HDFC Bank’s CSR spends grow 18 per cent
HDFC Bank NSE -1.21 per cent, the largest private sector lender, stated on Thursday that its social sector spending climbed 18.06 per cent to Rs 634.91 crore in FY21 from Rs 535.31 crore the previous year.
HDFC’s corporate social responsibility (CSR) spending increased by 18.06 per cent faster than its consolidated net profit increased by 16.80 perched explained that the bank prioritises long-term sustainable measures that address the fundamental cause of the problem over short-term relief, and that in a year marked by several constraints as a result of COVID-19, it worked even harder to stay dedicated to these programmes and project goals.
Companies that earn more than a specific amount of money are required to spend at least 2% of their average net income over the previous three years on CSR efforts.
HDFC stated in a statement that the spending in the pandemic-hit FY21 comprised Rs 110 crore for COVID-19 relief operations. The bank’s social activities are also in line with the UN’s Sustainable Development Goals (SDGs), according to the statement, which also reiterated the bank’s goal to becoming carbon neutral by FY32.
Rural development, education promotion, skill training, healthcare and hygiene, and financial literacy and inclusion were among the projects done under the “Parivartan” initiative. It implemented a comprehensive rural development programme in 1,970 villages throughout 21 states, and it trained over 19.67 lakh teachers as part of its “Teaching the Teachers” project, benefiting over 2.07 crore pupils.
According to the statement, it also built 23,500 toilets, conducted over 1,800 sanitation drives, and hosted 1.18 lakh health camps.