Complete CSR Report of ICICI Bank for FY 2024

ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and representatives of Indian industry. Until the late 1980s, ICICI primarily focused its activities on project finance, providing long-term funds to a variety of industrial projects. With the liberalization of the financial sector in India in the 1990s, ICICI transformed its business to a diversified financial services provider. ICICI Bank was incorporated in 1994 as a part of the ICICI group. In 1999, ICICI became the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the New York Stock Exchange.

In January 2023, the Reserve Bank of India (RBI) announced that State Bank of India (SBI), ICICI Bank, and HDFC Bank continue to remain India’s Domestic Systemically Important Banks (D-SIBs). This means, these banks are ‘too-big-to-fail’ i.e, their failure can negatively impact our entire financial system leading to a situation of instability. Playing a crucial role in India’s financial stability, these banks will receive support from the government if there is any situation of financial crisis.

Being one of the top players in India’s banking industry and crucial to our financial stability, what is ICICI Bank doing to achieve its goal of Corporate Social Responsibility? What is the role played by the Bank for education, skill development, youth empowerment, women empowerment, supporting farmers, rural development, and other sectors which need attention?

Today, The CSR Journal takes a look at the top CSR projects of ICICI Bank with a focus on FY 2024.

CSR spent by ICIC Bank in FY 2024

During the financial year 2024, the Bank spent Rs 517.99 crore towards CSR activities in compliance with the CSR rules under the Companies Act, 2013. Environment and healthcare were major areas of focus for the Bank’s CSR activities in fiscal 2024. This is higher than the CSR spending in fiscal 2023, when the Bank spent Rs 463 crore in Corporate Social Responsibility (CSR) activities.

“The Bank has devoted significant resources to Corporate Social Responsibility (CSR) activities. The CSR initiatives span the thematic areas of healthcare, environment, supporting livelihood and community development. These include both large-scale projects as well as granular initiatives under the thematic areas spread across the country. Sustainability and scalability of projects are key pillars. The Bank estimates that its CSR initiatives have benefited over 12 million people thus far,” ICICI Bank Chairman Girish Chandra Chaturvedi stated in the Bank’s Annual Report for 2024.

During FY 2024, major focus areas for CSR were Healthcare and  Environment. Focus was given in the areas of healthcare and sanitation, environmental and ecological projects, livelihood and social interventions focussed on meeting specific local needs.

The Bank’s philanthropic arm, the ICICI Foundation has been the primary implementing partner and for undertaking desired socio-economic interventions.

ICICI Foundation

ICICI Bank undertakes CSR activities through its CSR arm ICICI Foundation for Inclusive Growth (ICICI Foundation), which was founded by the ICICI Group in early 2008. ICICI Foundation has been working towards building capabilities and developing innovative models in areas like primary healthcare, elementary education, skill development and sustainable livelihood and financial inclusion. It operates through a variety of models including public private partnership, working with grassroots organisations and direct intervention models.

Four major focus areas of ICICI Foundation include:

1. Affordable and Accessible Healthcare: This includes activities like providing ambulances, healthcare equipment and supporting treatment to underprivileged individuals.

2. Sustainable Environment and Ecology: This includes activities like tree plantation, sustainable forests, watershed management, rainwater harvesting and promoting renewable energy capacity.

3. Inclusive Approach for Societal Development: This includes activities like promoting education, sports, entrepreneurship, support to armed forces, disaster relief and projects undertaken in Aspirational Districts.

4. Income growth of the underprivileged: This includes activities like focusing on skill development in urban and rural areas, value chain development, climate smart agriculture and Rural Self-Employment Training Institutes.

Through the above activities, ICICI Foundation claims to have impacted the lives of about 10.9 million people across the country. Projects in areas like watershed management, value chain enhancement, afforestation, sanitation, skilling, responsible waste management and others have been taken up in 38 districts out of the 112 districts identified under the Government’s Aspirational Districts Programme.

