RBL Bank has confirmed its adherence to the Corporate Social Responsibility (CSR) obligation, earmarking 2% of its average net profit as mandated by the Companies Act, 2013. The bank has allocated these funds towards approved projects, including both ongoing and other than ongoing initiatives. Funds for ongoing projects have been deposited into a dedicated ‘Unspent Account’ as per regulations, ensuring full allocation of the prescribed CSR budget for the financial year.
RBL Bank’s CSR Allocation
RBL Bank has officially confirmed its compliance with the Corporate Social Responsibility (CSR) mandate, allocating 2% of its average net profit for the fiscal year. This commitment aligns with the provisions of Section 135 of the Companies Act, 2013, underscoring the bank’s dedication to social impact initiatives.
Project Funding and Compliance
The bank has earmarked its CSR obligation towards a portfolio of approved projects. These include initiatives that are currently in progress, alongside other projects planned over a four-year period. The total prescribed budget, derived from 2% of the average net profit, has been fully allocated. For ongoing CSR projects, the allocated funds have been meticulously deposited into a dedicated ‘Unspent Account’, as stipulated by the Companies Act, 2013, and its accompanying rules, ensuring transparency and proper management of CSR funds.
Reporting and Governance
The disclosures, as detailed in the Business Responsibility and Sustainability Report (BRSR), indicate that the bank has met its CSR obligation for the financial year. The report also details the governance structure and processes in place, including the role of the CSR Committee and the Board of Directors in overseeing these activities.
Source: BSE
