Sanjiv Goenka launches the scholarship on Friday. (Amit Datta)

The RP-Sanjiv Goenka Group launched on Friday a scholarship for meritorious students from low-income families as part of its social responsibility programme in memory of group founder Rama Prasad Goenka.

The group’s flagship company, CESC, was given the privilege to initiate the RP Goenka Scholarships, on the eve of RPG’s 84th birth anniversary.

“It is something that he (RPG) wanted to do and we thought we should actually implement it. He wanted to do this in the field of education and wanted to help the genuinely deserving and needy,” group chairman Sanjiv Goenka said.

“It is our humble tribute to a man who has served the city and the state,” said the younger son of RPG who passed away on April 14 last year. “This is a small tribute… our way of remembering him on this day and doing something that we believe the city and the state needs.”

The scheme was initiated because “there are many deserving candidates who cannot afford to pursue higher education”.

He said the scholarship would be given to students till they graduate — arts, commerce, engineering or medicine, whichever they choose.

A total of 30 students from Bengal will be provided a monthly stipend of Rs 5,000 from this year. They will be reviewed every six months.

To apply for the scholarship, a student must

n Score 85 per cent or above in Class XII

n His or her combined annual family income must not exceed Rs 2.5 lakh

An independent five-member committee will screen the applicants so that transparency could be maintained and deserving candidates are not left out. Since ISC, CBSE and the state Higher Secondary board follow different marking systems, a standard mechanism will be used to judge the students.

Every year 30 more students will be added to the scheme.

Goenka said more such initiatives, especially in the healthcare sector, would be announced in future.

According to the new companies act, companies will have to spend at least 2 per cent of their average net profit on social causes.

Goenka said his group would not follow the beaten track. “Our CSR (corporate social responsibility) is different. Part of it (CSR) will go towards education and some part will go to healthcare. We have built the International Management Institute here. In a few years it will become self-sustaining. We will build more such institutions,” he said.

Goenka said all the firms in the RP-Sanjiv Goenka Group would fund a proposed company or trust, which would be formed to promote the group’s CSR activities in healthcare, education and skill development.