SBI lays Foundation for CSR actions, launches e-wallet

NEW DELHI .  State Bank of India (SBI) has set up SBI Foundation as a subsidiary to implement programmes under corporate social responsibility. The bank will set aside 1% of its profits for the initiative.
 
All the associates and subsidiaries will set aside 2% of their profits and this will also be channelised through the SBI Foundation. The annual corpus of the foundation will be Rs 175 crore, of which Rs 130 crore will come from the bank and the remaining from the subsidiaries.
 
 
Finance minister Arun Jaitley said while inaugurating the Foundation, "In spite of the constraints faced by public sector over private sector banks, SBI remains the market leader in the social and economic programes of the state."
 
He cited the examples of Jan Dhan Yojna and Social Security Insurance schemes, wherein SBI performed a commendable job and led others way ahead." SBI, he added, has "always been instrumental in CSR activities."