India’s private sector bank HDFC looks to increase the income of 5 lakh marginal farmers who earn less than 60,000 annually by 2025, as part of Corporate Social Responsibility (CSR), Parivartan.
Focus on Rural Development
- The bank’s focus on rural development reflects 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.
- With over 65 per cent of India’s population residing in rural areas, they strongly believe that inclusive development can only be attained when the prosperity and livelihood in villages keeps pace with the growth.
CSR Pillars of banks Initiative
- Skill Development and Livelihood Enhancement
- Financial Literacy and Inclusion
- Healthcare and Hygiene
- Promotion of Education
- Rural Development
Categorisation of Farmers
- Marginal – Below 1.00 Hectare land
- Small – 1.00 to 2.00 Hectare land
- Semi-medium – 2.00 to 4.00 Hectare land
- Medium – 4.00 to 10.00 Hectare land
- Large – 10.00 Hectare and above
What is CSR?
Corporate Social Responsibility (CSR) means the voluntary contributions made by companies to a better society and a cleaner environment. It is a concept whereby companies integrate social and other useful concerns in their business operations for the betterment of their stakeholders and society in general.
- The provisions of CSR applies to every company fulfilling any of the following conditions in the preceding financial year:
- Net worth of more than Rs.500 crore
- Turnover of more than Rs.1000 crore
- Net profit of more than Rs.5 crore
HDFC contribution so far in CSR
- In the CSR activities, which first began in Varanasi, they spent ₹945.31 crore in FY24, which was up from ₹820.89 crore in FY23 and ₹736.01 crore in FY22.
- In Varanasi alone HDFC rolled out Holistic Rural Development Programme (HRDP) in 50 villages and 4 projects in FDP.
- HDFC stated that they have brought 2 lakh acres of unirrigated land under irrigation, supported organic farming, and gave scholarships for 25,000 meritorious underprivileged students.
- Also Sanitation drives in which the Bank has constructed 25000 individual household toilets to prevent open defecation in villages and align with the government’s Swachh Bharat Abhiyan.