STAR BUSINESS REPORT

One-fourth of the 61 banks in Bangladesh accounted for 72 per cent of the total Tk 1,129 crore spending on Corporate Social Responsibilities (CSR) in 2022, according to a Bangladesh Bank report released last week.

The remaining banks spent the rest 28 per cent, the data showed.

Bankers say they spent most of the money for education, health and disaster management and climate change adaptation as per the guideline.

As per the rule, banks have to invest 30 per cent of their CSR fund in education, 30 per cent in health and 20 per cent in disaster management and climate change adaptation.

Additionally, they have to send 5 per cent of their CSR funds to the Prime Minister’s Education Assistance Trust, according to the central bank’s directive.

“Our spending for education under CSR is increasing. A portion of our CSR funds also goes to the Prime Minister’s Relief and Welfare Fund. We participate whenever there is a national call like natural disaster,” said M Reazul Karim, managing director and CEO of The Premier Bank.

The private bank spent Tk 49.5 crore for CSR initiatives in 2022 and was the fourth largest spender in this area after Islami Bank Bangladesh Ltd (IBBL), Dutch-Bangla Bank Ltd (DBBL) and Exim Bank.

“Our CSR activities mainly cover humanitarian and disaster relief, education, health, environment as well as arts, literature, culture and sports. During 2022, we spent Tk 327 crore for covering 632,674 beneficiaries,” said Mohammed Monirul Moula, managing director of IBBL.

He then said IBBL carries out its CSR activities beyond the regulatory threshold.