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CSR Policy of

Financial Technologies (India) Limited

INDEX

Page No.
01-01

1.

Concept

2.

Objective of the policy

01-01

3.

Corporate Social Opportunities (CSO) vision and mission

01-01

4.

Sources for Funding the CSO activities and its expenditure

02-02

5.

Areas to be covered

02-04

6.

Implementation of the CSO activities

04-05

7.

General

06-06

CORPORATE SOCIAL RESPONSIBILITY POLICY OF


FINANCIAL TECHNOLOGIES (INDIA) LIMITED
1. Concept
As a corporate citizen, through our initiatives under Corporate Social Responsibility (CSR),
Financial Technologies (India) Limited (FTIL) is committed to building social values and
contributes towards the society at large. We at Financial Technologies (India) Limited refer to
CSR as Corporate Social Opportunity as CSO extends us a reason to our natural commitment
towards society and we find it an opportunity rather than a responsibility to help society in any
way we can.
We have always expressed our concern and care by initiating and supporting deserving causes.
We regularly organize programs that provide all the employees an opportunity to reach out to
under-privileged sections of the society. As a critical function, CSO aims to carve out a global
footprint for itself through a CSO driven mission that is all-encompassing and goes beyond mere
philanthropy. It represents companys philosophy to give back to the society/community our
best.
2. Objective of the Policy
The purpose of this policy is to codify and define the way in which the Company will meet its
CSO, people responsible, process of identification of projects and approval of expenditure,
delegation of expenditure powers, monitoring of projects, MIS to the Management and Board.
3. Corporate Social Opportunities (CSO) vision and mission
Corporate Social Opportunities (CSO) policy of FTIL forms a part of the corporate vision and
mission of FTIL, which is as under:
Vision statement:
To be regarded as a source of unparalleled strength contributing to the business solutions
of Financial Technologies through its innovative initiatives and thereby catalyzing the creation of
similar units across the world.
Mission statement:
1. To create innovative technology oriented solutions to benefit society at large
2. To create institutional linkages and capacity building of marginalized stakeholders to
empower them for accessing the benefits of technology in all walks of life.
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3. To create a great place to work in and also sensitize FTIL employees towards CSR by
partnering with NGOs
4. Sources for Funding the CSR activities and its expenditure
FTILs commitment towards Corporate Social Responsibility is over a decade old. FTIL has
always extended part of its income towards achieving the CSO objectives through
implementation of its CSO programs.
FTIL will allocate at least 2% of Average Net Profit of the Company made during the preceding
three Financial Years(FY) computed in accordance with Sec 198 of the Companies Act 2013, as
its Annual CSR Budget. . If allocation of the budgeted amount generates some Revenue in the
course of implementation of the activities, the said surplus shall form part of the next years
budget and shall be added in the corpus of the CSR activities.
CSR expenditure shall include all expenditure including contribution to corpus as well as
recurring/revenue expenditure incurred, for projects or programs relating to CSR activities
approved by the Board on the recommendation of its CSR Committee, but does not include any
expenditure on an item not in conformity or not in line with activities which fall within the
purview of Schedule VII of the Companies Act 2013.
5. Areas to be covered
Broadly FTIL had focused on three areas of intervention under CSO i.e. employee engagement,
environment and community initiatives till date.
EMPLOYEE ENGAGEMENT: An internal employee empowered CSO committee works on
the yearlong plan that focuses on involving employees in a meaningful manner in activities of
community services.. Employee engagement programs are an apt platform that alters an
employee from a well-wisher to a well-doer. As a facilitator we connect our employees to
causes that are close to their heart. We ensure we do it systematically that recognizes the
companys and employees contribution towards society and environment. However any
expenditure incurred for the benefit of employee or their family will not form part of CSO
ENVIRONMENT: We are conscious and sensitive to the environmental issues. Efforts have
been taken to reduce energy usage, wastage and adopting safe recycling mechanisms. Strictly
adhering to our environment policy, we have been persistently conducted workshops, activities,
discussions on energy conservation. We take pride of our association with several renowned
environmental organizations who have guided us in an apt manner to contribute to the
environment.
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COMMUNITIY INITIATIVES: We are committed to nurture various community initiatives to


lead to the development and prosperity of the nation. Here, we would like to use our domain
strengths by providing innovative technology solutions in the field of education. We would like
to nurture various relationships with partners who can demonstrate sustainable business models
that focus on the "bottom of the pyramid". We run our community initiatives just the way we run
our business professionally, by mapping the progress, sharing the best practices applied
globally and measuring and monitoring their effectiveness.
The Companies Act 2013 has provided an opportunity to the corporates to extend its focus areas
to various sections and activities in which they can engage themselves for betterment of society.
We at FTIL understand that this is an encouraging opportunity to give back to society in a
number of various ways as mentioned hereinafter. Activities as recommended in the Schedule
VII of the Companies Act 2013, which is listed below, FTIL will emphasis on selective areas to
achieve the CSO mission statement.
Activities are relating to:
i.
ii.

iii.

iv.

v.

vi.
vii.
viii.

