Srinagar, Mar 31: With a view to streamline its various acts of philanthropy besides heritage preservation and eco-conservation initiatives, J&K Bank has constituted a trust under the title-Jammu & Kashmir Bank Social Conscience Trust (JKBSCT).
The Trust, in conformity with the RBI directions, shall act as an independent body that would discharge Bank’s social responsibilities in all spheres of life-economic, societal, environmental etc, it said in a statement.
Commenting upon the establishment of the Trust, J&K Bank Chairman and CE Dr Haseeb Drabu said, “The Trust has been established to organize and integrate the diverse initiatives taken by the bank for people’s personal and social welfare into a broader framework of what we envision as our social responsibility.”
Through the Trust we plan to realize our vision of servant leadership by re-working our societal liabilities into our future assets besides safe-guarding our cultural and historical legacy, he added.   
JKBSCT shall use the corpus funds i.e. up to the prescribed ceiling of 1 percent of net annual profit of the previous year, for the promotion of initiatives taken for social welfare and heritage preservation. The usage of funds in both the cases would not exceed 75 % of the stipulated amount.
The functioning of the Trust has been broadly divided into three major parameters of Education, medical assistance and heritage preservation.
In education, the Trust would contribute by providing financial support to the needy in acquiring primary education and technical learning (from ITI’s).
Moreover, the Trust would also institute distinguishing scholarships for the meritorious and the bright students.
Under the medical category, the Trust would provide financial assistance to the deprived persons having any serious disease or relief for such people suffering from different disabilities. 
Regarding heritage preservation, the Trust plans to preserve intellectual heritage in the form of music, literature and arts besides the physical heritage in the shape of crafts and architecture.
The Trust shall be governed by a Board of Trustees to ensure proficiency and accountability in the CSR initiatives. Chairman J&K Bank is the ex-officio Chairman of the Trust and the two Executive Directors its ex-officio Vice Chairmen.
The Trustees on the first Board of the JKBSCT apart from the Chairman and two Executive Directors of J&K Bank are the ones nominated by Dr Haseeb Drabu keeping in view their eminence and expertise in their respective fields.

Lastupdate on : Wed, 31 Mar 2010 21:30:00 Makkah time
Lastupdate on : Wed, 31 Mar 2010 18:30:00 GMT
Lastupdate on : Thu, 1 Apr 2010 00:00:00 IST