Banks, NBFIs asked to submit annual CSR budget by Feb each year

Business Report :

Bangladesh Bank (BB) has directed all scheduled banks and non-bank financial institutions (NBFIs) to submit their annual corporate social responsibility (CSR) budgets, along with related documents, by February each year.

In a circular issued on September 7, the central bank said the move is aimed at monitoring CSR activities and ensuring proper utilization of funds in line with sector-wise expenditure requirements.

Banks and NBFIs must provide information on their net profit after tax for the previous year based on December accounts, along with a copy of the CSR budget approved by their boards, including the board memo.

If the budget is revised later, an updated version must be submitted with the six-monthly report.
The directive takes immediate effect, BB said in the circular.

Earlier in 2022, the central bank issued the last guidelines on CSR focusing on healthcare and environment issues to help ensure sustainable development of Bangladesh.

Under the guidelines, all the scheduled banks and NBFIs are allowed to expend minimum 30 per cent instead of 20 per cent earlier of total CSR funds to facilitate healthcare supports.