•  
  •  
  •  

Magma Fincorp’s CSR Program Enters the
Limca Book of Records

Mumbai, 11 March 2020: Magma Fincorp Limited a Mumbai-based asset finance company today announced that the company’s CSR programme ‘Magma Highway Heroes’, which provides road safety and petroleum conservation training to truck drivers at Transportnagars has entered the Limca Book of Records. The programme, managed by the Group’s CSR trust – Magma Foundation, has received the distinction of the largest ever training program for truckers on road safety. “Magma Highway Heroes has been instrumental in providing road safety and petrol conservation education to 1,53,068 truck drivers across 310 locations in 14 states between 11 December 2014 to 27 March 2019” the LIMCA Book said. Petroleum Conservation Research Association (PCRA) is the training partner for this programme.

Speaking about the recognition, Kaushik Sinha, Vice President – CSR, Magma Fincorp Ltd said, “We are proud and humbled to have achieved this feat. We thank Limca Book of Records for recognizing the hard work by the team at Magma which focuses on making a difference to the society. It is an inspiring and motivating initiative which was conceptualized to help the trucker community which is a part of the Magma ecosystem and we are very pleased with this recognition. In FY21 we plan to widen the reach of this program and add more beneficiaries.”

Magma believes in reaching out to people through projects that build a direct yet personal connect with their audience. Magma Foundation also undertakes other initiatives like scholarship programs, health camps, mid-day meal programs and local level initiatives for the upliftment of the community.

About Magma Fincorp CSR Initiatives:

Magma’s key CSR initiatives are undertaken with a long-term view and focus on ‘Rurban India’. We take initiatives that are sustainable and have long-term benefits to the society at large. We endeavor to contribute in the areas of Education, Health and Environmental Sustainability to help the  underprivileged and underserved for a greater good to the society.

Below are brief notes on our ongoing CSR activities, namely Magma Highway Heroes, M-Scholar, Magma Annamrita and M-Care:

MagmaHighwayHeroes:   

In the area of “Environmental sustainability”, Magma chose truckers (one of the most unorganized sector) to impart training to the truck drivers for fuel conservation and safe driving practices. Through this initiative, “Highway Heroes – Magma Truckers Well-being Initiative”, Magma joined hands with Petroleum Conservation and Research Association (PCRA), a non-profit central government organization. Magma along with PCRA imparts certified training to the drivers and calls them the “Highway Heroes”. Three pronged strategy to aid truck driver’s well-being. 1) Training: Training on fuel conservation, safe driving habits and how to reduce pollution. 2) Medical: Free medical consultation and Free OTC medicines. 3) Hygiene: Branded e-toilets and Porta cabins to provide free hygienic and sanitation facility.

Magma M-Scholar:

Under the Magma M-Scholar scheme we are 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 400 students enrolled in our scheme from various streams like Engineering, Medical, Humanities, Science, Commerce and Law at some of India’s best known institutions.

Magma MID Day Meal programme:

One of the reasons that school dropouts in India continue to be high is what is termed as “classroom hunger”. Magma has been working in this area for a few years now. Under this initiative we provide mid-day meals under the Annamrita program to 6500 children in government schools in Kolkata,  Nellore, Mumbai, Thane, Faridabad, Aurangabad, Jaipur, Jamshedpur and Delhi.

Magma M-Care:

Health infrastructure in our country is still in an under-developed state, in spite of 70 years of Independence. Out of 6 lakh villages, many villages still do not have access to proper  healthcare facilities. Villagers are forced to travel long distances to access medical facilities and even visit a doctor when unwell. The doctor per 1000 people ratio is abysmal at 0.6. Magma Fincorp Ltd., as part of its CSR programme, took up this challenge of providing quality health check-up facilities in remote villages across states. M-Care was launched in January 2017. So far, M-Care has provided quality treatment to over 20,000 villagers in 7 states incl West Bengal, Bihar, Orrisa, Rajasthan, Kerala, Andhra Pradesh etc.

About Magma Fincorp Limited: 

Magma Fincorp Limited (“Magma”) a Mumbai-based non-deposit taking non-banking finance company (NBFC), is registered with the Reserve Bank of India (RBI) as an Asset Finance Company. The Company started operations nearly three decades back and is listed on the Bombay Stock Exchange Limited and the National Stock Exchange in India.

Magma a financial conglomerate offers a bouquet of financial products including commercial finance, agri finance, SME finance, mortgage finance and general insurance. Magma is focused on the rural and semi-urban sector with a widespread coverage and presence across 326 Branches. Magma customer base has crossed 3 million and manages a loan book of Rs 16,574 crores.

For more information please log on to: www.magma.co.in

For media queries contact:

Diana Monteiro

Mobile: 91 22 62291150 

Email: diana.monteiro@magma.co.in