Bank gives back to the community

 

Bank of Baroda main branch on Kampala Road

 

 

By Ronald Kalyango

BANK of Baroda has been giving back to the community in Uganda by sponsoring a number of activities. “We enjoy a high corporate image in the country. Baroda has always been at the forefront of social welfare and sports activities,” says Kamla Kant Shukla, the managing director.

He says the bank’s corporate social responsibility has always been through interaction with businesses, the government and the community.

“We have been making donations and helping organisations and institutions involved in social welfare and sports,” says Shukla.
He says as part of their activities this year, the bank supported the Indian Association to sponsor heart operations of five Ugandan children.

 

The bank also gave financial assistance to handicapped children, supported Mulago Maternity Ward and Kampala Central Division during an education conference organised by Kampala City Council.

The bank sponsored the Baroda Badminton Tournament 2008, which was organised by the Uganda Badminton Association and donated computers to orphanage schools in Kampala.

On the business side, Shukla notes that the issuing of licenses to new banks by Bank of Uganda will reduce interest rates. He recalls that last year banks were lending at an interest rate of 18%, but this year it has reduced to about 16%.

“We are prepared for the competition because our interest rates are already low,” he points out. He, however, says that government needs to address the problem of power shortage and the poor transport system to boost new investments.

“There are many untapped opportunities in rural areas, but nobody is willing to invest in an area which is inaccessible. That is why many banks are concentrated in Kampala,” Shukla notes.
He says the bank has a responsibility to help people in under-served communities.

“Baroda has long been engaged in community activities which has led to many community partnerships around the country. These partnerships are founded on a commitment to create solutions that make a difference in people’s lives,” he says.