The HDFC Bank’s goal is to drive economic and social development sustainably by empowering communities across the country, breaking the cycle of poverty and marginalization, and enabling these communities to actively participate and contribute to the Nation’s development journey.
MUMBAI (India CSR): HDFC Bank has made a significant impact through its corporate social responsibility (CSR) initiatives in the financial year 2023-24, investing ₹945.31 crore towards the holistic development of communities across India. This substantial expenditure reflects the Bank’s commitment to fostering economic and social progress through targeted interventions in areas such as education, skill development, rural development, health, and financial literacy. As one of the most trusted financial institutions in the country, HDFC Bank’s efforts are geared towards creating lasting value for stakeholders and contributing to the nation’s overall progress.
Corporate Social Responsibility
HDFC Bank’s commitment to Corporate Social Responsibility (CSR) is reflected in the comprehensive activities it undertakes. The following details highlight the CSR activities carried out in line with the Bank’s CSR Policy:
| Amount required to be spent by the Bank during the year | ₹950.28 crore | ₹823.30 crore |
| Amount of expenditure incurred* | ₹945.06 crore | ₹821.49 crore |
| Amount available for set off from preceding financial years | ₹6.24 crore | ₹9.20 crore |
| Amount required to be setoff for the financial year | ₹5.22 crore | ₹2.96 crore |
| Shortfall at the end of the year | – | – |
| Details of unspent CSR amount for the preceding three financial years | – | – |
| Reason for shortfall | – | – |
| Nature of CSR activities | Education, Livelihood and Skill Development, Rural Development, Health and Sanitation, Financial Literacy & Inclusion, Natural Resource Management, Promotion of Education, Skill Training & Livelihood Enhancement, Healthcare & Hygiene | |
| Details of related party transactions, e.g., contribution to a trust controlled by the Bank in relation to CSR expenditure as per relevant Accounting Standard | – | – |
| Where a provision is made with respect to a liability incurred by entering into a contractual obligation, the movements in the provision | – | – |
* Indicates the amount disbursed by the bank during the financial year
FY24 Performance
- CSR Expenditure: ₹945.31 crore
- Number of Beneficiaries: 10.19 crore+
CSR Initiatives and United Nations Sustainable Development Goals (SDGs)
By aligning our CSR focus areas with the SDGs, HDFC Bank aims to create a meaningful impact that fosters resilient and thriving communities. The Bank strategically designs each of its projects across five focus areas to yield lasting and impactful outcomes for communities.
Parivartan Initiatives and the United Nations Sustainable Development Goals
- Villages reached: 9,270
- Households impacted: 10.86 lakh+
- Water Conservation structures developed: 13,355
- Solar Lights installed: 55,125
- Kitchen Gardens developed: 57,980
- Biomass Stoves deployed: 13,340
- Teachers trained: 20.19 lakh+
- Schools supported: 2.86 lakh+
- Students impacted: 2.14 crore+
- Community libraries built: 930
- People benefitted through health camps: 1.87 lakh+
- Sanitation drives conducted: 1,810
- Units of blood donated: 23 lakh+
- Household toilets constructed: 24,295
- Health camps organised: 7,025
- Women entrepreneurs created: 9.05 lakh+
- SHGS revived and formed: 10,195
- Individuals trained: 3.25 lakh+
- Financial literacy camps conducted: 23 lakh+
- Individuals reached: 1.71 crore+
Focus Areas
- Rural Development
- Skill Development and Livelihood Enhancement
- Financial Literacy and Inclusion
- Promotion of Education
- Healthcare and Hygiene
Impact Assessments
This year, HDFC Bank conducted impact assessments for its CSR projects with a budget of ₹1 crore or more, utilizing the OECD-DAC criteria, which assesses the project’s indicators by determining their Relevance, Coherence, Effectiveness, Efficiency, Impact, and Sustainability. These criteria provide a normative framework used to determine the merit or worth of an intervention. Other frameworks like the standard Outcome-Impact Framework were also followed to analyze and measure the outcomes and impact of the selected project by tracing the changes since the implementation of the project and establishing the causes of these changes.
In FY24, HDFC Bank conducted an impact assessment of 61 projects. Based on the assessment findings, several recommendations were proposed for the evaluated projects to enhance their effectiveness and accessibility, and to strengthen their capacity to scale, deepen, and extend the duration of outcomes.
(India CSR)
