New Delhi: IndusInd Bank spends Rs 55.46 crore on Corporate Social Responsibility (CSR) which is less than the prescribed CSR Expenditure of Rs 88.61 crore.
The average net profit of the company for last three Financial Years was Rs 4430.83 crore.
The amount unspent is Rs 33.15 crore however, the amount spent has increased by 171% from the amount spent last year, the annual report of FY 2018-19 says.
Two large project executions could not be undertaken during the year resulting in the shortfall. Bank has a healthy pipeline of projects approved for the following financial year and focused on projects which have scale and impact.
Environment continues to be the major focus area and few projects are of longer duration, hence the expenditure is across multiple years.
The bank has taken up projects such as roof rain water harvesting, lake rejuvenation, watershed development, creating of village ponds and prepares an annual carbon inventory in conformance to 18014064-2006 framework and obtained external assurance for the same. In FY 2018-19, the Bank was featured in the CDP India rankings as band A- in CDP India Climate Change Rising Starts 2018, the annual report further says.
CSR Committee (CSRC) states that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and policy of the company.
The committee’s role is to supervise the expenditure by the Bank, in every financial year, at least 2% of the Average Net Profits made during three immediately preceding financial years, in pursuance of its CSR Policy.
The CSRC of the bank comprises of Kanchan Chitale (Chairperson), Yashodhan M. Kale, Akila Krishnakumar and Romesh Sobti.
During the year, the bank undertook CSR initiatives through various projects in the areas of environment (Watershed Development, Afforestation, Lake and Pond Rejuvenation), education, rural development, preventive healthcare and sports.
The e‑orts programme of the bank, included watershed development, installation of water ATMs, rainwater harvesting, restoration of water bodies, rural electrication in 29 villages across Rajasthan and supporting 60 female athletes under the girl power programme in association with a reputed sports foundation.
Three of these athletes won medals at the Asian Games and the Commonwealth Games.