NEW DELHI (India CSR): Karur Vysya Bank Limited (KVB) has once again reaffirmed its deep-rooted commitment to social responsibility by spending ₹18.39 crore on Corporate Social Responsibility (CSR) in the financial year 2023–24, exceeding its mandated obligation of ₹18.09 crore. This act of giving is not just compliance—it’s tradition. Established in 1916, the bank’s original charter included a provision to allocate 1% of profits for charity. Today, that spirit continues in the modern form of CSR, addressing pressing social issues across India.
In FY 2023–24, KVB directed its CSR efforts towards critical areas such as healthcare, education, sanitation, women empowerment, and environmental sustainability, with a strong emphasis on projects in aspirational districts like Virudhunagar in Tamil Nadu and Adilabad in Telangana. Guided by a robust CSR policy and dedicated leadership, the bank’s initiatives are designed to create lasting impact and drive inclusive development in underserved communities.
Strategic CSR Vision
KVB’s CSR policy is guided by its mission “to contribute to the social and economic development of the community and to establish itself as a responsible corporate citizen.”
The bank’s strategic CSR approach aligns with the “Planet, People, Profit” model and Schedule VII of the Companies Act, 2013. The projects implemented in 2023-24 reflect a balance between rural upliftment, public health, education access, and women-centric programs.
Karur Vysya Bank CSR Financial Overview FY 2023-24
| Particulars | Details |
|---|---|
| Company | Karur Vysya Bank Limited |
| CSR Obligation (FY 2023–24) | Rs 18.09 crore |
| Amount Spent | Rs 18.39 crore |
| Excess Amount Spent | Rs 29.61 lakh |
| Amount Carried Forward from 2022–23 | Rs 1.25 crore (Set-off applied) |
| Unspent Amount (Ongoing Projects) | Rs 10.33 crore |
| Focus Areas | Health, Education, Skill Development, etc. |
| Aspirational District Support | Virudhunagar (TN), Adilabad (TS) |
CSR Committee and Governance
The CSR & ESG Committee at KVB oversees all initiatives and meets regularly to assess, review, and approve CSR projects. It comprises five directors, including the Managing Director & CEO B Ramesh Babu, ensuring executive involvement at the highest level.
Out of five committee meetings held in FY 2023–24, Babu and key directors actively participated, reflecting the bank’s senior leadership commitment to CSR compliance and purpose-driven action.
The bank exceeded its CSR obligation and carried forward Rs 29.61 lakh for set-off in future years. There were no administrative or impact assessment costs reported.
Focus Areas: Health, Education, Skill Development
KVB’s CSR projects during the year focused on several critical development sectors:
- Health & Preventive Care
- Sanitation & Clean Drinking Water
- Education for Marginalized Communities
- Skill Development & Livelihood Promotion
- Women Empowerment
- Environmental Sustainability
No capital assets were created through CSR funds, ensuring all investments were directly service-oriented and impact-driven.
Special Focus: Aspirational Districts
In alignment with the Government of India’s goal to uplift aspirational districts, KVB allocated CSR funds to the following regions:
| State | Aspirational District | Amount Spent (₹) |
|---|---|---|
| Tamil Nadu | Virudhunagar | 2,00,37,500.00 |
| Telangana | Adilabad | 2,65,006.70 |
These investments contributed to infrastructure and access in underserved areas, reinforcing equitable development.
Legacy of Impact
KVB’s CSR journey dates back to its inception and has evolved into a structured, rule-compliant and community-first model. Its ongoing projects reflect a responsible banking ethos that seeks to enrich lives and empower communities.
The bank continues to maintain high levels of transparency by publishing impact and financial reports, policy documents, and project details on its website.
You Learn: A Responsible Corporate Citizen
With a consistent record of exceeding CSR obligations and a clear focus on sustainable development, Karur Vysya Bank Limited emerges as a model financial institution in the CSR landscape of India.
The CSR performance in FY 2023-24 is not just about numbers—it’s about a legacy of giving, a vision for inclusive growth, and a commitment to nation-building.
(India CSR)
