State Bank of India (SBI) will strive to better its corporate social responsibility (CSR) spend this fiscal than what was done in the financial year 2011-12.
The bank is looking to get a multiplier effect out of its CSR spend and would focus attention on some asset creation as part of its CSR initiatives, S. Viswanathan, Managing Director, SBI, said at a CSR event of the bank in the Capital on Saturday.
Towards this end, the bank prefers to donate ambulances and vans to non-governmental organisations and also help create infrastructure facilities in schools.
“In financial year 2011-12, SBI had spent Rs 71 crore towards CSR. This year it will be more,’’ Vishvanathan said.
CSR spend norm
Although the two per cent minimum CSR spend norm is only at a proposal stage and yet to be enacted into law, Viswanathan said SBI’s spend this fiscal may even exceed 2 per cent of the net profits of the bank.
S.B. Nayar, Deputy Managing Director & Group Executive (Corporate Banking Group), said that the bank was more in the purpose than on the percentage when it came to CSR spends.
On credit growth, Nayar said it is expected to be around 16-18 per cent this fiscal against the earlier projected level of 18 percent. “There is some slowdown in credit demand,’’ he said.