1. Affordable and Accessible Healthcare

Through the ICICI Foundation, the Bank in FY 2024 has focused in the area of healthcare, support was extended for cancer care, cardiac care, eye care and trauma care by providing equipment, funds for surgeries, undertaking capacity building, organising eye screening camps and support for emergency care.

Contribution of Rs 1,200 crore to Tata Memorial Centre

In June, 2023, ICICI Bank announced a commitment to contribute Rs 1,200 crore towards Tata Memorial Centre, a premier institution that runs cancer treatment and research centres across the country. The bank donates the money from its CSR funds to set up three new buildings spanning over a combined area of 7.5 lakh square feet and equip them with state-of-the-art machines at Tata Memorial Centre’s centres at Navi Mumbai in Maharashtra, Mullanpur in Punjab and Visakhapatnam in Andhra Pradesh. ICICI Foundation will implement the initiative, which is likely to be completed by 2027.

ICICI Foundation has committed to setting up an ‘ICICI Radiation Oncology Block’ at the hospital’s Advanced Centre for Treatment, Research & Education in Cancer (ACTREC) at Navi Mumbai, Maharashtra. This block will be equipped with state-of-the-art radiology facilities including CT scanner and MRT, new facility for outdoor patients, laboratories and radiotherapy facility for in-patients.

The Foundation will also set up two ‘ICICI Paediatric and Haematological Oncology Block’ at Tata Medical Centre’s Homi Bhabha Cancer Hospital and Research Centre at Mullanpur in Punjab and Visakhapatnam in Andhra Pradesh. These centres will provide an array of advanced equipment and therapies, which are required to treat paediatric and haematological cancer.

2. Sustainable Environment and Ecology

Environmental and ecological protection is a critical developmental need for India with several regions facing challenges of water shortage, decline in soil quality and crop productivity. There is also a need to increase forest cover and create carbon sinks. ICICI Foundation in collaboration with the local authorities and administration has undertaken projects relating to water conservation and rejuvenating water bodies.

In the area of environment and ecology, extensive watershed and rainwater harvesting projects were taken up during the year as part of water conservation projects. Till March 31, 2024, total water harvesting potential of about 25.8 billion litres has been created across rural India.

The other area of extensive work done is in forest conservation. The initiatives on forest conservation and ecology included ensuring water availability, restoring habitat, enhancing biodiversity, preventing soil erosion, supporting afforestation and livelihood creation, and other green initiatives which included installation of renewable energy capacity for creating grid-free forests and supporting clean energy in villages. These efforts were across 53 forest reserves as on March 31, 2024.

3. Financial Inclusion and Rural Development Initiatives

With an aim to support rural economy, the Bank has taken initiatives to address their needs. The Self-Help Groups (SHGs) programme is an initiative that has contributed to entrepreneurship among women in the rural areas. The bank provides facilities like zero-balance savings account and term loans for meeting the business requirements of the women of these SHGs. The bank is also organising financial literacy camps and has set up dedicated service desks at select business centres to guide SHGs on banking procedures. The bank has tied up with about 546 Non-Government Organisations called Self-Help Promoting Institutions.

ICICI Foundation engaged with marginal and landless farmers and provided support for agricultural value chain development, livestock rearing and skill development for livelihood. This effort benefited about 80,000 individuals across various projects in fiscal 2024. As part of social interventions, projects were undertaken based on local needs and enabling community welfare and included activities such as development of infrastructure in remote areas, promotion of financial literacy, and improvement of access to education among marginalised communities.

ICICI Bank has been extending loans/providing financial support to less privileged women of the country through Self Help Groups – Bank Linkage Programme (SHGs-BLP) to give a boost to their entrepreneurial spirit. These initiatives have impacted 10.49 million women across the country through approximately 8.9 lakh SHGs loans as on March 31, 2024. Of these, over 4.67 lakh were first-time borrowers, who had not taken a loan from any formal financial institution. These SHGs are engaged in livelihood-generating activities which are helping them scale up their economic enterprises and improve financial security.

