HDFC Bank hikes CSR spend by 47% in 2 years

Shillong: HDFC Bank has increased its corporate social responsibility (CSR) spending by 47% in the past two years. The bank's spending on CSR has gone up from Rs 248 crore in FY16 to Rs 305 crore in FY17 and is expected to touch Rs 365 crore this fiscal.

HDFC Bank aims to improve the lives of people in 1,000 villages by March 2019 through its CSR activities, said deputy MD Paresh Sukthankar, while speaking to reporters at the bank's Holistic Rural Development Programme (HRDP) at Umpathaw, a hamlet 60km from Shillong.

The programme will focus on improvements in five areas such as education, water and sanitation and financial inclusion. "The 550 inhabitants of Umpathaw now have access to potable water and a smart school with clean toilets," said Nusrat Pathan, head (CSR) at HDFC Bank. The bank's initiatives have brought changes in the lives of over 10 lakh people in 750 villages across 16 states in the country, she added.

According to the Companies Act, 2103, corporates have to spend 2% of average profit of previous three financial years under CSR. HDFC Bank had reported a net profit of Rs 14,549 crore (FY17), Rs 12,296 crore (FY16) and Rs 10,215 crore in FY15. Among private companies, HDFC Bank is the third-largest spender in CSR year after Reliance Industries and TCS.

HDFC Bank