Banks directed to increase allocation in CSR sector

The central bank has issued the directives to the country’s all banks to increase the cost of corporate social responsibility (CSR) activities. 

Bangladesh Bank has asked banks to spend an additional one per cent of their net profit on the CSR sector this year. 

A circular in this regard was issued by the Banking Regulation and Policy Division of Bangladesh Bank on Monday (April 26).

According to the directives, if a bank allocates one crore taka in the CSR sector in 2021, if the net profit of that bank is 100 crore takas in 2020, then a total of two crore taka will have to be spent in the CSR sector this year, including an additional one crore.