With reference to the interview of Ms Namita Vikas, Senior President & Country Head, Responsible Banking, YES Bank which was published on August 11, 2014, as a part of the CSR Journal supplement and distributed with The Free Press Journal, YES Bank has given the following information.
“In the interview with Namita Vikas of Yes Bank, in the CSR Journal, she was quoted saying, “It would take a long time to achieve CSR objectives of a company, if board members are involved.” What she meant was “Involvement of board members would ensure a long way for CSR objectives.”
Correct answer given by Ms Namita Vikas :
Q. What’s the biggest hurdle in the implementation of CSR initiatives in India?
A. The introduction of clause 135 in the Companies Act 2013 definitely addresses a few hurdles in this segment. The new rule facilitates cooperation, collaboration and strategic implementation, but the biggest limitation seems to be the lack of the industry’s preparedness. The involvement of board members in laying out a clear strategy for the year would pave a long way for CSR objectives. CSR Initiatives also need to be given a business-like sheen. The success of any CSR practice lies in its innovative value, uniqueness, scalability and sustainability of the solutions and services it provides. It has to have a direct impact on the environment and society.