The trees, which will begin bearing fruit in 3-4 years, are expected to generate an annual income of Rs 6 crore for the beneficiaries, the bank said in a statement.
The tree planting initiative will be implemented through NGO partner Swades Foundation.
“The initiative marks 40 years since Deutsche Bank opened its first branch in the country in Mumbai and also four years of a successful partnership with Swades Foundation in helping transform the lives of tribal and other indigent families in Raigad district,” the bank said.
Deutsche Bank established its first branch in India in 1980 and currently operates branches in 16 cities.
Deutsche Bank’s partnership with Swades Foundation, now in its fourth year, has impacted the lives of 43,500 people in the Raigad district so far and has involved the bank’s employees volunteering over 2,500 hours since April 2018.
Commenting on the new initiative, Deutsche Bank India Chief Country Officer Kaushik Shaparia said, “Supporting small-scale agriculture has a significant impact on reducing rural poverty. ..We’re confident that our partnership with Swades Foundation will meaningfully transform the lives of people in Raigad district.”
Swades Foundation Founder Ronnie Screwvala said, “Deutsche Bank’s relentless efforts towards rural upliftment in India are noteworthy and we are happy to be part of the shared vision to transform and empower India at a grassroots level.”
Deutsche Bank has been one of our biggest supporters in rural transformation in the last four years and the Foundation looks forward to celebrating many more exciting milestones together, he said.
Through its ‘In the Community’ programme, Deutsche Bank has worked with Swades Foundation to touch the lives of over 10,000 rural families, providing sustainable access to clean water in homes as well as in the fields to promote agri-based livelihoods.
Greater access to potable water alone has improved the standard of living of over 1,000 families in the district and the more judicious use of the resource has brought over 1,200 acres of additional farmland under irrigation, allowing for greater crop rotation, it said.
In this Covid-19 pandemic, Deutsche Bank and Swades Foundation have together distributed over 11,000 grocery and daily essentials kits in rural homes in Raigad since April.
In Mumbai, the bank has also supported the NGO in providing nine ventilators and 14 oxygen concentrators to Dr R N Cooper Municipal General Hospital and HBT Trauma Care Hospital, the bank added.
