The CSR projects are executed under the Federal Bank Hormis Memorial Foundation, which acts as a special purpose vehicle for the implementation of CSR activities of the Bank. The Bank Continues to evaluate strategic avenues for CSR expenditure in order to deliver maximum impact.
Federal Bank operating expenses include Rs. 35.22 Crores (Previous year: Rs. 42.40 Crore) for the year ended March 31, 2021, towards Corporate Social Responsibility (CSR), in accordance with the Companies Act, 2013.
The Bank has spent 2.00% (previous year 2.79%) of its average net profit for the last three financial years as part of its CSR for the year ended March 31, 2021.
As a responsible Bank, it has approached the mandatory requirements of CSR to spend positively by utilizing the reporting year to lay a required foundation on which to build and scale future projects and partnerships.
The Bank Continues to evaluate strategic avenues for CSR expenditure in order to deliver maximum impact.
In the years to come, the Bank will further strengthen its processes as per requirement. The Gross amount required to be spent by the Bank for the year ended March 31, 2021, is Rs. 35.22 Crore (Previous year Rs. 30.38 Crore).
Includes Contribution to trust in relation to CSR expenditure in which KMPs of the Bank can exercise significant influence: Rs 33.42 crores (Previous Year: Rs. 40.62 crores). It includes an unspent portion of FY 2015-16 Rs. 13.88 Crore fully spent in FY 2019-20.
Rs. 16.93 crores of unspent amounts pertaining to FY 2020, FY 2019, and FY 2018 is not transferred to the Unspent CSR account under Section 135(6) or any fund specified under Schedule VII as per section 135(6) as it was not mandatory to transfer the funds at that time, the bank annual report said.
Major CSR Projects undertaken during FY 2020-21 The Corporate Social Responsibility activities of the Bank touch a wider footprint through areas like Health, Education, Women Empowerment, Environment Sustainability and other activities permitted by the Schedule VII of the Companies Act, 2013.
Federal Bank Hormis Memorial Foundation
Federal Bank Hormis Memorial Foundation was set up by your Bank in 1996 in the fond memory of the Bank’s founder Late K P Hormis. The foundation and its activities were inaugurated by the then Finance Minister Shri. P Chidambaram at Ernakulam on October 18, 1996.
The CSR projects are executed under the Federal Bank Hormis Memorial Foundation, which acts as a special purpose vehicle for the implementation of CSR activities of the Bank. The last financial year witnessed the spread of the COVID-19 pandemic and its medical and socio-economic impacts, resulting in the inclusion of COVID-19 activities under the CSR umbrella by the Ministry of Corporate Affairs.
About Federal Bank
Federal Bank is the preferred Personal, NRI, and Business banking partner for a growing expanse of customers across India, in both urban and rural areas. The Bank is driven by the quest to be one of the most admired banking institutions in the country.
The Federal Bank has been in the service of the nation since pre-Independence times. Incorporated on April 23, 1931, as the Travancore Federal Bank Limited, Nedumpuram under the Travancore Companies Regulation, 1916, the Bank was renamed as The Federal Bank Limited in December 1949, under the stewardship of Late K.P. Hormis, who took over its reigns in 1945. With his vision and foresight, Shri Hormis brought into the institution a new level of dynamism, to transform it into a pan-India organisation. Licensed under the Banking Regulation Act, 1949, on July 11, 1959, the Bank went on to become a scheduled commercial bank on July 20, 1970.
