Bajaj Finance spends Rs. 107 Cr on CSR in 2020-21; Focuses on education, healthcare

New Delhi, 24 July 2021: Bajaj Finance Limited, a non-banking financial company with diversified lending portfolio across retail, SMEs and commercial customers with significant presence in urban and rural India has spent more than Rs. 100 crores on various Corporate Social Responsibilities (CSR) projects in the financial year 2020-21.

The 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.

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.

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.

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

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.

Major Focus Areas

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:

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.