Financial services major earmarks Rs. 138.33 crore for CSR activities, emphasizing its dedication to societal upliftment
MUMBAI (India CSR) Bajaj Finance Ltd., one of India’s top financial services companies, continues to reinforce its commitment to Corporate Social Responsibility (CSR) in the fiscal year 2023. Despite operational challenges, the company made substantial strides in its CSR initiatives, thereby contributing meaningfully to society. With 36 years of relentless dedication, Bajaj Finance Ltd. has grown into an indispensable force in India’s financial landscape.
Commitment to CSR
Bajaj Finance Ltd. believes in the power of CSR to effect positive change. In line with its long-standing commitment, the company’s CSR Committee, which includes Dr. Naushad Forbes, Sanjiv Bajaj, and Rajeev Jain, allocated Rs. 138.33 crore for CSR activities for the fiscal year 2023.
Investing in Society
By the end of the financial year, Bajaj Finance had expended Rs. 117.46 crore on diverse CSR initiatives, showcasing its dedication towards societal upliftment. This funding supported a variety of projects, including ongoing programs and administrative overheads. An additional Rs. 0.04 crore was spent on impact assessment to ensure effective implementation and outcomes.
Unspent CSR
However, due to a delay in the commencement of certain projects, Rs. 20.87 crore remained unspent. In compliance with section 135 of the Companies Act, 2013, and the Companies (Corporate Social Responsibility) Rules, 2014, the unspent amount was transferred to a special bank account called Unspent Corporate Social Responsibility Account.
Adherence to Regulatory Compliance
Due to a delay in the commencement of certain projects as compared to approved timelines, Rs. 20.87 crore of the CSR fund remained unspent. However, adhering to section 135 of the Companies Act, 2013, and the Companies (Corporate Social Responsibility) Rules, 2014, Bajaj Finance promptly transferred the unspent amount to an Unspent Corporate Social Responsibility Account, demonstrating compliance with CSR governance norms.
Key CSR Metrics for Bajaj Finance Ltd. – FY 2023
| Key Metric | FY 2023 |
|---|---|
| Total CSR obligation | Rs. 138.33 crore |
| Total amount spent on CSR projects | Rs. 114.34 crore |
| Administrative overheads | Rs. 3.08 crore |
| Impact assessment | Rs. 0.04 crore |
| Total amount spent in the Financial Year | Rs. 117.46 crore |
| Unspent CSR amount | Rs. 20.87 crore |
Bajaj Finance Ltd., a leading Indian financial services company, has posted strong financials for the fiscal year 2023, strengthening its position in the Non-Banking Financial Companies (NBFC) sector. For over three decades, the company has been a frontrunner in financial innovation, inclusivity, and product diversification.
