Google India Private Limited and FNB Corporation jointly implements Stringent Measures to Safeguard CSR Fund Utilization

Google India Private Limited and FNB Corporation jointly implements Stringent Measures to Safeguard CSR Fund Utilization

In a collaborative effort to uphold transparency and accountability in Corporate Social Responsibility (CSR) initiatives, Google India Private Limited and FNB Corporation have announced a strategic partnership. The initiative aims to channelize CSR funds through registered Non-Governmental Organizations (NGOs) via Public Financing India, with stringent verification procedures and accountability mechanisms which have been established to monitor fund allocation and to prevent misutilization.

Recognizing the importance of responsible CSR practices, Google India has taken decisive steps to prevent the misutilization of allocated funds. The decision to route funds through registered NGOs underscores the commitment to enhance oversight and governance in philanthropic initiatives.

Under the new directive, this stringent verification process aims to safeguard against potential instances of fraud or misuse. Additionally, NGOs will be subject to regular audits and evaluations to ensure compliance with prescribed guidelines and standards.

As part of the initiative, NGOs are required to submit a Declaration Form along with registered government documents to Google India Private Limited prior to encashing bank cheques. This procedural requirement aims to verify the authenticity of NGOs and enhance accountability in fund disbursement.

Furthermore, NGOs are mandated to thoroughly scrutinize the current requirements of the Beneficiaries as outlined in the Guideline forms before disbursing funds to beneficiaries. The funds must be utilized strictly for the purposes specified in the application form as submitted to Google India Private Limited, and beneficiaries are prohibited from diverting funds for any other use.

To uphold transparency, NGOs must collect payment receipts from beneficiaries upon fund utilization and submit them to Google India Private Limited by 1st week of August 2024for comprehensive auditing and verification purposes. It is mandatory for the beneficiaries to utilize the entire fund by 30th July, 2024. Guidelines on where to utilize the funds allocated will be shared with the NGOs.

In instances where beneficiaries fail to furnish payment receipts, NGOs are strictly instructed to return the entire amount to Google India by 30th August, 2024. This measure ensures that funds are appropriately accounted for and utilized in alignment with CSR objectives.

Failure to comply with these requirements will result in severe legal action against the NGO and its administrative members, underscoring the seriousness with which Google India regards the proper utilization of CSR funds.

Elaborating on the initiative, Spokesperson, Mr. Arpan Agrawal, emphasized the importance of upholding ethical standards and ensuring that CSR funds contribute meaningfully to social development. “Our goal is to maximize the positive impact of CSR initiatives while maintaining the highest standards of transparency and accountability. By implementing stringent measures and oversight mechanisms, we aim to safeguard the integrity of our philanthropic endeavors,” stated Mr. Agrawal.

In conclusion, Google India’s initiative to bolster accountability and transparency in CSR fund utilization sets a commendable precedent for responsible Corporate Social Responsibility (CSR). By enforcing strict guidelines and accountability measures, Google India aims to foster trust and confidence in its philanthropic efforts while ensuring that funds are utilized effectively for the betterment of communities. As the new measures come into effect, Google India and FNB Corporation reaffirms its commitment to driving sustainable social impact and ethical business practices.

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