HDFC Bank CSR spend crosses Rs 945 crore in FY24

HDFC Bank, a prominent player in the private sector, announced a corporate social responsibility (CSR) expenditure of Rs 945.31 crore for the financial year 2023-24, marking a significant increase of nearly Rs 125 crore compared to the previous year.

The bank’s CSR initiative, Parivartan, has been making a difference for over a decade, impacting over 10 crore lives across 28 states and 8 Union Territories, according to an HDFC Bank release.

Parivartan has extended its reach to more than 9,000 villages, touching the lives of over 10 lakh households, as detailed in the annual report.

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

“We focus on critical areas such as rural development, education, skill enhancement, healthcare, financial literacy, and the environment to foster sustainable and inclusive growth in the communities we serve,” stated Kaizad Bharucha, Deputy Managing Director of HDFC Bank.

Bharucha, who oversees CSR and Environmental, Social, and Governance (ESG) functions alongside his other duties, highlighted the bank’s impact on over 10 crore Indians.

Parivartan adopts a participatory, bottom-up, and consultative approach to create sustainable impacts within marginalized communities, with a special emphasis on women.

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

Furthermore, HDFC Bank’s skilling programs have trained over 3 lakh youth, providing vital vocational skills to boost employability and foster sustainable livelihoods.

In promoting education, the bank has trained over 20 lakh teachers and supported 2.86 lakh schools, benefiting more than 2 crore students through remedial classes, learning camps, and scholarships for underprivileged children.