As part of this commitment, SBI has seen an increase in its CSR budget from INR 204.10 Crore in FY2022 to INR 316.76 Crore in FY2023.
MUMBAI (India CSR Exclusive): State Bank of India (SBI), India’s largest bank, continues to lead the way in corporate social responsibility (CSR), demonstrating its commitment to making a difference in the communities it serves. As part of this commitment, the bank has allocated INR 316.76 Crore for corporate social responsibility activities in FY2023.
Furthermore, a significant portion of their impact is aimed at underprivileged and marginalized communities, with 70-80% of their CSR initiatives focused on these groups. SBI continues to emphasize its commitment to responsible and sustainable banking.
Spending in FY 2021-22
In the financial year 2022, the SBI’s total expenditure on Corporate Social Responsibility amounted to INR 204.10 crore, equivalent to 1% of their FY2021 net profit of INR 20,410 crore. Out of this budget, INR 102.56 crore was specifically allocated to the SBI Foundation.
Also Read: State Bank Of India (SBI) Strengthens CSR Governance For 2022-23
Pioneering Corporate Social Responsibility
Since the inception of ‘Innovative Banking’ in 1973, SBI has been at the forefront of welfare activities in India. Its socio-economic initiatives aim to make a significant and measurable impact on the lives of economically, physically, and socially challenged communities.
Comprehensive Focus Areas of SBI’s CSR Activities
SBI’s CSR activities encompass a broad range of areas, including healthcare, education, livelihood, rural and slum area development, skill development, environment, protection of national heritage, empowerment of women, youth and senior citizens, animal welfare, and sports.
A Glimpse of SBI Foundation’s Impact
The SBI Foundation, established to undertake the corporate social responsibility activities of the State Bank Group in a systematic and focused way, has made notable strides in community development. So far, it has reached over 19,074 villages and benefited 54 lakh people across the country, indicating the substantial impact of their social development programs.
Table of Key Points:
| Key Point | Detail |
|---|---|
| Total corporate social responsibility Budget for FY2023 | INR 316.76 Crore |
| Amount allocated to SBI Foundation for social development activities | INR 194.78 Crore |
| Focus Areas of Activities | Healthcare, Education, Livelihood, Rural and Slum Area Development, Skill Development, Environment, Protection of National Heritage, Empowerment of Women, Youth, Senior Citizens, Animal Welfare, and Sports |
| Total Number of Villages Covered | 19,074 |
| People Benefited | 54 Lakh |
| CSR Activities Undertaken | 854 |
| Major Impact Group | 70-80% from underprivileged and marginalized communities |
SBI’s Commitment to CSR and its Impact in FY23
CSR remains integral to SBI’s operational strategy, reflecting its strong commitment to sustainable business practices and social responsibility. In FY23, SBI’s CSR efforts have reached and positively impacted over 54 lakh people across India, most of whom hail from underprivileged and marginalized communities. This reaffirms SBI’s position as a financial institution with a heart, continuously striving to create positive change in society.
Also Read: SBI Spends Over Rs. 204 Cr. On Socio-economy Projects Under CSR In FY22
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