New Delhi: The 21 Public Sector Banks (PSBs) have allocated Rs 77.52 crore under Corporate Social Responsibility (CSR) in the four months through July of 2018-19 financial year, as per the banking data.
It is to be noted here that state-owned lenders are not covered by the Companies Act. The CSR policy related to the Companies Act are not applicable on PSBs, as per the Reserve Bank of India (RBI).
The RBI has issued guidelines on Corporate Social Responsibilty, Sustainable Development and Non-financial Reporting – Role of Banks.
The PSBs had allocated Rs 238.29 crore under CSR in the financial year ending March 2018, marginally higher than Rs 231.9 crore in the previous year.
During 2015-16, the fund allocation was Rs 320.8 crore.
The CSR projects of PSBs are generally related to skill development, support to persons with disabilities, and sanitation. They also work towards sports development, rural development, natural calamity relief, and evironment and sustainable development.
As per the data available till July for the current financial year, Punjab National Bank has allocated Rs 44.13 crore under CSR.
Country’s largest lender State Bank of India is yet to earmark any fund under CSR so far. In the past three fiscal, the bank had allocated about Rs 336 crore for various CSR projects.