Srinagar: HDFC Bank has set a goal to increase the income of 5 lakh marginal farmers earning less than Rs 60,000 annually by 2025, as part of its corporate social responsibility initiative, Parivartan. This announcement comes as the Bank commemorates 10 years of Parivartan, which has already positively impacted the lives of over 10 crore people across India.
Launched in 2014, HDFC Bank ‘Parivartan’ was established with the vision to contribute to the socio-economic development of communities across India. With CSR expenditure of over INR 5,100 crore over the last decade, Parivartan has consistently aimed to empower individuals by creating sustainable livelihoods, fostering sustainable development, and creating real-life change.
Building on its decade-long legacy of interventions, HDFC Bank has outlined the key objectives to be achieved by 2025. These include income enhancement for 5 lakh marginal farmers earning less than Rs 60,000 annually, skill training for nearly 2 lakh individuals to equip them with capabilities that drive self-sufficiency, development and support for 20,000 institutions to promote local economies and sustainable livelihoods, promotion of 25,000 community-led enterprises, with 50% being women-led, bringing 2 lakh acres of unirrigated land under irrigation, fostering agricultural productivity, cultivation of 1 lakh acres of farmland to increase food security and rural income, scholarships for 25,000 meritorious underprivileged students to improve access to education, improving class-appropriate learning for 20 lakh students through focused educational interventions, surpassing its initial tree plantation target, with 38 lakh trees already planted against the FY25 goal of 25 lakh.
In FY23-24 alone, HDFC Bank Parivartan has engaged with over 150 NGO partners and implementing agencies. “We believe that collaboration is key. Economic and financial wellbeing of society is what every responsible lender should aspire for. Our commitment to this principle is underscored in our CSR programme. Unequivocally, the business of banking is underpinned by trust and as a responsible lender, and the Bank stands committed to contributing to nation-building,” he added.
The Bank’s Parivartan initiatives focus on 5 key areas of Rural Development, Promotion of Education, Skill Training and Livelihood Enhancement, Healthcare and Hygiene, and Financial Literacy and Inclusion. These pillars are also aligned with the 9 out of 17 United Nations Sustainable Development Goals (SDGs).
“With over 65% of India’s population residing in rural areas, we strongly believe that inclusive development can only be attained when the prosperity and livelihood in villages keeps pace with the growth. We prioritise rural areas for our programme and currently 70% of our programmes are being implemented in such areas,” said Ms. Nusrat Pathan, Head – CSR, HDFC Bank.
“Our initiatives encompass capacity building, the promotion of financial literacy, credit and entrepreneurial endeavours, along with enhancing skills for agricultural and related practices. Under the overarching theme of capacity development and creation of livelihoods, we have established separate goals for individual and institutional enhancement,” said Mr. Bharucha.
HDFC Bank to boost farmer income under ‘Parivartan’
