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Corporate Social Responsibility
The Bank has a long-standing commitment to corporate social responsibility (CSR). The Bank’s contribution to socio-economic development includes several pioneering interventions, with a focus on meeting specific goals. The activities are largely implemented directly or through the ICICI Foundation for Inclusive Growth (ICICI Foundation).
1. Composition of the CSR Committee:
| Director | Directorship | CSR Committee |
|---|---|---|
| Mr. Radhakrishnan Nair | Independent Director | Chairman |
| Ms. Rama Bijapurkar | Independent Director | Member |
| Mr. Uday Chitale | Independent Director | Member |
| Mr. Anup Bagchi | Executive Director | Member |
2. CSR Policy
The CSR Policy of the Bank sets the framework guiding the Bank’s CSR activities. It outlines the governance structure, operating framework, monitoring mechanism and principles for selecting CSR activities. The CSR Policy pertains to all activities undertaken by the Bank towards fulfilling its corporate social responsibility objectives. The CSR Committee formulates and recommends to the Board the CSR Policy and any amendments thereto, and ensures compliance with the CSR Policy. The Bank’s CSR activities are largely focused in the areas of education, health, skill development and sustainable livelihoods, environmental projects, rural development and any other activities that are conforming to Schedule VII of the Companies Act, 2013.
The CSR Policy was initially approved by the CSR Committee in July 2014. The CSR Policy was last revised in April 2021. Web-link to the Bank’s CSR policy: https://www.icicibank.com/managed-assets/docs/about-us/ICICI-Bank-CSR-Policy.pdf
| Focus Areas | Project/Programme |
|---|---|
| COVID-19 relief activities | Contribution to PM CARES Fund and other Covid-19 relief efforts undertaken directly and along with ICICI Foundation |
| Skill development, Rural livelihood, and Social & Environmental projects | Activities of ICICI Foundation for Inclusive Growth |
| Rural development and related activities | Promoting financial inclusion and digitisation of activities in rural areas |
| Donations and grants | Disaster relief, promoting healthcare, education, or other activities under Schedule VII of Companies Act, 2013 |
| Others | Support activities in areas like disaster relief, environmental and social awareness, promoting healthcare and sanitation, making available drinking water, empowering women, supporting economically backward groups |
| CSR Activities | Details |
|---|---|
| Covid-19 relief activities | Covid-19 relief efforts undertaken directly and along with ICICI Foundation |
| Urban Livelihood, Rural Livelihood and Social & Environmental Projects | Activities to be implemented through ICICI Foundation for Inclusive Growth |
| Rural Development and related activities | Promoting financial inclusion and digitisation of activities in rural areas |
| Social Awareness | Creating public awareness around themes like environmental sustainability, health, education, safety, gender equality etc. |
| Education, healthcare, empowering economically backward groups | Activities qualifying under Schedule VII of Companies Act, 2013 in areas like education, sanitation, healthcare, supporting economically backward groups, and sports |
| Disaster management & others including donations | Contributions to be made in case of emergencies and need based financial support |
4. Impact Assessment
The Bank undertakes impact assessment of its CSR activities. In fiscal 2021, impact assessment for three major CSR activities were undertaken. These include skill development initiative under the ICICI Academy for Skills conducted through the ICICI Foundation, and the rural development and social awareness programme, implemented directly by the Bank.
Below are the impact assessment reports:
- Livelihood initiative under ICICI Academy for Skills
- Financial inclusion programme
- Social awareness programme
ICICI Foundation for Inclusive Growth
The ICICI Foundation was set up in 2008 to further strengthen the Group’s legacy of promoting inclusive growth. ICICI Foundation focuses on high impact projects that are sustainable. To view the activities of ICICI Foundation, click here.
