Question

What is the main role of the Financial Institutions Division of the CT Department of Banking? What is one piece of interesting information you can find on their website/or from Mary Ellen O’Neil?

Answer 1

Answered:-
I am choosing a company NALCO (National Aluminum Company) which is headquartered in Bhubaneswar, Odisha, India. It produces aluminum-based products. It is a Navaratna Company in India.

The CSR policy of NALCO as mentioned in its CSR report, 2017 is as follows:

"We at NALCO are committed to provide a socially accountable work environment to all employees and uphold ethical business practices by respecting employees’ rights to ensure a decent Workplace. We shall achieve these by adopting a companywide culture, which will help to promote: a) Involvement of all employees in sustenance of SA8000:2014 Standard; b) Conforming to all requirements of SA 8000:2014 Standard; c) Complying with National laws, other applicable laws and other requirements to which the organization subscribes; d) Respecting the International instrument as described in the SA 8000:2014 Standard. e) Continual improvement initiatives in all social aspects; f) Learning and training opportunities to all employees"

The CSR activities of Nalco is unmatchable. Some of its initiatives are as follows:

It is one of its kind which has started the recycling of waste products
Usage of renewable energy in power plants,
Rehabilitation and resettlement of weaker section of the society
Providing Employment and Income generation
Healthcare and Sanitation of Local people
Pollution control measures like afforestation, using less polluting vehicles etc.
Promoting arts, crafts, and culture of Odisha.
Swachh Bharat Abhiyan in which creating 450+ toilets, adopting 180+ girl child education, etc
Iconic shrine development programme in which the sculptures were restored.
10% of CSR fund is devoted to employing unemployed youth by providing them skill development programmes.
4 Mobile health units in tribal areas
Took care of the education of children and adults in the rural tribal areas.
After reviewing the CSR activities of NALCO, I feel if all the organizations take such initiatives, then India won't remain as a developing country anymore. Definitely, they are going in the right developmental paths. Yes, many other programs can be included like including orphanages and old-age people in their developmental works.It is an establishment that conducts financial transactions are investment,l and deposit.almost everyone deal with financial institutions on daily basis.e everything is done through through financial institutions like depositing,taking loans and exchanging of currency.following are the types of financial institutions as below:1)depository institutions: accept and manage loans and make loans including building societies,banks,credit Union,t rust companies and mortgage companies.2) contractual institutions: insurance companies and pension funds.3) investment institutions: investment banks underwriter and brokerage firms.Functions of financial institutions are as follows:$ it consist of financial institutions,legal structure and individual dealing with flow of funds$ it perform wide range of financial funds to assist channelling funds from surplus to deficit economic entity.