Tatsat Chronicle Magazine

SBI spends over Rs. 144 cr on CSR in 2020-21

July 19, 2021

The State Bank of India spend 1 per cent of its profit, i.e Rs. 144.88 crore as CSR fund for FY 2021. The net profit of the State Bank of India (SBI) was Rs. 14,488 crore for 2020-21.  The focus areas of the SBI CSR activities for the year included healthcare, education, livelihood, sports, welfare of armed forces veterans, skill development, environment sustainability, protection of National Heritage, empowerment of women, youth and senior citizens.

Out of the CSR budget of Rs. 144.88 crores for FY021, an amount of Rs. 71.18 crore has been allocated to SBI Foundation for carrying out CSR activities on the project mode. During the year, with the approval of RBI, the bank spent/donated a total of Rs. 73.70 crore for various initiatives under CSR including donation. The total CSR spend on initiatives through SBI Foundation was Rs. 47.92 crore. The Bank has spent/committed a total of Rs. 43 crores, towards the Banks’ support in fight against COVID-19, including donation of Rs. 11 crores to PMCARES fund, as support towards COVID-19 vaccination drive, and committed Rs. 30 crores to implement various COVID-19 relief programmes.

The SBI Foundation was established by State Bank of India in 2015 as a Section VIII company under Companies Act (2013) to undertake the CSR activities of SBI and its subsidiaries in a planned and focused manner. SBI Foundation is presently working on various projects and initiatives to build momentum for transforming India by creating an inclusive development paradigm that serves all Indians without any discrimination based on region, language, caste, creed, religion amongst others.

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