Bajaj Finance Limited, a non-banking financial company, has spent more than Rs. 100 crores on various Corporate Social Responsibilities (CSR) projects in the financial year 2020-21.
Bajaj Finance Limited, a company under Bajaj Group has exceeded its prescribed CSR budget of Rs. 106.55 crores by spending a total of Rs. 107.07 crores during the financial year 2020-21. The company sent Rs. 82 Crores during FY 2019-20.
The leading finance company recorded an average profit of Rs. 5,327.40 crores over the last three financial years.
Thus, the prescribed CSR budget, calculated as 2% of the average profit of the last three years, stood at Rs. 106.55 crores.
Bajaj Finance – CSR Expenditure Summary of FY 2020-21
- Average net profit of the company as per section 135(5): Rs. 5,327.40 crores
- Two percent of average net profit: Rs. 106.55 crores
- CSR amount spent against ongoing projects: Rs. 49.45 crores
- CSR amount spent against other than ongoing projects: Rs. 55.39 crores
- Amount spent in administrative overheads: Rs. 2.23 crores
- Total amount spent on CSR activities: Rs. 107.07 crores
- Excess amount spent: Rs. 52 lakhs
CSR Committee
The CSR Committee at the company is headed by Rahul Bajaj Chairman who is the Chairman of the committee. Other key members are Sanjiv Bajaj and Dr. Naushad Forbes. The key CSR activities that the company undertook during the year 2020-21 were spread across rural development, education, healthcare, promoting gender equality, setting up homes and hostels environment, livelihood, PM Fund, eradicating poverty, and homes and hostels for orphans.
300 NGO Partners
Over the years, the Bajaj Group of Companies have significantly scaled up their activities in the social development space. The group has collaborated with more than 300 NGO partners.
Key CSR Focus
The company continues to work on its existing projects and also funded new CSR projects including COVID support programmes. Below are the company’s important CSR spent areas.
Key CSR spent areas:
| S.N | Project Areas | Location | Spent during the year |
| 1 | Healthy Motherhood-Healthy Childhood and Targeting the Hardcore Poor (THP) | Sikdar, Dungapur (Rajasthan) | Rs 7.5 Cr |
| 2 | School for the children for Holistic & Optimistic Learning (SCHOOL) | West Bengal | Rs 6.5 Cr |
| 3 | Child Protection and Nutrition | Maharashtra | Rs 6 Cr |
| 4 | Integrated Development Program for Livelihood | Pan-India | Rs 15.85 |
| 5 | Creation of COVID response fund | Maharashtra | Rs 11.25 Cr |
Under its livelihood programme, the company helps fresh graduates and final-year undergraduate students to make a career in BFSI though a specially designed course. This course, CPBFI (a customised certificate programme in banking, finance, and insurance) not only increases the employability for the trained youth but also creates a local talent pool for the BFSI sector in Tier 2 and 3 cities.
COVID 19 Pandemic
The FY2021 was primarily characterized by COVID-19 pandemic and the need to augment public and private infrastructure to address the pandemic. The Bajaj Group pledged Rs. 100 crores to the fight against COVID-19. Working with the government and a network of two hundred plus NGO partners, the Group committed itself to ensure that resources like access to healthcare and other necessities of life reach those who need it the most.
Bajaj Group Trusts, through some NGOs, distributed dry ration, survival kits, readymade food packets etc. to over 50,000 beneficiaries for about four to five months, in different parts of the country.
