Research: Demand for CSR among Millennials

Banks mandated to allocate Tk 116 crore for CSR for the needy

According to a central bank notice issued yesterday, banks have to set aside one per cent of net profits earned this year as CSR to cater supports to people in the categories of affected, unemployed poor, rootless and despaired persons.

The amount, around Tk 116 crore, is to be used carry out corporate social responsibility (CSR) initiatives to aid essential goods and medical equipment to the underprivileged affected by the coronavirus pandemic. This fund has to be allocated on top of the existing CSR budget for each bank set aside for this year.

However, they will be allowed to adjust the 1% additional fund in the next three years between 2022 and 2024 by cutting down on their expenses allocated for CSR initiatives if needed.

Banks will disburse this year’s special fund through district commissioners (DC), non-government organisations (NGOs) and microfinance institutions (MFIs). The DC offices, NGOs and MFIs in question will have to open accounts with the respective banks, which will disburse the funds through them.

A bank will have to disburse 50 per cent of the allocated fund in city corporation areas and the rest must be distributed for the people living outside of the cities.

The Association of Bankers, Bangladesh, an organization of the top executives of banks, will monitor the special CSR activities.

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