CSR Portal

08.11.2023

CSR Portal  , Daily Current Affairs , RACE IAS : Best IAS Coaching in Lucknow 

Why in the news?

Recently, Corporate Social Responsibility (CSR) portal was launched by Indian Renewable Energy Development Agency (IREDA).

Important points:

• The portal was launched during the closing ceremony of “Vigilance Awareness Week 2023” held at the registered office of the company in Delhi.
• The CSR portal was launched by Dr. Praveen Kumari Singh, Additional Secretary, Central Vigilance Commission (CVC).

About CSR Portal:

• Indian Renewable Energy Development Agency (IREDA) has launched a Corporate Social Responsibility (CSR) portal to increase transparency in its CSR initiatives.
• This portal will facilitate transparency in receipt and disposal of CSR requests from various organizations and institutions.
• Also, it will be available 24x7 to all with CSR policy and proposal checklist to check CSR requests.
• The portal will also contribute to more efficient execution of IREDA's social welfare initiatives as part of its CSR efforts, making them easily accessible to the public.

Corporate Social Responsibility (CSR):

• Under CSR, companies integrate social and environmental concerns with their stakeholders along with their business partners.
• It is regulated under Section 135 of the Companies Act, 2013.
• India is the first country in the world to make CSR mandatory.
• The provision of CSR is applicable to companies whose total assets exceed ₹ 500 crore or turnover exceeds ₹ 1000 crore or net profit exceeds ₹ 5 crore.
• Certain categories of profitable companies are required to spend at least two percent of their annual average net profit for three years on corporate social responsibility (CSR) activities.

Activities included under CSR:

• Eradication of poverty and hunger.
• Preparing to fight HIV and other diseases.
• Ensuring environmental balance.
• Improvement in infant mortality rate and maternal mortality rate in the country.
• Promotion of education.
• Gender equality and women empowerment.
• Contribution to the Prime Minister's National Relief Fund.
• Promotion of sports, development of slum area etc

About IREDA:

• IREDA is a Mini Ratna (Category-I) Enterprise of the Government of India under the administrative control of the Ministry of New and Renewable Energy.
• It is registered as a 'Non-Banking Financial Company' under the rules of the 'Reserve Bank of India'.
• It was incorporated as a public limited company in the year 1987 as a 'Non-Banking Financial Institution'.
• Its function is to encourage projects related to new and renewable energy sources and to provide financial assistance for their development.
• It has been notified as a 'Public Financial Institution' under Section 4'A' of the 'Companies Act, 1956'.
• This banking finance company has been promoted from 'Schedule B' to 'Schedule A' category of Central Public Sector Enterprises.

Vigilance Awareness Week 2023:

• The theme given by the Central Vigilance Commission for the Ministry of Micro, Small and Medium Enterprises (MSME) from October 30 to November 5, 2023 is “Say No to Corruption; Vigilance Awareness Week was observed on “Be Committed to the Nation”.

Through this awareness week, employees were made aware of the objective of establishing a corruption-free environment/bringing transparency and making efforts towards working with complete integrity and maintaining dedication towards duty at all times.