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They need the infrastructure that society provides, its source of employees, not to mention its consumer base. CSR is recognition of that inter-dependence and a means of delivering on that obligation, to the mutual benefit of businesses and the societies within which they are based.

2. An Economic Argument for CSR

An economic argument in favor of CSR can also be made. It is an argument of economic self - interest. Examples of economic sphere that contain the range of CSR.

The above arguments make clear that the organizations should accept CSR.

Andhra Bank

The Andhra Bank is one of the premier nationalised banks in the country. This bank was founded by Dr. Bhogaraju Pattabhi Seetharamayya, a dynamic leader of the freedom movement. He conceived the idea of establishing this bank with the object of satisfying the need that was felt then, to have commercial institutions managed by Andhras and for the Andhras in particular and to serve the commerce and trade of Andhra area. Andhra Bank was established on 20th November 1923. Dr. Pattabhi intended the bank as the key stone in the arch comprising of several institutions he founded.

The bank was functioning in a relatively small commercial centre like Machilipatnam where banking was not habit with mercantile community and general public. Banking in those days was the monopoly of the Imperial Bank of India (now State Bank of India) which did not like a tiny Andhra Bank. Therefore, doing banking business under such circumstances needed a stout heart.

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* Contributed by: -
Prof. T. Srinivasa Rao has done M.Com, M.Phil. ICWAI (F) & EMBA. Also has Diploma in Export Management. He is currently working as Lecturer in Commerce at Andhra Loyola College Vijayawada, Andhra Pradesh.