New Delhi, 1 August 2020: India’s leading banking company HDFC spent a total of Rs535 Cr on various CSR activities in the year 2019-20, an increase of 20% over the amount spent last year. The CSR spend included a contribution of Rs 70 Cr to the PM CARES Fund to support the government’s fight against the COVID-19 pandemic.
Last year, the company had spent a total of Rs 443.77 Cr on various CSR projects.
As per the company officials, the CSR spend in this year exceeded a little over the CSR budget as prescribed under section 135 of Companies Act, 2013. For the year 2019-20, the average net profit in the previous three financial years stood at Rs 26,680 crore. Accordingly, the company has a CSR obligation of Rs 534 Cr for this year.
The company expressed its commitment to further boost the CSR activities in the years to come. "The Bank has spent 2.01% (previous year: 2.02%) of its average net profit for the last three financial years as part of its CSR for the year ended March 31, 2020," the HDFC Bank officials said, adding, "As a responsible bank, we have approached the mandatory requirements of CSR spends positively. The Bank continues to evaluate strategic avenues for CSR expenditure in order to deliver maximum impact. In the years to come, the Bank will further strengthen its processes as per requirement."
The HDFC Bank implemented its CSR programmes through its umbrella CSR brand, Parivartan which denotes change. According to the company, Parivartan aims to bring about a transformation in the communities in which the Bank operates through multiple initiatives in the areas of Education, Skill Training and Livelihood Enhancement, Health Care, Environmental Sustainability and Rural Development.
The key partners which the Bank partnered to implement its CSR programmes sector-wise are listed below:
Promotion of Education:
Bangalore Oniyavara Seva Coota, CBM India Trust, International Foundation for Research and Education, K. C. Mahindra Education Trust, Light of Life Trust, Magic Bus India Foundation, Moinee, Save the Children India, Way of Mumbai
Rural Development:
Abhyuday Sansthan, Action for Agricultural Renewal in Maharashtra AFARM, Action for Food Production, Action for Social Advancement, Aga Khan Foundation, Aga Khan Rural Support Programme India,Ambuja Cement Foundation, AROH Foundation, BAIF Development Research Foundation, Centre for Advance Research and Development, Citizens Foundation, Collectives for Integrated Livelihood Initiatives, Family Health India, Foundation forEcological Security, FXB India Suraksha, Gram Vikas, Gramin Vikas Trust, Gramya Vikash Mancha, Haritika, Indo GlobalSocial Service Society, Integrated Development Foundation, KGVK, Krushi Vikas Va Gramin Prashikshan Sanstha, M.S.Swaminathan Research Foundation, Manjari Foundation, MYRADA, National Institute of Women Child and Youth Development,Nav Bharat Jagriti Kendra, Network For Enterprise Enhancement and Development Support, Participatory Action forCommunity Empowerment, Participatory Action for Community Empowerment, Peoples Action for National Integration,Prayatn Sanstha, Professional Assistance for Development Action, S.M. Sehgal Foundation, Sahbagi Shikshan Kendra,Sai Jyoti Gramodoyog Samaj Sewa Samiti, Sanjeevani Inst. for Empowerment and Development, Shikhar Yuva Manch
Skill Training and Livelihood Enhancement
Head Held High Foundation, Jan Jagran Sansthan, Orion Education Society, Pan IIT Alumni Reach for India Foundation.
Other Donations:
Bhagwan Mahaveer Viklang Sahayata Samiti, Charities Aid Foundation, Common Service Centre (CSC), Emancipaction India Foundation, Foundation for Promotion of Sports and Games, Grow Trees, Isha Outreach, Jai Vakeel Foundation and Research Centre, Oxfam India, Rajni Patel Memorial Foundation, Roti Foundation, The Aangan Trust. The Bank’s CSR efforts are led by a CSR committee headed by Umesh Chandra Sarangi who is also an independent director in company.
