AN ANALYSIS OF CORPORATE SOCIAL RESPONSIBILITY FUND SPENDING PATTERNS IN THE BANKING AND IT INDUSTRIES IN INDIA

Abstract

Corporate Social Responsibility is gaining importance in the corporate world. CSR has been practiced in India way from 1900’s as a philanthropy activity. CSR was made compulsory through the Companies Act 2013. In this study, the CSR fund spending pattern of Banking & IT industries from the financial year 2014-15 to 2018-19 were analyzed. Ten companies from each industry were chosen and conducted a comparative study using percentage analysis and the trend analysis. The results of the study showed that the spending pattern for CSR has increased in banking and IT industries after it was made compulsory by law and companies which made efficient utilization of their prescribed CSR fund. IT industry has spent more funds for CSR and it has been more profitable than Banking sector. The major activities that were focused by these industries are education, health & well-being, environment sustainability and rural development.