HDFC Banks CSR spend rises 20 per cent to Rs 444 crore in FY19

Mumbai: Largest private sector lender HDFC Bank on Wednesday said it spent Rs 443.80 crore on corporate social responsibility (CSR) in fiscal year ending March 2019. The statement, which comes amid an increased attention from the Government to make entities comply with the mandatory spending requirements, said the expenditure was 20% higher than the previous year.

After stoking a controversy by mulling to make non- compliance as a criminal offence for which company officials can be jailed, the Government seems to have backtracked, with a panel suggesting on Tuesday to make it a civil offence. "In the year ended March 31, 2019 the expenditure on CSR was Rs 443.8 crore, 20% more than the previous year making the Bank one of the largest such spenders," a statement said.

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