The report has been prepared to document the impact driven in the financial year up to March 31 2019.
Some of the initiatives that the bank achieved as part of the CSR activity are as follows:
"An Integrated Report gives a holistic picture of the value created for not just shareholders but all its stakeholders including customers, employees, and society at large," said the bank in its release.
Parivartan, the bank's umbrella campaign for social initiatives saw a CSR expenditure of Rs 443.8 crores in the financial year ending March 31, 2019. This expenditure was higher by 20 per from the previous corresponding year. The bank said in a note that this expenditure makes the bank, one of the largest such spenders in the country.
Elaborating on the large contributions, the bank claims that with over 96 lakh beneficiaries, all women, Sustainable Livelihood Initiative (SLI) "has been the single biggest contributor to impacting over 5 crore Indians. This is equivalent to 3.84 crore individuals (96 *4 per family). Under SLI, women are given occupational skills training, financial literacy, and credit counselling in addition to credit through Self-Help Groups or Joint Liability Groups."
The bank added that Teaching the Teacher program was the second biggest contributor. The importance of the program stems from the premise that there were 15 lakh teachers and a potential 1.6 crore student' lives to be impacted. The rest [of the contribution] came from the Holistic Rural Development Programme, Healthcare & Hygiene, and Skills Training & Livelihood Enhancement Initiative (excluding SLI beneficiaries).
"Parivartan is our way of making a difference in the lives of millions of people across the country. We are trying to bring about holistic, sustainable, long-term impact in their lives helping them as well as the nation progress. We take this opportunity to reaffirm our commitment to all our stakeholders." Ashima Bhat, Group Head-CSR, Business Finance & Strategy Administration and Infrastructure at HDFC Bank was quoted as saying.
Shyamala Gopinath, Chairperson at HDFC Bank and a former Deputy governor with the Reserve Bank of India was quoted as saying, "We join a select club of corporates in India, who have adopted Integrated Reporting. This is a global best practice but not yet mandatory in India. It is heartening to see the Bank continuing to strive to adopt highest standards of disclosure and reporting. All our stakeholders and not just shareholders will now be able to see the value we have created for them in one place. Especially through Parivartan which works at the very foundation of human life to bring about positive change."
The bank explained that the integrated report is a voluntary report for firms to file. The report is in line with the guidelines issued by the International Integrated Reporting Council (IIRC) and measures the value created on the basis of six capitals - Financial, Manufacturing, Intellectual, Human, Social & Relationship and Natural. "In India, SEBI has said that Integrated Reporting may be adopted on a voluntary basis by the top 500 companies which are required to prepare Business Responsibility Reports," added the report.