ICICI Bank, one of the largest private sector banking organisations, has spent more than the mandated 2% of its average net profits for the last three financial years, amounting of Rs. 200. Cr crores (CSR obligation: 184.53 Crore) (previous year mandate: Rs. 127.30 crores)., earmarked for various CSR – Corporate Social Responsibility Projects during the year 2020-21, the bank said.
The gross amount required to be spent by the Bank on Corporate Social Responsibility (CSR) related activities during the year ended March 31, 2021 was Rs 1,845.3 million (Rs. 184.53 Cr) (March 31, 2020: Rs 1,273.0 million), the bank said.
As required under the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, surplus of Rs. 138.6 million (Rs.13.86 Cr), arising out of CSR activities during the year ended March 31, 2021 has been transferred to unspent CSR Account.
The bank executes its CSR through ICICI Foundation for Inclusive Growth, the CSR arm of the ICICI Group. The foundation has trained over 580,000 less privileged individuals since its inception till March 31, 2021, helping them to earn a sustainable livelihood.
The functions of the Committee include review of corporate social responsibility (CSR) initiatives undertaken by the ICICI Group and the ICICI Foundation for Inclusive Growth, formulation and recommendation to the Board of a CSR Policy indicating the activities to be undertaken by the Company and recommendation of the amount of expenditure to be incurred on such activities, reviewing and recommending the annual CSR plan to the Board, making recommendations to the Board with respect to the CSR initiatives, policies and practices of the ICICI Group, monitoring the CSR activities, implementation and compliance with the CSR Policy and reviewing and implementing, if required, any other matter related to CSR initiatives as recommended/suggested by RBI or any other body.
At the Board Meeting held on April 24, 2021, the terms of reference of the CSR Committee were revised to reflect the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, the report said.
ICICI Bank has a long-standing commitment towards socio-economic development. The Bank’s CSR activities are focused in the areas of skill development for sustainable livelihoods, rural development and related activities including financial inclusion and financial literacy, and other activities as may be required towards fulfilling the CSR objectives. The activities are largely implemented either directly or through the ICICI Foundation for Inclusive Growth.
The CSR policy was revised in April 2021 and the revisions in the CSR Policy were largely to reflect the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, and included changes to the operating framework, disclosure requirements and principles for selection of CSR projects.
The Bank conducted an impact assessment for three major CSR activities. These are the skill development initiative under the ICICI Academy for Skills conducted through the ICICI Foundation, and the rural development activities and social awareness programme, implemented directly by the Bank.
The Bank has spent Rs. 1,343.5 million or 2.1% of its average net profits of the last three financial years ending March 31, 2017, March 31, 2018 and March 31, 2019 towards CSR activities in fiscal 2020.
The amount spent towards CSR during fiscal 2019 was Rs. 922.0 million, which was 1.6% of the average net profits of the last three financial years. The Bank’s
CSR spends in fiscal 2017 were 1.8% and in fiscal 2018 were 2.0% of the average net profits of the preceding three financial years.
(India CSR)
