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HDFC Bank’s CSR spend rose 20%
At a time when the government has amended laws to penalize firms for not spending as per mandate on the corporate social responsibility front, HDFC Bank said it had spent Rs 443.8 crore on CSR in 2018-19, a rise of 20% over the previous year.
The bank said it had met its CSR spending requirement for the consecutive years 2016-17, 2017-18 and 2018-19.
Violation in CSR norms may attract penalties between 50,000 and 25 lakh, and even jail term of up to three years.
In a report released by the bank, the lender said it had impacted over five crore lives through its social initiative Parivartan as on March 31, 2019. Parivartan is the umbrella of HDFC Bank for all its social initiatives.
“In the year ended March 31, 2019, the expenditure on CSR was Rs 443. 8 crore, 20% more than the previous year making the bank one of the largest such spenders,” the bank said in the report.
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