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Mobilizing Corporate Social Responsibility across the country

About Magma:

Magma Fincorp Ltd. is a non-banking finance company (NBFC), listed at BSE and NSE. Since inception in 1988 the company is driven by a single purposeful goal of “investing in the smallest dream” and has been offering financial solutions to the under served in the rural and semi urban India. Magma today operates through a pan India network of nearly 300 plus offices and employs nearly 9000 plus people. Magma provides a bouquet of financial services products including Asset Finance, Agri Finance, SME Finance and Mortgage Loans and also has a General Insurance subsidiary.

CSR Outlook:

Magma Fincorp Ltd. (MFL) over the years has demonstrated several laudable examples of responsible corporate action for sustainable social development. Moreover to conduct CSR activity in an organized way, Magma with its group companies has created a dedicated trust namely Magma Foundation. The purpose of trust is firstly to organize activity which can bring a significant change in the lives of under privileged masses and secondly to motivate others to come up and serve the needy ones.

Below are the brief note on our ongoing CSR activity:

  • Magma Highway Heroes: One person dies every 3.5 minutes in road accidents on highways in India. Of the 1.5 Lac people who die due to accidents annually, majority are the main bread-earner for their families (source: Report by Ministry of Road Transport & Highways). Drivers’ fault account for 78.5% (3,81,648 accidents) of the accidents and more than 30% of the total road accident deaths are associated with trucks annually.
    With a view to improve Safety standards and awareness, Magma Fincorp Ltd is running a training cum health & safety programme for the Truck drivers with the help of Petroleum Conservation & Research Association, Govt of India. Till Sep’18 we have conducted around 910 such camps and have trained around 1.68 lakh drivers.
  • Magma M-Scholar: Magma believes in “Padhega India tabhi to aagey badhega India”. Under this scheme Magma is supporting bright students from under-privileged families to continue to live their dream by pursuing under-graduate studies at prestigious institutes. At present we have around 200 students enrolled in our scheme from various streams like Engineering, Medical, Humanities, Science, Commerce and Law at some of India’s best known institutions.
  • Hunger Free Education: One of the reason that school drop outs in india continues to be high is what is termed as Class Room Hunger! Magma has been working on this area for a few years now. In FY19 we have decided to provide mid-day meal to nearly 6500 school kids at different government schools located in Kolkata, Nellore, Aurangabad, Jaipur, Jamshedpur, Faridabad and Delhi. We have a tie up with ISKCON Food Relief Foundation as our implementation partner for this initiative.
  • Promotion of Education: We have adopted schools in tribal areas as well as urban areas to offer education to the tribal kids and street kids. Our association with The Friends of Tribals Society (FTS), is a volunteer organization running over 50,000 such schools in Tribal area dates back by a decade. FTS runs programs with the goal of improving literacy and health among the rural tribal kids. We have also adopted a School in Kolkata which provides education to street kids.
  • Mobile Clinic: The doctor patient ratio in our country is in a bad shape. The situation is so alarming that some of the villages even don’t have a proper registered health clinic in the radius of 5-7 kM. To deal with the situation Magma is currently organizing weekly mobile clinic for the poor masses. The clinic carries a team of qualified doctor and lab technician. As of now we have organized such activity in the state of West Bengal, Uttar Pradesh, Rajasthan, Maharashtra, Kerala, Delhi, Andhra Pradesh, Karnataka, Jharkhand and Telenagana and have touched the lives of around 12000 + people from under privileged section of the society.
  • Swayam: Magma has around 300 branches with 9000 staff across the country. To give CSR a holistic approach we have decided to take at-least one project in a cluster, which is mostly volunteered by Magmaites. Presently several projects have been undertaken under Swayam. Following are the few of the projects taken in FY19:
    1. School Renovation Program, Bhadrak, Odisha
    2. Pre School facility for kids, Alwar, Rajasthan
    3. Supporting Youth Hostel, Tamil Nadu and Andhra Pradesh
    4. Renovation of Anganwadi Kitchen room in Punjab
    5. Cataract surgery for underprivileged people, West Bengal

    Awards & Recognition

    • Asian Customer Engagement Forum & Awards Social Impact Award-Best CSR Event, 2018  (MCare)
    • Asia Pacific HRM Congress Awards – Best Corporate Social Responsibility Practice, 2015 (Highway Heroes)
    • CSR Leadership Award, National Awards for Excellence in CSR & Sustainability, 2016 (M Scholar)
    • Corporate Responsibility Award -by Investor  Review, UK, 2016 (M Scholar)
    • NGOBOX CSR Impact Awards- CSR Project of the Year, 2016 (Highway Heroes)
    • 2nd Best Project of the Year- NHRDN CSR Competition, 2016  (Highway Heroes)
    • BT CSR Excellence Awards – Innovation in CSR Practices, 2017 (Highway Heroes)
    • Asian Customer Engagement Forum & Awards  – Best CSR Event, 2017  (Highway Heroes)
    • CSR Journal Excellence Award – Health and Sanitation, 2017  (M Care)

Magma Fincorp Ltd. along with its group companies Magma ITL Finance Ltd. and Magma Housing Finance Ltd. has formed a trust, Magma Foundation. The said foundation is already registered and has received all the statutory approval from the regulator. Hence forth most of the CSR activity at the group level will be taken care by Magma Foundation.