eradicating hunger, poverty and malnutrition, promoting preventive health care and
sanitation and making available safe drinking water;
promoting education, including special education and employment enhancing vocation
skills especially among children, women, elderly, and the differently abled and livelihood
enhancement projects;
promoting gender equality, empowering women, setting up homes and hostels for women
and orphans; setting up old age homes, day care centers and such other facilities for
senior citizens and measures for reducing inequalities faced by socially and economically
backward groups;
ensuring environmental sustainability, ecological balance, protection of flora and fauna,
animal welfare, agroforestry, conservation of natural resources and maintaining quality of
soil, air and water;
protection of national heritage, art and culture including restoration of buildings and sites
of historical importance and works of art; setting up public libraries; promotion and
development of traditional arts and handicrafts:
measures for the benefit of armed forces veterans, war widows and their dependents;
training to promote rural sports, nationally recognized sports, Paralympic sports and
Olympic sports;
contribution to the Prime Minister's National Relief Fund or any other fund set up by the
Central Government for socio-economic development and relief and welfare of the
Scheduled Castes, the Scheduled Tribes, other backward classes, minorities and women;

ix.
x.
xi.

contributions or funds provided to technology incubators located within academic


institutions which are approved by the Central Government
Rural development projects in matters of Water supply/water bodies, sanitation, housing
for poor, infrastructures like Road, etc.
Slum area development in matters of water supply, sanitation, housing for poor,
infrastructure like road etc.

The aforesaid list is an inclusive and not an exhaustive list. The Managing Director/Board of
Directors may ask the CSR Committee of the Company to include activities which are not
covered hereinabove. FTIL will focus on these activities in India only. The projects identified
will satisfy the above criteria and to ensure benefits to the Bottom of Pyramid and as far as
possible to a broader section of the society.
6. Implementation of the CSO activities.
The CSO activities will be managed as under:
1. A committee of Senior executives will be constituted as Working Committee which
will have following role:
a. To identify activities within the area defined in the policy after proper evaluation
of the benefit that accrues to the identified people. Programs/projects may be
partnered with Trust/Societies/NGOs for CSR activities on case to case basis. As
far as possible the services of Trust/Societies/NGOs can be used after due
evaluation of their reputation and dependability.
b. Prepare a project expenditure plan clearly giving the recurring and non-recurring
expenses, process of monitoring and impact assessment of the activity
c. Designate official for each project separately, who will be responsible for
implementation of the project, approval of expenditure, post monitoring and
evaluation.
d. For a CSR project or program approved by the CSR Committee, the Approval of
expenditure upto Rs.5 lakhs shall be done as per process of approval of Company
expenditure, in terms of delegation of powers as well as proof of receiving the
services/goods.
e. Periodical monitoring to be done by the members of CSR Working Committee by
either by participation or site visit. A report of such Working committee member
shall form part of MIS submitted to CSR Committee of the Board. The Members
of CSR Committee may also be involved in the monitoring of the project.
f. Submit quarterly MIS to the CSR Committee on each of the project.

2. All projects identified by the Working Committee will be placed with CSR Committee of
the Board with details as per 1.b and 1.c above
3. CSR Committee of the Board will approve CSR projects/program up to Rs.25 lakhs per
project/program and recommend to the Board any project beyond Rs.25 lakhs
4. CSR Committee of the Board will periodically monitor the implementation and call for
MIS on each of the project. MIS should detail the activities carried, expenditure incurred,
and also record by way of Photos etc., which can be used in Corporate Communications.
5. Normally the allocated amount should be approved during the financial year, even though
actual amount may be spent over period of time.
6. Employees who are involved in the CSO activities beyond their normal call of duties
shall be given appreciation by CSR committee and the appraisal system shall incorporate
their contribution
7. Activities mentioned in point 5(viii) above (Areas to be covered), i.e. contributions made
to Prime Minister National Relief Fund etc., would not need any monitoring.
FTIL has designated a CSR Working Committee headed by senior personnel from the Company.
The said Working Committee shall continue to work towards the implementation of CSR policy
of the Company and would provide a periodical report to the CSR Committee of the Board
stating the initiative taken during the period, spending toward CSR activities and status of the
ongoing activities and of completed activities, if any.
Further, time bound activities shall be treated as a project and its envisioning, planning,
execution by setting timelines and regular monitoring shall be done by CSR Working Committee
with the help of designated staff of Company under the supervision of the head of CSR Working
Committee.
The CSR Working Committee may call for an impact analysis/study of the identified completed
programs/projects to ascertain what need to be changed or modified to accomplish more viable
and desired results, if the result of the completion of the project does not turn out to be favorable
as envisaged by the CSR Working Committee. This self-evaluation will give a vital and essential
feedback for betterment of next projects. Meanwhile feedback shall also be sought from the
direct beneficiaries of the projects/programs/activities.
The CSR Working Committee shall maintain the records of expenditure on regular basis and the
same shall be reported to the CSR Committee of Board at quarterly intervals.
CSR activities shall also be reported in the Annual Report of the Company as per format given in
the notification dated 27th Feb 2014 or as amended from time to time.
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CSR Committee of the Board will approve the reports as well as periodical publications in the
corporate website about the CSR projects undertaken.

7. General
The policy will be reviewed periodically by CSR Working Committee and CSR Committee of
the Board based on the experience and development in the CSR guidelines. The policy shall be
placed to Board for review at-least once in three years. The CSR Working Committee will have
periodical meetings, record keeping of projects and expenditure as well as MIS to CSR
Committee and the Board.
In case of any doubt with regards to any of the provisions of this policy or any clarification
required, head of CSR Working Committee may be approached. In case any deviation to the
policy guidelines are needed, the same to be placed to CSR Committee of Board for approval.
The provisions/rules made under this policy may be amended/modified/revised or removed as
per the guidelines or circulars or notifications issued by Ministry of Corporate Affairs or any
other relevant Government authority or amendment in the provisions or Companies Act 2013
and relevant rules thereto or at the discretion of the CSR Committee of the Board.

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