Corporate Social Responsibility(CSR) reflects the core values inculcated within the organization. It evolves from the ideals of giving back to society. While CSR means different things to different organizations, here is what it means for Paytm Foundation.
Paytm’s parent company, One97 Communications, believes in channeling the power of community and technology to promote societal growth and welfare. Paytm aims to achieve its ESG(Environmental, Social, and Governance) motives by providing educational opportunities, reducing its carbon footprint, providing calamity relief, and more. Paytm, being a fintech giant itself has strong values of financial inclusion in the community. In order to adequately manage its CSR activities, the company started a trust called Paytm Foundation.
Paytm Foundation:
Paytm Foundation is a benevolent fund that facilitates its philanthropic and CSR activities. The purpose of this foundation is to carry out initiatives either individually or in partnership with NGOs and charitable trusts to mediate the donations given by Paytm users to the organizations. Under this institution, the following interests are encouraged:
- Education
- Medical Accessibility
- Financial Literacy
- Calamity Relief
- Uplifting marginalized communities
- Sports and Culture
- Contributing to Swach Bharat Abhiyan
- Aiding other charitable organizations
- Supporting the differently abled
Few campaigns and initiatives under Paytm Foundation:
1. Oxygen for India
Paytm Foundation fostered assistance to AIF(American India Foundation) and facilitated a total of 18 oxygen plants of 250 LPM capacity and 93% purity. Paytm donated a total of 183 oxygen concentrators and raised a fund of INR 20 crore to set up oxygen plants and source oxygen concentrators for Indian hospitals.
2. Kerala flood relief 2018
The Kerala flood of 2018 was the most vanquishing flood in the state in nearly 100 years. More than 400 people died during the calamity, and around 8 lakh were rendered homeless. The state of Kerala resultantly underwent a loss of 19,000 crores. Over that period, Paytm, with its user base of 350+ million, collected around 30 crores in 4 days from 1.2 million users. The company also added the sum of 1 crore as part of the relief fund.
3. Environmental sustainability
In Dec 2021, the Paytm foundation collaborated with the United Nations Environment Program and virtually established an Air Quality Action Forum. The forum aimed to devise demand-driven solutions to combat air pollution in the environment.
4. Supplementing medical infrastructure
While the medical infrastructure in the country was slimming down, Paytm, along with other tech giants, upheld the hospitals by supplementing medical and para-medical equipment to mitigate future Covid risks. Till now, Paytm has donated a total of 8 ambulances for the welfare of 8 hospitals across the nation.
Paytm is consciously striving to be a leader in CSR with its efforts toward environmental impacts, philanthropic endeavors & ethical onus. It is not just about business for Paytm, it is also about being socially accountable for themselves and society in a wholesome way.