HDFC Bank’s CSR spend at ₹634.91 crore in FY21

HDFC Bank said it pledges to become carbon neutral by FY32 and aims to reduce its emissions, energy and water consumption, incorporate and scale up use of renewable energy in banking operations

Mumbai: India’s largest private sector lender HDFC Bank on Thursday said it has spent ₹634.91 crore towards ‘Parivartan’, the umbrella programme for all corporate social responsibility initiatives, in FY21.

Of the ₹634.9 crore, over ₹110 crore was allocated and utilised towards initiatives focused on covid-19 relief, the bank said in a statement. It said that Parivartan focuses on areas of rural development, promotion of education, skill training and livelihood enhancement, healthcare and hygiene, and financial literacy and inclusion.

HDFC Bank said it pledges to become carbon neutral by FY32 and aims to reduce its emissions, energy and water consumption, incorporate and scale up use of renewable energy in banking operations, focus on offering loans for green products at differential interest rates, and incorporate ESG scores while making a credit decision.

“As India’s largest private bank, we are humbled to have been able to make a difference in the lives of people, in a year that was difficult for many,” said Ashima Bhat, group head (business finance, strategy, administration, infrastructure, ESG and CSR) at HDFC Bank.

Bhat said in a year that saw restrictions of many kinds due to covid-19, the HDFC Bank team, including NGO partners, worked harder to remain committed to these initiatives and project goals.

“I want to take this opportunity to applaud them for their dedication. In the new financial year, we will continue the work with a renewed vigour,” said Bhat.

The bank said its efforts under sustainability and social change are in sync with the SDGs outlined by the UN. The sustainability element in the integrated annual report outlines the work undertaken by the Bank by engaging with the communities to work on reducing poverty, achieving zero hunger, providing clean water and sanitation, quality education, and creating sustainable cities and communities to name a few, it said.

Article Credit: livemint