250 NGOs were involved in the implementation of socio-economic development projects. 380 CSR Activities were undertaken during the year.

By Rusen Kumar

NEW DELHI: Indian companies are taking CSR very seriously and running such projects, which can benefit the weaker section of society. Larger corporations have shown their deep commitment to engaging with communities, and NGOs and aligning with the national priorities to further human development efforts.

This can be seen in the case of SBI which is an Indian multinational, public sector banking and financial services institution having a legacy of over 200 years.

During FY2022, the total SBI CSR spend stood at Rs. 204.10 crore (1% of the net profit of Rs. 20,410 crores for FY2021), with Rs. 102.56 crores allocated to the SBI Foundation.

The focus areas of SBI CSR activities for FY2022 included rural and slum area development, health Care and Sanitation, Education, Environment Sustainability, Tribal Welfare, Empowerment of Women and Senior Citizens and supporting sports and athletes.

The Bank has spent a total of Rs. 71 crores, i.e., 35% of the total CSR spent towards the fight against COVID-19.

Most CSR activities are undertaken in rural and urban slums, where the downtrodden people live and need help in medical, education, food, and shelter, among others.

“The donations are not made based on caste, creed, religion and region. Donations are made to the underprivileged sections of the society, who are financially weak and need support from the donors for their sustenance.”, the bank said in its annual report.

250 NGOs were involved in the implementation of socio-economic development projects. 380 CSR Activities were undertaken during the year. The CSR activities were carried out in over 3,886 Villages, which benefited 1,97,551 People across India.

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.

The beneficiaries of CSR include needy people from all sections of the community. The bank supports NGOs and Trusts, which work to uplift these sections of society. Its focus is on improving the socio-economic wellbeing of society, particularly of the less fortunate and underprivileged members, and enabling them to live up to the potential that they all possess, the bank said.

The Bank has undertaken various activities to fight against Covid-19 through SBI Foundation. SBI Foundation allocated an amount of Rs. 71 Crore. Initiatives include – Distribution of food & ration kits, healthcare equipment like PPEs, masks, and oximeters, raising awareness, vaccination drives, creation of COVID-19 care centers, installation of oxygen plants, up-gradation of healthcare infrastructure and, mobile and community testing, among.

CSR spend during FY 2022: Brief

Total CSR Budget for FY 2022: Rs. 204.10 Cr.

Allocation to SBI Foundation: Rs. 102.56 Cr.

CSR expenditure by the Bank through Circles and Departments: Rs. 101.54 Cr.

SBI Foundation is an implanting body of developmental projects which was established by the State Bank of India as a section VIII company under the Companies Act (2013) to undertake the CSR Activities of SBI and its subsidiaries in a planned and focused manner.

Through SBI Foundation, the Bank is making a paradigm shift in the socio-economic development of the country by creating an inclusive, sustainable and self-sufficient ecosystem through which marginalised and underserved communities from across the country can lead healthier and prosperous lives without discrimination based on region, religion, caste, creed or gender. For FY2022, 105 projects were sanctioned, with a budget of Rs. 168.09 crore, the bank informed.

The bank constituted a Corporate Social Responsibility Committee (CSRC) in September 2014 as a measure of good corporate governance to review the activities undertaken by the Bank under the Corporate Social Responsibility Policy. The Committee was last reconstituted on the 23rd March 2022 and has seven members. The Senior Managing Director on the Committee is the Chairman. During the year 2021-22, five meetings of the Committee were held.

Corporate Social Responsibility (CSR) in India

CSR in India is a way through which companies and organisations play the role of responsible corporate citizens. The CSR in India aims to integrate economic, environmental and social objectives to implement national priorities for social development. The objective of Corporate Social Responsibility (CSR) in India is to participate in activities that benefit community development, social responsibility and environmental sustainability, and reach out to socially & economically disadvantaged sections of society.

It is to be noted that Companies (Corporate Social Responsibility Policy) Rules, 2014 (the CSR Rules), under The Companies Act, 2013, require companies to meet requirements of certain thresholds of net worth, turnover, or net profits to constitute a CSR Committee and to spend 2% of a respective company’s average profits before taxes for the previous three fiscal years on identified areas of CSR. This requirement became effective on April 1, 2014.