SBI creates a foundation group to carry out its CSR activities

Mumbai. State Bank of India (SBI) has created a separate company, SBI Foundation, to carry out its massive CSR initiatives and hopes to get it "running" from July.

 

"We have been spending over 1% of our profit on CSR even before the new law on corporate social responsibility (CSR), mandating every company to spend 2% of its profit on such activities, came into effect. This is despite the fact that we are not legally bound to do so as we are not governed by the Companies Act.