CSR MAKING GOOD BUSINESS SENSE IN INDIA: UNDERSTOOD IN INDIA(2)

Four Indians, including Sunil Mittal, Chairman and Managing Director of the Bharti Group and non government organization (NGO) activist Rohini Nilekani were featured in the Forbes list of ’48 Heroes of Philanthropy’ It is also praiseworthy that India has been named among the top 10 Asian countries that have been paying increasing importance to Corporate Social Responsibility (CSR) disclosure norms. About 36% of activities under CSR have been concentrated in Maharashtra while 12% is being carried out in Gujarat. According to ASSOC Ham’s ‘Eco Pulse Study’ on CSR for 2009-10, some 300 Corporate Houses, on an aggregate, have identified 26 different themes for their CSR initiatives. Of them, community welfare is on top of the list, followed by education, environment, health and rural development.

One of the most frequently asked questions at this site – and probably for all those individuals and organizations’ dealing with CSR issues is the obvious – just what does “Corporate Social Responsibility” mean anyway? Is it a stalking horse for an anti-corporate agenda? Something which, like original sin, you can never escape? Or what?

Different organizations have framed different definitions – although there is considerable common ground between them. My own definition is that CSR is about how companies manage the business processes to produce an overall positive impact on society.

Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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