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Home Corporate Social Responsibility

Banks Must Spend CSR Funds Fully: Pratip Chaudhury, SBI Chairman

Corporate social responsibility (CSR) activity occupied a pride of place in the schemes of parent State Bank of India

India CSR by India CSR
in Corporate Social Responsibility
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Banks should expand their CSR footprint outside of their home base.


THIRUVANTHAPURAM (India CSR): State Bank Group Chairman, Pratip Chaudhury, has said that banks should strive to spend fully the prescribed share of net profit for corporate social responsibility work.

He said this while speaking at a function at the headquarters of associate bank, State Bank of Travancore (SBT), where he e-launched the latter’s 1,000th office at Palakkad.

Earlier, Chaudhury also chaired SBT’s annual general meeting.

Corporate social responsibility (CSR) activity occupied a pride of place in the schemes of parent State Bank of India too, he said.

The Reserve Bank of India has directed that every bank set apart one per cent of its net profit for CSR activity. But this was mostly observed in its breach.

“When I joined the bank, the net profit was Rs 9,100 crore. Ideally, Rs 91 crore should have been spent under this head.

“But in actuality the expenditure amounted to only Rs 22 crore,” Mr Chaudhuri said.

This was way below par, and should not have happened. But this has since been corrected, he added.

During the just concluded financial year, SBI managed to spend the entire amount it had earmarked for CSR activity, Mr Chaudhuri said.

But he also observed that banks should shed the proclivity to commit CSR funds just to the immediate neighbourhood of their headquarters.

“Banks should expand their CSR footprint outside of their home base,” he said.

The year just passed has been a good year for SBT and it must look around for opportunities to ensure itself meaningful presence in the social milieu.

Speaking on the occasion, Mr P. Nandakumaran, Managing Director, SBT, said community service banking was getting better involvement at the branch level.

SBT ‘social circles’ have been working at more than 500 branches, with a focus on education and geriatric care.

For the bank, the 1,000th office was a magic number. This included 920 branches, in 13 States and three union territories. The rest were offices involved in some banking-related activity.

Earlier, Mr Pratip Chaudhuri e-launched the ‘Gold Point’ branch of SBT at Palakkad under the Thrissur zone, and addressed the staff there ‘live’ on video call.

Also present on the occasion was Mr Shyamal Acharya, Deputy Managing Director and Group Executive (associate banks and subsidiaries), SBI.

The Gold Point branch handles gold loans and sales of gold coins, and Palakkad was SBT’s 15th in the chain.

Mr Chaudhuri also handed over keys and flagged off a school bus and ambulance donated by SBT to two institutions as part of its community banking service.

The recipient institutions are the Chinnamma Memorial School, Poojappura, Thiruvananthapuram, and the Shalom Charitable Trust, Mavelikkara.

Updated on August 17, 2022

 

IndiaCSR Whatsapp Channel
Source: India CSR I May 27, 2012
Tags: Banks CSR obligationsCorporate Social ResponsibilityCorporate Social Responsibility of  BankCorporate Social Responsibility of Banks in IndiaCSR FootprintCSR FundsCSR of Banks in IndiaCSR of SBICSR of State Bank of IndiaIndian Bank CSRMavelikkaraNet ProfitPratip ChaudhuriSBI chiefSBTShalom Charitable TrustState Bank of Travancore

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India CSR is the largest media on CSR and sustainability offering diverse content across multisectoral issues on business responsibility. It covers Sustainable Development, Corporate Social Responsibility (CSR), Sustainability, and related issues in India. Founded in 2009, the organisation aspires to become a globally admired media that offers valuable information to its readers through responsible reporting.

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