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Despite incurring losses, IDFC First Bank carries out CSR activities, spends Rs 7.24 Crore in 2019-20

By TheCSRUniverse Team Published 24 Oct 2020

New Delhi, 24 October 2020: IDFC First Bank has spent a good amount of Rs 7.24 Crore on various CSR projects in the financial year 2019-20 despite suffering losses.

The bank in the past three financial years has incurred a loss of Rs 138.55 Crore and thus was not mandated to spend any money on CSR. Despite this, the bank had budgeted Rs 11.61 Crore for various CSR activities and managed to spend Rs 7.24 Crore out of this amount. The unspent amount from the approved budget was Rs 4.37 Crore.

"Given the average net profit of the bank for the past three years was negative, we did not have a mandated CSR budget for FY 2019-20. Despite this, owing to continuing our commitment to our implementation partners, we have spent Rs 7.24 Crore under CSR expenditure for FY 2019-20 out of Rs 11.61 Crore approved by the CSR Committee," the company said in its annual report.

The decisions related to CSR projects were taken by the CSR Committee which is headed by Chairman V Vaidyanathan and comprises members Brinda Jagirdar and Hemang Raja.

The Committee met only once during FY 2019-20 on May 09, 2019.

Expenditure on key areas:

Sectors	Projects	Locations	Amount Spent (in Crores)
Promoting education	Providing scholarships to students from low income families	PAN India	3.11
Livelihood enhancement projects	Cattle Care Program	Madhya Pradesh and Rajasthan	1.45
Promoting employment enhancing vocation skills	Training rural school dropouts in ITI courses	Pune	0.75
Promoting sanitation	Promoting sanitation and Swachh Bharat Mission	Mumbai	0.36
Promoting education, including special education.	Scholarship support and life-skills training to young adults with Autism	Pune	0.27

Key projects

During the year, IDFC First Bank carried out CSR activities through various not-for-profit implementing partners and agencies. The bank undertook the CSR activities which fall within the ambit of the activities listed in Schedule VII of the Act for promoting. These activities included livelihoods, health and sanitation, education, women empowerment and disaster relief.