During FY 2018-19, the SBI spent Rs. 6.24 crore towards its CSR activities. A total of Rs. 10 crore has been contributed towards the Chief Minister Distress Relief Fund for the Kerala floods, of which Rs. 5 crore has been contributed by the Bank’s employees and Rs. 5 crore has been matched by the Bank.
The CSR activities are spread across healthcare, education, skill development and livelihood creation, environmental protection and sanitation. The CSR programs are implemented by the Bank as well the SBI Foundation.
The SBI Foundation (SBIF) was established in 2015 as a Section VIII Company under Companies Act (2013) to undertake the CSR activities of SBI Group and its subsidiaries in a focused manner. The Foundation aims to give back to society by working towards the socio-economic development and well-being of the marginalised and vulnerable communities with a vision to provide services beyond banking.
“SBIF is presently working on various projects to build a momentum for a transforming India by creating an inclusive development paradigm that serves all Indians without any discrimination on the basis of region, language, caste, creed, religion, etc.”, report revealed.
SBI Children’s Welfare Fund
The Bank established a ‘Children’s Welfare Fund’ as a Trust in 1983, which extends grants to educational institutions engaged in the welfare of underprivileged children like orphans, destitutes, divyangs, etc. The corpus of the fund is created through donations made by the employees, which are matched by the Bank. During the reporting period, SBI donated approximately Rs 50 lakh to six institutions- all working for the welfare of underprivileged children.
SBI Foundation: Rs 16.46 Crores
Bank’s CSR Expenditure: Rs. 6.24 Crores
Skill development through RSETIS: Rs. 42.57 Crores
Rural Self Employment Training Institutes (RSETIs)
SBI has established 151 Rural Self Employment Training Institutes (RSETIs) across the country to help mitigate the issue of youth unemployment and underemployment. Around 60% of candidates trained in SBI’s RSETIs belong to the ‘Below Poverty Line (BPL)’ category.
RSETIs are non-profit institutions established with the support of the State and Central Government, which offers upto 30 skill development programmes in a financial year across 60 different avenues approved by the Ministry of Rural Development (MoRD) through a uniform and standardised curriculum.
Developing Sustainable Communities
The need to create social good has always been ingrained within the Bank’s working culture. SBI has been undertaking social welfare initiatives much before the formal concept of Corporate Social Responsibility was coined- placing the interest of the common man at the forefront. The Bank earmarks 1% of the previous year’s net profit as the budget for CSR spend for the year.
Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee at SBI was constituted in 2014 to review the activities undertaken by the Bank under the Corporate Social Responsibility Policy. The Committee was last reconstituted in March 2018 and currently has seven members. The Chairman of the Committee is the Senior Managing Director.