During fiscal 2024, the Bank availed USD 100 million from a financial institution for onward lending through its SHGs-BLP that aims to empower less privileged women in India to become self-reliant and to help them expand their businesses and enhance their earning capability.

4. Income growth of the underprivileged

ICICI Academy for skills

In 2013, ICICI Foundation launched a national-level initiative namely “ICICI Academy for Skills” to meet the demand for skilled labour and create sustainable livelihood opportunities for the less privileged youth. The Academy offers industry-relevant and job-oriented vocational training in 13 technical and 4 office skill courses. There are currently 26 Academies spread across 20 States/Union Territories, which provide free of cost training that empowers the youth to build a skilled India.

This is the flagship CSR initiative of ICICI Bank that tries to fill the gaps in urban settings by finding sustainable and dignified employment for youngsters. The very first Academy came about the year 2013 in the city of Jaipur, Rajasthan. The Academy also offers job placement for trainees after the course is completed. NSDC (National Skills Development Corporation) is the training partner.

ICICI Rural Self Employment Training Institute (RSETI)

Rural Self Employment Training Institutes (RSETIs) are set up by banks to provide vocational training to rural youth from marginalised communities as part of a national programme initiated by the Ministry of Rural Development, Government of India. On behalf of ICICI Bank, ICICI Foundation manages two residential ICICI RSETIs in Rajasthan at Udaipur and Jodhpur, and their 19 satellite centres in these two districts, since March 2011.

ICICI RSETIs at Udaipur and Jodhpur have been recognised as top performing RSETIs in India for eight years in a row, by the MORD and the National Centre for Excellence of RSETIs. ICICI RSETI Jodhpur also has the distinction of being recognised as India’s 1st IGBC rated ‘Net Zero Energy- Platinum’ building.

With a focus on providing vocational training to rural youth from marginalised communities, the ICICI RSETIs have been offering skill training in 23 trades which have local demand including electrician and home appliance repair, plumbing and sanitary works, masonry, carpentry, two-wheeler servicing & repair, handicrafts manufacturing, beauty parlour management, ladies tailoring, dairy farming and vermicomposting, office administration etc.

ICICI Foundation Rural Livelihood Programme

Launched officially in 2017, this ICICI Bank CSR initiative involves skill building of villagers, market linkages with local and national markets and sustainable livelihood generation. The Rural Livelihood Programme has been nurturing local value chains in some village clusters.

ICICI Foundation Rural Livelihood initiative works towards driving sustainable livelihood focusing on locally relevant trainings, providing market linkages thereby ensuring sustainable livelihood for the lesser privileged. With sustainable growth being the key driver for this programme, the interventions revolve around four strategic pillars of shortage, surplus, inclusion and environment.

The courses have an ‘Entrepreneurship Development’ module built-in that instils confidence in the qualities essential in running your own venture – taking risks and setting goals. There is a long handholding phase after the course is completed. This allows the bank to monitor the growth of rural entrepreneurs.

Sustainability – ICICI Bank to go Carbon neutral by FY 2032

ICICI Bank has committed to becoming carbon neutral in Scope 1 and Scope 2 by fiscal 2032, as outlined in its Environmental, Social, and Governance (ESG) report for 2023-24. The report emphasizes the Bank’s diverse initiatives, including efforts to mitigate environmental impact, promote inclusive growth for underprivileged communities, adhere to responsible lending practices, and maintain high standards of corporate governance. These efforts reflect the Bank’s overarching commitment to building a sustainable future within its ESG framework.

The ICICI Foundation’s commitment to environmental sustainability is exemplified by its conservation projects, including work in 53 forest reserves across 19 states. These efforts, such as tree plantations, water structures, and solar installations, have directly benefited over 20,000 individuals. These comprehensive initiatives, coupled with robust governance practices, position ICICI Bank as a leader in integrating ESG principles into its operations.