Tatsat Chronicle Magazine

A study of India’s BFSI sector’s CSR practises in the COVID-19 era

October 13, 2021

In our 2020 India sustainability and CSR ranking, Infosys has beaten Tata Chemicals to the top spot

ONGC, as a prominent Maharatna in the country, has consistently set a record over the last two years by utilising 100 percent of its CSR budget, which amounts to over Rs 500 crore per year. This underlines ONGC’s commitment to giving back to society in equal measure as a responsible Corporate Citizen. The leadership of ONGC has guaranteed that 33 percent of the CSR budget is spent on Swachh Bharat projects, as mandated by the government. Furthermore, throughout the last three years, 65.90 percent of projects have been implemented in the primary focus areas of Education and Health Care.

ONGC has designated 20 Aspiration districts in accordance with NitiAyog instructions and is dedicated to improving the social and economic conditions of these areas through targeted CSR projects. Until the end of FY 2018-19, projects worth more than Rs 31 crore had been successfully implemented. ONGC has completed nearly 4000 projects in 2018-19 alone, encompassing every nook and cranny of the country. COVID-19 activities take up the lion’s share of financing, therefore implementation in 2020 will be a mixed bag. Several cyclones and floods have wrecked damage throughout most of the subcontinent. As a result, money was allocated to disaster relief efforts in Assam, Kerala, Bihar, Odisha, and West Bengal. Since we haven’t yet reached the end of the year, sustainability and CSR in 2020 is still a work in progress. These rankings, however, take into account the FY 2019-20 CSR projects that have been in the works since last year. Impact assessment, compliance, funding, and on-the-ground execution were all factors we considered.

After three years as the top company, Tata Chemicals has fallen to third place. Infosys has gained one position. In the top 10 Indian corporations for CSR in 2020, Mahindra & Mahindra has advanced two spots to clinch the second slot. This year, ITC has climbed from No. 5 to No. 4 in the rankings.