MUMBAI: In FY 2020-21, the net profit of the State Bank of India (SBI) was Rs. 14,488 crore and 1% of the profit, i.e., Rs. 144.88 crore has been earmarked as CSR fund of Bank for FY2021.
The focus areas of SBI CSR activities for the year include healthcare, education, livelihood, sports, welfare of armed forces veterans, skill development, environment sustainability, protection of National Heritage, empowerment of women, youth and senior citizens.
In terms of the Reserve Bank of India guidelines, the Bank can spend up to 1% of its previous year’s profits towards its CSR efforts.
The net profit of Bank for FY2020 was Rs. 14,488 crores. Accordingly, the budget for CSR for FY2021 was Rs. 144.88 crores. An amount of Rs. 71.18 crore has been allocated to SBI Foundation for carrying out CSR activities on project mode.
Further, during the year, with the approval of RBI, Bank spent/ donated a total of Rs. 73.70 crore for various initiatives under CSR including donation.
SBI Foundation was established by State Bank of India in 2015 as a Section VIII company under Companies Act (2013) to undertake the CSR activities of SBI and its Subsidiaries in a planned and focused manner.
SBI Foundation is presently working on various projects and initiatives to build momentum for transforming India by creating an inclusive development paradigm that serves all Indians without any discrimination based on region, language, caste, creed, religion amongst others. For FY2021, the total CSR spend on initiatives through SBI Foundation was Rs. 47.92 crore.
The Bank has spent/committed a total of Rs. 43 crores, which constitutes around 0.30% of net profit, towards the Banks’ support in fight against COVID-19, including donation of Rs. 11 crores to PMCARES fund, as support towards COVID-19 Vaccination drive, and committed Rs. 30 crores to implement various COVID-19 relief programmes.
The Corporate Social Responsibility Committee (CSRC) was constituted on the 24th September 2014 as a measure of good corporate governance to review the activities undertaken by Bank under Corporate Social Responsibility Policy.
The Committee was last reconstituted on the 04th February 2021 and has seven members. The Senior Managing Director on the Committee is the Chairman. During the year 2020-21, four meetings of the Committee were held.
