MUMBAI: Most Indian companies believe businesses can only thrive if the communities in which they operate thrive as well. Their CSR programmes are designed to have a long-term, meaningful impact on the upliftment of marginalised communities while contributing to global sustainable development goals (SDGs).
The pandemic-induced economic hardships that communities have witnessed over the past two years have reaffirmed their resolve to address deep-seated social inequalities.
For example, HDFC Bank has aligned its efforts towards a ‘people-centric’ recovery through multi-dimensional interventions across livelihood, skill development, education, health, and natural resources.
HDFC Bank spent Rs 736 crore on Corporate Social Responsibility (CSR) in FY 2021-22. It has reported 9.6 crores of CSR beneficiaries. The bank believes in giving back to the community.
Through the CSR brand ‘Parivartan’, the bank works towards empowering the most disadvantaged sections of the society around our area of operations, to be self-reliant.
CSR initiatives under HDFC Bank Parivartan aim to contribute toward the socio-economic development of the country by benefitting lives and livelihoods.
Rs. 12.53 Cr. spent on Administrative Overheads on CSR management. Bank has overachieved its 2% mandatory CSR obligation for FY 2021-22. Hence, an unspent balance of Rs. 0.86 Cr. against the excess fund disbursed will not be transferred to the unspent CSR account for FY 2021-22 and the same will be treated as the opening balance for FY 2022-23.
Rs. 7.31 crore reported as unspent in the financial year 2020-21 was transferred to Unspent CSR Account, out of which Rs. 5.03 crore has been disbursed towards ongoing projects during the year.
The reason for the shortfall is a series of lockdowns owing to the pandemic caused delays in achieving project milestones for most CSR projects, thus disturbing the pay-out schedule planned for the year.
Through CSR initiatives under Parivartan, the bank has already potentially impacted over 9.6 Crore lives in 3335 villages.
The bank is implementing CSR projects in 24 states – Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Maharashtra, Meghalaya, Madhya Pradesh, Odisha, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, Tamil Nadu
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