner which will enable this Corporation to touch more lives and bring more smiles to people.
2. Objectives :-
The CSR Policy of NEDFi will support initiatives and activities which result in improvement of quality of life of the people belonging to the 8 States of the North Eastern Region of India. The Annual CSR Policy of the Corporation will promote employment enhancing vocational skills, livelihood enhancement projects, women empowerment, handloom and handicrafts of the region and development of rural and backward areas through promotion of entrepreneurship.
3. Activities Identified under CSR:
The CSR Activities of the Corporation will include projects and programmes in the following areas :-
a) To take up initiatives for promotion of employment enhancing vocational skills, livelihood enhancement projects or women empowerment.
b) To promote the traditional arts and handicraft sector including handloom of the N. E. Region, by providing necessary support to the artisans, weavers and craftsperson engaged in the sector through skill-upgradation, market linkage and/ or infrastructural support, wherever necessary.
c) To undertake projects and programmes for development of Rural and Backward Areas through promotion of entrepreneurship and income generating activities.
4. Funding for CSR:-
The Annual CSR Policy will be decided by the Board of Directors on recommendation of the CSR Committee which will be at least two percent of the average net profits of the Corporation during the three immediately preceding financial years or as mandated by the statutory norms, applicable from time to time.
a. Selection of Implementing Agency :
The Corporation, will implement the policy through its CSR Division and avail need based assistance of other agencies as and when required.
b. Identification of Activities :
The activities considered will primarily focus on implementing the activities set out at the CSR policy of the Corporation and will be recommended by the CSR Committee of the Board. However depending on the need, the Corporation may decide to undertake other activities as may be set out by the Government in its CSR guidelines issued from time to time. In addition, the Corporation may undertake joint CSR initiatives with other Organizations/ Agencies to implement activities identified under the CSR Policy of the Corporation.
c. Geographical Location :
The Corporation will take-up its CSR activities in the 8 states of NER viz. Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura and will also support projects outside the NER for the benefit of the people of NER. NEDFi may also consider taking initiative outside NER to share its knowledge and experience in promotion of livelihood enhancement activities in the rural areas of the other parts of the country.
6. Monitoring and Evaluation :
The CSR Committee of the Board will recommend the projects and programmes to be undertaken during each financial year, alongwith its modalities of execution. The Directors of the Board of NEDFi will approve the annual policy for implementation, which will be executed by the CSR Division of the Corporation.
CSR Committee of the Board will monitor the execution of CSR activities and may engage wherever necessary, Committees / Independent Evaluation Agency to evaluate performance of specific projects or programmes. Activities taken-up under the CSR Policy will be reported to the Board at least on a half yearly basis. It will also be reported in the website and the Annual Report of the Corporation.
• The surplus arising out of the CSR projects or programs or activities shall not form part of the income of the organization.
• The policy will be executed as per the statutory norms prescribed under Companies