MUMBAI (India CSR): HDFC Bank, India’s largest private sector bank, reported an expenditure of Rs 945.31 crore on corporate social responsibility (CSR) initiatives for the Financial Year 2023-24 in the Integrated Annual Report for the year. This represents an increase of almost Rs 125 crore over the previous fiscal year.
Under the umbrella of its CSR brand, Parivartan, HDFC Bank’s initiatives have thus far impacted 10.19 crore lives, reaching over 9,000 villages and more than 10 lakh households, including coverage in 85 out of 112 districts identified in the Aspirational Districts Programme (ADP) of the Government of India.
Focused on creating sustainable livelihoods for marginalised communities, especially women, Parivartan operates across 28 states and 8 Union Territories.
Key Areas of Focus
Rural Development
The Bank initiatives include natural resource management, school infrastructure development, agricultural support, soil and water conservation, and healthcare projects to improve the quality of life in rural India through its Holistic Rural Development Programme and Focused Development Programmes. The Bank has covered over 9000 villages as of March 31, 2024.
Promotion of Education
The Bank has reached over 2 crore students till date for initiatives that focus on improving the quality of education through teacher training, scholarships, career guidance, and infrastructural support to schools.
Skill Development and Livelihood Enhancement
Vocational training and skill development programmes aim to enhance employability and create sustainable livelihoods. The Bank has created over 9 lakh women entrepreneurs and trained over 3 lakh youth as of March 31, 2024.
Healthcare and Hygiene
Over 1.87 lakh people have benefitted from health camps held up to March 31, 2024.Health camps, mobile clinics, and sanitation projects address healthcare needs and promote hygiene practices in underserved communities.
Financial Literacy
Financial literacy camps and workshops educate individuals on banking, savings, and financial planning to promote financial inclusion. The Bank has organised over 23 lakh financial literacy camps, reaching 1.71 crore people through these initiatives over the years.
Environment
Environmental initiatives include reforestation, tree plantation, clean energy projects, and waste management to promote sustainability and reduce the carbon footprint. The Bank has committed to achieving carbon neutrality for Scope 1 and Scope 2 emissions by FY32.
“From promoting financial literacy and supporting entrepreneurship to championing environmental conservation and advancing social inclusion, our CSR efforts are guided by a steadfast commitment to creating lasting change in the communities we serve,” stated the Bank’s Integrated Annual Report.
Kaizad Bharucha, Deputy Managing Director of HDFC Bank, said, “Our CSR initiatives under Parivartan reflect our commitment to holistic development. Our goal is to drive economic and social development by empowering communities across the country. By addressing the critical areas of rural development, education, skill enhancement, healthcare, financial literacy, and the environment, we aim to create sustainable and inclusive growth in the communities in which we operate.” Bharucha also manages Corporate Social Responsibility (CSR) and Environmental, Social and Governance (ESG) functions in addition to his other responsibilities.
A participatory, bottom-up, and consultative approach helps HDFC Bank curate programmes that address the specific needs and circumstances of its targeted beneficiaries. The Bank collaborates with a wide network of NGOs, partners, and employee volunteers to implement its sustainable development initiatives.
(India CSR)
