According to the Companies Act, 2013, the companies are required to spend at least 2 percent of their average net profits made in the preceding three years on corporate social responsibility (CSR).
In its 2019-20 annual report, IDBI Bank said there was no requirement for the bank to incur any spends under CSR for the 2019-20 fiscal because it had suffered a net loss in the preceding three years.
However as a conscientious corporate citizen, the bank had donated used computers to government and municipal schools for the benefit of the students as a part of its CSR initiatives during the reporting year.
Going forward, the bank should be able to do more CSR activities with improvement in its performance.
For the first quarter of 2020-21 financial, the IDBI Bank today reported a standalone net profit of Rs 144.43 crore as against a net loss of Rs 3,800.84 crore in the year-ago.
