Governor of Maharashtra and Tamil Nadu Chennamaneni Vidyasagar Rao appealed to corporate houses in the state to comply with the law requiring them to donate 2% of their profits to charity.
“The corporate social responsibility law mandates that 2% be given to charitable endeavours and I have already met corporates in Mumbai at the Raj Bhavan in this regard.
I would like to see the CSR mandate gaining ground in TN too,” said the Governor in his address, marking the centenary celebrations of Karur Vysya Bank in Chennai on Saturday.
“Surprisingly, I also happen to be a customer of Karur Vysya Bank and I can vouch for the bank’s integrity and professionalism. In the 2014 general elections, the Election Commission had mandated that candidates must open a new bank account and all election-related financing must be done out of that account. I was campaigning in rural parts of Telegana and time was running out to meet EC requirements, when I sought the help of KVB,” recounted the Governor.
“They were highly efficient and speedily helped me open an account. All the cheques I signed while on the road were from the cheque book KVB issued me, so you could say KVB was a part of my election campaign,” said Governor Rao.
“Started in 1916, Karur Vysya Bank is a testament to the power of banking. For 100 years the bank has stood firm and weathered out the change from the pre-independence era to the post-independence era; from protected economy to liberalisation; from a seller’s market to a buyer’s market. As a customer of the bank I extend hearty wishes to the management in completing 100 years of KVB,” said the governor.
The banking industry is one of the pillars of Indian society and schemes like the Pradhan Mantri Jan Dhan Yojana have helped the country become more financially inclusive to its more underprivileged members.”As many as 220 million accounts have been opened and I appreciate the role of banks like KVB in reaching the marginalised,” said governor Rao.
“Banking is expected to be the fountainhead of the new age order with technological advances as its cornerstone. With initiatives like “Startup India, Stand Up India,” we have made new forays in different segments. With regard to banking, I’d appeal to banks like KVB to focus more on educational loans and facilitate higher education for Indian students, said the governor.
This article was taken from here.