FinMin wants banks to be exempt from CSR spend

 

NEW DELHI.  Indian banks, particularly those owned by the government and facing an urgent need to raise capital, could get some relief.

 

The finance ministry has written to the corporate affairs ministry, asking the latter to exempt banks from the corporate-social responsibility (CSR) spending mandated by the Companies Act.  According to the finance ministry, since the country is considered a bank-led economy and as the economy is not doing well, banks should be exempted from spending on CSR activities till the economic conditions improve.