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ஆசிர்வாத் மைக்ரோபைனான்ஸ் லிமிடெட்          Asirvad Micro Finance Limited          आशीर्वाद माइक्रोफिनॅन्स लिमिटेड         ആശിർവാദ് മൈക്രോഫിനാൻസ് ലിമിറ്റഡ്          ಅಸೀರ್ವಾಡ್ ಮಿಕ್ರೊಫಿನನ್ಸೆ ಲಿಮಿಟೆಡ್          ਅਸਿਰਵਾਦ ਮਿਕਰੋਫਈਨਂਸੇ ਲਿਮਿਟੇਡ          ଆଶୀର୍ବାଦ ମଇକ୍ରୋଫାଇନାନ୍ସ ଲିଃ          আশির্বাদ মাইক্রো ফাইনান্স লিমিটেড

CSR Policy

(Approved on 2nd February, 2019 Amended as on 16.03.2021)

Brief Background:

As per section 135 of the Companies Act, 2013, every company having Net worth of Rs.500 crores or more, or turnover of Rs.1000 crores or more, or a net profit of Rs.5 crores or more in immediately preceding financial year shall constitute a Corporate Social Responsibility (CSR) Committee, in order to undertake activities that would come under the purview of CSR activities as specified under Schedule VII of the Companies Act, 2013. Company shall also formulate CSR policy in this regard.


The objective of the Corporate Social Responsibility is to benefit the society by improving the quality of the individual, their families, local community at large. Serving the needy people is the top priority of Asirvad Micro Finance Limited (“AMFL/ The Company”). The Company already engages in improving the life of the poor or needy people by providing micro finance business. The Company’s vision to benefit the under privileged does not end with that. The Company through CSR activities intends to participate in the overall development of the society.

Ethics, Transparency & Accountability

The Company is committed to maintain ethical value, transparency and accountability. Further , the Company will not engage in the business practices that are abusive , unfair and corrupt.

CSR Activities

As part of the CSR, the company is presently engaged in several projects which are socially relevant and demanding in the locality surrounding its corporate office area
and other locations where the company has branches or other place of business. The company may continue to undertake / fund project, programs or activities of the following nature and also undertake such other activities as may be approved by the board as is falling under schedule VII of the Act 2013.

  • Eradicating hunger, poverty and malnutrition, promoting preventive health care and sanitation and making available safe drinking water and dwelling units for poor.
  • 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 centres 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 , agro forestry , 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 art and handicrafts
  • Measures for the benefit of armed forces veterans, war widows and their dependents, Central Armed Police Forces (CAPF) and Central Para Military Forces (CPMF) veterans, and their dependents including widows;
  • Contribution to “Swach Bharat Kosh” and “Clean Ganga Fund” as set up by the Central Government for the promotion of sanitation and rejuvenation of river Ganga, respectively
  • Training to promote rural sports, nationally recognised sports, Paralympic sports and Olympic sports
  • Contribution to the Prime Minister’s National Relief Fund or Prime Minister’s Central Assistance and Relief in Emergency Situations Fund (PM CARES Fund) or any other fund set up by the Central Government for socio-economic development and relief and welfare of the Scheduled Caste , the Scheduled Tribes, other backward classes, minorities and women
  • *Contribution to incubators funded by Central Government or State Government or any agency or Public Sector Undertaking of Central Government or State Government, and contributions to public funded Universities, Indian Institute of Technology (IITs), National Laboratories and Autonomous Bodies (established under the auspices of Indian Council of Agricultural Research (ICAR), Indian Council of Medical Research (ICMR), Council of Scientific and Industrial Research (CSIR), Department of Atomic Energy (DAE), Defence Research and Development Organization (DRDO), Department of Biotechnology (DBT), Department of Science and Technology (DST), Ministry of Electronics and Information Technology) engaged in conducting research in science, technology, engineering and medicine aimed at promoting Sustainable Development Goals (SDGs).
  • Rural development projects
  • Slum area development

*The said Item has been amended by the Committee as well as Board of Directors at their respective Meeting held on 23rd January, 2020 in alignment with the amendment made in Schedule VII of the Companies Act, 2013 vide Notification No. G.S.R.776 (E) dated 11th October, 2019.

  • **Disaster management, including relief, rehabilitation and reconstruction activities.

CSR Spending:

At least 2 percent of the average net profit of the preceding three financial years to be spent on CSR activities every year by the Company. In case the Company spends an amount in excess of the requirement, then the Company may setoff such excess amount against the requirement to spend in the immediately succeeding three financial years.

Composition of CSR Committee:

The CSR Committee shall consists of minimum three Directors among which one shall be Independent Director.

Role of CSR Committee:

The CSR Committee constituted in pursuance of Section 135 of the Companies Act, 2013 shall be required to carry out the following activities

a) Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the company as specified in Schedule VII;

**The said clause has been inserted by the Committee as well as Board of Directors at their respective Meeting held on 23rd January, 2020 in alignment with the amendment made in Schedule VII of the Companies Act, 2013 vide Notification No. G.S.R.390 (E) dated 30th May, 2019.

b) Recommend the amount of expenditure to be incurred on the activities referred to in clause (a); and

 c)  Monitor the Corporate Social Responsibility Policy of the Company from time to time

d) Formulation of Annual Action Plan in accordance with CSR Policy

Formulation of Annual Action Plan

The CSR committee shall formulate and recommend to the Board an Annual Action plan in pursuance of this Policy, which shall be the road map for the implementation of CSR projects approved by the Board of Directors. The Annual action plan shall include the following:

a) the list of CSR projects or programmes that are approved to be undertaken in areas or subjects specified in Schedule VII of the Act;

b) the manner of execution of such projects or programmes as specified in sub-rule (1) of rule 4 of the Companies (Corporate Social Responsibility Policy) Rules, 2014;

c) the modalities of utilisation of funds and implementation schedules for the projects or programmes;

d) monitoring and reporting mechanism for the projects or programmes; and

e) details of need and impact assessment, if any, for the projects undertaken by the company

CSR through Company/ Trust/ Society

The Company may undertake CSR activities either on its own or through Asirvad Development Foundation and/ or Manappuram Foundation or any other Trust/ Society/ Company/Entity as may be decided by the Board.

The entities undertaking the CSR activities on behalf of the Company shall be in compliance with sub-rule (1) and (2) rule 4 of the Companies (Corporate Social Responsibility Policy) Rules, 2014

Disclosures in the Annual Report of the Board

The Annual Report of AMPL shall include an annual report on CSR activities on the format annexed to rules framed under Section 135, which shall include, inter alia, the following information:

  • The composition of the CSR Committee of AMFL.
  • The details of the CSR Policy developed and implemented by AMFL and the initiatives taken during the year
  • If the company fails to spend the CSR amount as prescribed by Companies Act, 2013, the reason for not spending the required amount

Display of CSR Policy on the website of AMFL:

The CSR Policy and composition of CSR Committee shall be placed on the website of AMFL for public access.

Surplus arising out of CSR Activities:

Surplus arising out of CSR activities, if any, shall not form part of the business profit of the company.

Amendment to the Policy

The Board of Directors on the recommendation of CSR committee can amend its policy as and when required deemed fit. Any or all provisions of CSR Policy would be subjected to revision/ amendment in accordance with the regulations on the subject as may be issued from relevant statutory authorities, from time to time.