The central bank has issued a revised Corporate Social Responsibility (CSR) reporting format for all the scheduled banks and non-banking financial institutions (NBFIs) to enhance their responsibilities for socioeconomic development.
Different issues including involvement of external implementing agency/third party/foundation for implementing the CSR activities have been brought under the revised reporting format, officials said.
"We've included some policy issues in the latest reporting format aiming to ensure accountability and transparency in the CSR activities," a senior official of the Bangladesh Bank (BB) told the FE.
He also said it will also help assess performance of the banks and NBFIs for execution of the overall CSR programmes properly.
The banks and NBFIs have been asked to submit statements regarding initiatives in CSR programmes in line with the prescribed format to the Sustainable Finance Department of the central bank on half-yearly basis, according to a notification issued by the BB on Sunday.
The statement for first-half (H1) covering January-June period of each calendar year will have to be submitted by the last working day of July, according to the officials.
On the other hand, the statement for second-half (H2) covering July-December period must be submitted by the last working day of January.
The officials also said the revised CSR reporting format has been prepared considering the latest guidelines on CSR issued by the central bank on January 10, 2022.
The central bank had issued the latest guidelines on CSR focusing on healthcare and environment issues to help ensure sustainable development of Bangladesh.
Under the guidelines, all the scheduled banks and NBFIs are allowed to expend minimum 30 per cent instead of 20 per cent earlier of total CSR funds to facilitate healthcare supports.
Besides, expending for environment and climate change migration and adaption sector has been enhanced to 20 per cent instead of 10 per cent earlier of total CSR funds.
Earlier on December 22, 2014, the central bank had issued first guidelines on CSR for the banks and NBFIs to ensure use of the funds through boosting monitoring and supervision.
