Manappuram Finance, one of the largest gold loan NBFCs in India, comes forward to support rehabilitation in the Wayanad landslide-affected areas. It is everyone’s responsibility to assist in the process of rehabilitation, as stated by VP Nandakumar, the MD & CEO of Manappuram Finance. Measures are already being taken to help the survivors and provide them with a means of getting their lives back on track.
Growth Policy of Manappuram Finance
Manappuram Finance Limited has a sound CSR policy framework that supports its business endeavors for the betterment of society. Thus, Manappuram firmly stands for the policy of inclusive growth to fulfill the appeals of the common man in terms of financial requirements. They equally stress the development of societal capital alongside shareholder value. The CSR policies of the two companies go further than meeting the letter of the law to show that they care.
The CSR Policy also establishes guidelines for the identification, adoption, and evaluation of programs and projects. They comply with the Companies Act of 2013, Schedule VII, and the CSR Policy Rules 2014. Manappuram Foundation was founded in 2009. CSR is the company’s vision that is implemented at the foundation level. Their vision is to build a society in which people are healthy, educated, and leading a happy life. CSR at Manappuram Finance focuses primarily on social welfare, education, and health, fostering holistic social change.
Financial Aid and Project Goals
Manappuram Finance has planned to invest Rs. 4 crore for rehabilitation efforts. The rest of the amount of Rs. 1 crore will go into the Chief Minister’s Disaster Relief Fund. The rest amount of Rs. 3 crore will be spent on different rehabilitation-related projects commanded by the Manappuram Foundation which is the CSR division of the company.
The purpose of the project is to establish housing and other essential needs for the affected individuals in line with respective authorities. The severely affected areas include Punchirimattam, Churalmala, and Mundakai regions.
Manappuram Finance’s CSR Initiatives
The Janaraksha Manappuram Free Health Insurance Scheme was initiated in 2010. This flagship project comes as free health insurance to the economically deprived sections of society. The goal of the scheme is to increase healthcare delivery services among needy individuals. The budget allocation for Human Resource Development in Manappuram Finance Company for FY 2021-22 was Rs. 20. 1.93 crore towards CSR activities in Kerala. Their areas of interest consist of education and healthcare initiatives, especially, in Thrissur.
With the backing of the Manappuram Foundation, this program enhances global communication skills. This involves providing services such as language proficiency tests like IELTS, OET, and German language and Spoken English training. The companies have business relationships with Manappuram Finance Limited for BR-related activities including subsidiaries, business associates, implementing partners, and suppliers.
Challenges faced during the CSR Journey
It is always challenging to split financial resources between business development on the one hand and CSR engagement on the other. Managing to secure long-term funding for such initiatives is a continuous struggle. Evaluation of the effectiveness of the implemented CSR programs involves proper assessment techniques. It can be difficult to prove that interventions are achieving positive results and positing a solid social return on investment.
Therefore, there is a need to ensure that trust and active participation are obtained from locals. These barriers may take time to be eliminated and cultural differences may persist, leading to a lack of representation. Considering new social needs and emergencies requires versatility. Therefore, CSR strategies have to be sensitive to fluctuations in conditions and opportunities along with new threats.
Conclusion
The establishment of Manappuram Finance’s commitment to the rehabilitation of Wayanad clearly shows that the firm cares for society and the entire well-being of the community. This case highlights how Manappuram Finance has embraced the concept of CSR and contributed to the overall welfare of society.
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