HDFC Bank has committed to increase the income of 5 lakh marginal farmers earning less than Rs 60,000 annually by 2025, as part of its flagship corporate social responsibility (CSR) initiative, HDFC Parivartan.
HDFC Parivartan
HDFC Bank’s focus on rural development reflects its 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.
Launched in 2014, HDFC Bank Parivartan was established with the vision to contribute to the socio-economic development of communities across India.
With a CSR expenditure of over ₹5,100 crore over the last decade, Parivartan has consistently aimed to empower individuals by creating sustainable livelihoods, fostering sustainable development, and making real-life changes.
Increasing Income of Marginal farmers
Mr. Kaizad M Bharucha, Deputy Managing Director, HDFC Bank said,”The bank, under its CSR initiative, plans to impart skill training to nearly 2 lakh individuals to equip them with capabilities that drive self-sufficiency. Bringing 2 lakh acres of unirrigated land under irrigation, fostering agricultural productivity, and offering scholarships to 25,000 meritorious underprivileged students to improve access to education are some of the initiatives the bank intends to undertake.”
“Economic and financial well-being of society is what every responsible lender should aspire to. Our commitment to this principle is underscored in our CSR programme. Unequivocally, the business of banking is underpinned by trust, and as a responsible lender, the bank stands committed to contributing to nation-building,”he added.
HDFC Bank has reported a CSR spend of ₹945.31 crore for the financial year 2023-24, an increase of nearly ₹125 crore from the previous year.
“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 of villages keep pace with growth. We prioritise rural areas for our programmes, and currently, 70 per cent of our initiatives are being implemented in such areas,” said Nusrat Pathan, Head of CSR, HDFC Bank.
Bharucha further mentioned that the bank is working towards becoming carbon neutral by 2031-32.
As part of this initiative, Bharucha said, the bank is focused on reducing its emissions, energy, and water consumption. The bank will continue to incorporate and scale up the use of renewable energy in its operations.
As part of its green initiative, the bank raised USD 300 million through its first-ever sustainable finance bond issue in February this year. The funds are being deployed for green and social loans, including support for MSMEs and electric vehicles (EVs), he added.
