The HDFC Bank is set to increase the income of 5 lakh marginal farmers earning less than ₹60,000 annually by 2025, scaling up further its over ₹5,000 crore investments in the corporate social responsibility (CSR) initiatives in the last decade.

By way of Parivartan, one of the largest CSR initiatives by a corporate entity in the country, HDFC Bank Deputy Managing Director (DMD) Kaizad M Bharucha said, they have been able to touch over 10 crore lives directly and indirectly in ten years and fostered self-reliance and empowerment in the communities they work with.

Rural development

“The bank’s focus on rural development reflects our continued commitment to fostering sustainable growth and uplifting vulnerable communities. Since its inception in 2014, Parivartan has grown into one of India’s largest CSR programmes, active in 28 States and 8 Union Territories,” Bharucha told a group of visiting journalists.

Though following 2013, corporates invested 2 per cent of net profit in the CSR initiative as it has become mandatory due to Section 135 of the Companies Act, Bharucha said his bank started the sustainable livelihood initiative (SLI) way back in 2008, giving affordable credit to people.

Two years later they formed self-help groups, gave them financial liability awareness and offered credit meant for economic activity, he narrated. Later those efforts formalised into the Parivartan.

In the CSR activities, which first began in Varanasi, the Bank said it spent ₹945.31 crore in FY24, which was up from ₹820.89 crore in FY23 and ₹736.01 crore in FY22.

“With over 65 per cent of India’s population residing in rural areas, we strongly believe that inclusive development can only be attained when the prosperity and livelihood in villages keeps pace with the growth. We prioritise rural areas for our programme and currently, 70 per cent of our programmes are being implemented in such areas,” said Nusrat Pathan, Head CSR, HDFC Bank.

Five pillars

The Bank’s CSR initiatives rest on five pillars – Skill Development and Livelihood Enhancement, Financial Literacy and Inclusion, Healthcare and Hygiene, Promotion of Education, and Rural Development – for delivering sustainable impact across targeted communities, said the Bank. And they are aligned with the 9 United Nations Sustainable Development Goals (SDGs).

In Varanasi alone HDFC rolled out Holistic Rural Development Programme (HRDP) in 50 villages and 4 projects in FDP.

Giving an insight into the CSR reach out, the HDFC DMD stated that they have brought 2 lakh acres of unirrigated land under irrigation, supported organic farming, gave scholarships for 25,000 meritorious underprivileged students, and are aiding government schools through interventions like smart classes, furniture, toilets, potable drinking water, and recreation facility to improve access to education.

Among others are; sanitation drives in which the Bank has constructed 25000 individual household toilets to prevent open defecation in villages and align with government’s Swachh Bharat Abhiyan.

businessline was invited by the HDFC to cover the CSR initiative