HDFC Bank CSR spend crosses Rs 945 crore in FY24

HDFC Bank CSR spend crosses Rs 945 crore in FY24

Private sector HDFC Bank has reported a corporate social responsibility (CSR) spend of Rs 945.31 crore for the financial year 2023-24, an increase of nearly Rs 125 crore from the previous year.

The bank's CSR programme, Parivartan, has been active for over a decade and its initiatives, spread across 28 states and 8 Union Territories, have impacted over 10 crore lives, HDFC Bank said in a release.

The Parivartan initiatives have reached over 9,000 villages, impacting over 10 lakh households, as per the annual report.

The initiatives have covered 85 out of the 112 districts identified in the Aspirational Districts Programme (ADP).

"By addressing the critical areas of rural development, education, skill enhancement, healthcare, financial literacy, and the environment, we aim to support sustainable and inclusive growth in the communities in which we operate," Kaizad Bharucha, Deputy Managing Director of HDFC Bank, said.

Bharucha, who also looks after CSR and Environmental, Social and Governance (ESG) functions in addition to his other responsibilities, said the bank has been able to make an impact in the lives of over 10 crore Indians so far.

Through a participatory, bottom-up, and consultative approach, Parivartan focuses on creating sustainable impact within marginalised communities, especially women, it said.

The initiatives have facilitated the creation of over 9 lakh women entrepreneurs and the formation and revival of more than 10,000 Self-Help Groups (SHGs), it added.

Additionally, the bank's skilling programmes have trained over 3 lakh youth, providing essential vocational skills to enhance employability and create sustainable livelihoods.

In its efforts towards promoting education, it has trained over 20 lakh teachers and supported 2.86 lakh schools, benefitting more than 2 crore students through remedial classes, learning camps, and scholarships for underprivileged children, it added.