Federal Bank to spend Rs 21 crore for CSR activities this year

Kerala-based Federal Bank will be spending about Rs 21 crore this year on its Corporate Social Responsibilities activities, including about Rs 15-18 crore in the state.
"The bank will be spending about Rs 21 crore this year Pan India for CSR activities of which about Rs 15 crore to Rs 18 crore would be in Kerala," Bank Managing Director and CEO, Shyam Srinivasan, told reporters here. Last year the bank had spent Rs 10 crore in Kerala for CSR.
The Federal Bank Hormis Memorial Foundation Trust has been formed which will be the vehicle for all CSR activities of the bank.

Key areas the trust would focus Pan India this fiscal are developing skills among the youth, providing essential hygiene in schools and caring for children with special needs like learning disabilities, attention disorders, among others, Bank Chairman Prof Abraham Koshy, said.
The trust will oversee, organise and execute the entire CSR activities of Federal Bank in compliance with statutory stipulations. The CSR committee will evaluate the proposals taking into consideration the presence of the bank in respective geographies.
As its inaugural initiative, the trust is launching a statewide student debating competition called 'Federal bank- speak for Kerala' on August 25. The programme, which will run for two months, will provide a platform for college students in Kerala to showcase their reasoning talents which would take hem forward in the path of self-development, Koshy said.

The winner, who would be adjudged as Federal Bank Youth of the year-Kerala', will get a scholarship of Rs 3 lakh and a cash reward of Rs 50,000, besides a rolling trophy in the name of late K P Hormis, bank's founder.