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HDFC Bank to develop 1,000 villages under CSR by FY'19

PTI
Published : Nov 23, 2017, 4:49 pm IST
Updated : Nov 23, 2017, 4:49 pm IST

Bank has already empowered 750 deprived villages across the country in the last two-and-half years.

As per the companies law, corporates have to spend 2 per cent of average profit of previous three financial years under CSR. (Photo: YouTube)
 As per the companies law, corporates have to spend 2 per cent of average profit of previous three financial years under CSR. (Photo: YouTube)

Shillong: HDFC Bank on Thursday said it aims to transform lives in 1,000 villages by March 2019 as part of its corporate social responsibility (CSR).

Under the Holistic Rural Development Programme (HRDP), the bank has already empowered 750 deprived villages across the country in the last two-and-half years. The latest village in this chain is Umpathaw in the state.

"The bank has a board mandate to cover 1,000 such villages by March 2019. This initiative has so far impacted the lives of over 10 lakh people in 16 states across the country," HDFC Bank Deputy Managing Paresh Sukthankar said here.

HRDP seeks to better life in villages by focussing on improvements in five areas like education, water and sanitation and financial inclusion. The bank claimed that 550 inhabitants of Umpathaw now have access to potable water and a smart school with clean toilets.

"At HDFC Bank, we believe that for India to achieve inclusive growth, our villages must grow in tandem with cities. Through HRDP, we are doing just that by creating sustainable communities in remote pockets of the country," he said.

Through HRDP, the bank is creating an ecosystem to improve the overall economic and social conditions in rural India, he added. The bank, he said, has been increasing its CSR spent and making changes in the life of people across various states.

Last year, HDFC Bank spent Rs 305 crore and plan is afoot to raise this to Rs 365 crore this fiscal, he said. During 2015-16, the bank spent about Rs 248 crore under CSR. As per the companies law, corporates have to spend 2 per cent of average profit of previous three financial years under CSR.

Tags: hdfc bank, csr, villages, hrdp, fund
Location: India, Meghalaya, Shillong