YES BANK recorded a negative average net profit in accordance with Article 135(5) for the financial years 2020-21 and 2021-22 and therefore had no CSR obligations and/or CSR projects during the last two financial years. Therefore, the impact assessment requirement does not apply to the Bank’s CSR projects. However, as a best practice, a third party impact evaluation was conducted for the Bank’s project to provide access to safe and clean drinking water to over 1,000 rural households in Maharashtra.
The profit and loss account on CSR-related activities is “nil”
The amount the Group was expected to spend on CSR during the year was “nil” (prior year Rs. “nil”). The amount spent on CSR during the year and recognized as an expense in the income statement for CSR-related activities is “Nil” (Prior year Rs “Nil”). With a “nil” CSR budget, although there were no new CSR expenditures, the Bank continued to monitor ongoing positive impact projects launched in previous years and oversee the use of grants corpus made in previous years at the YES Foundation.
Virtual Employee Volunteer Experience
Through its Employee Volunteering Virtual Experience (EVOLVE) initiative, the Bank enabled its employees to contribute to community development. This year, more than 2,000 YES BANKers donated nearly 3,000 volunteer hours to social causes. The focus of employee volunteering activities was to reach and support COVID patients, rural farmers and disadvantaged youth. YES BANK aims to contribute to nation building and to have a significant and measurable impact in people’s lives. YES BANK undertakes CSR initiatives to promote the principles of social responsibility and inclusive growth through awareness and support, build trust among its stakeholders including society at large and establish the Bank as a responsible corporate citizen .
Corporate Social Responsibility (“CSR”) Policy
Thanks to its philosophy of corporate social responsibility, YES BANK has created value for its stakeholders by implementing projects based on unique models with a scalable and sustainable impact. Guided by its Corporate Social Responsibility (“CSR”) policy, the Bank has generated positive internal and external socio-environmental impact by following a unique approach.
Approach to CSR
• Promote the principles of social responsibility and inclusive growth through awareness and support.
• Invest in socially and environmentally responsible activities to create a positive impact.
• Collaborate with stakeholders to advance the Bank’s sustainable development agenda and empower them to acquire knowledge.
• Collaborate with like-minded institutions and forge partnerships to meet stakeholder needs.
• Monitor YES BANK’s environmental and social investment through structured governance and transparent performance indicators.
Area of intervention under CSR
• Promote education and improved livelihoods
• Promote gender equality
• Ensure environmental sustainability
• Promote rural development
YES BANK’s community development initiatives are guided by its five-pronged approach to CSR: Promote, Invest, Engage, Collaborate and Monitor. The Bank’s CSR Policy guides the Bank to ensure that its initiatives are aligned with priority areas and are relevant, effective and replicable. All projects have woven clear feedback mechanisms, emphasizing long-term sustainability and active community ownership.
One of the many ways the Bank assesses the sustainability and community ownership of its projects is through an impact assessment study. This year, an impact assessment study for a drinking water project in the Raigad district of Maharashtra was conducted. The study, undertaken by an independent third party, concluded that the project had achieved its goal of providing safe drinking water to 1,600 rural households, raising awareness of waterborne diseases and enabling the community to reduce the cost of water. electricity through the installation of solar panels.
Social return on investment
The social return on investment calculated for this project was that for every Rs. 1 invested in the project, Rs. 10.17% of social value was generated. The study also concluded that the project was sustainable since 99% of the respondents knew who to contact in case of repairs and 85% of the respondents were convinced that the water structures will be regularly maintained thanks to the trained water committees.
Financial Literacy Initiatives
The Inclusive and Social Banking unit offers a range of financial products and services targeting the bottom of the pyramid in rural, semi-urban and urban India. The Bank also undertakes financial education initiatives for the underserved. The Bank has designed customized modules in vernacular languages and over 8.6 lakh ISB clients have received basic financial literacy training through these modules to date (2.5 lakh this fiscal year). In addition, more than 1,320 financial education camps were also organized this year by the Bank’s rural branches. As part of its CSR mandate, the Bank is leading key initiatives in the areas of livelihoods and water security, skills development, and environmental sustainability, among others.
CSR impact study
The Bank conducted an impact assessment study of its drinking water project in the Raigad district of Maharashtra. The study, undertaken by an independent third party, concluded that the project had achieved its goal of providing clean drinking water to 1,600 rural households.