Top 20 CSR Funds Providing Companies in 2024

Saturday , 20 November 2021- 5 min. read

CSR funds is among the key feature corporate business environment in the present-day world. It means taking full responsibility for the impact business makes on society and the environment. Another way that companies manage or meet their CSR objectives is through CSR financing, where a certain percentage of the profits or resources are used for social and environmental causes.

CSR fund providing companies can therefore be considered more than a corporate social responsibility; it also improves the company's image, attracts customers and investors, and in the process helps in the retention of employees.

What are CSR Funds?

CSR funds are financial resources that companies accrue with the sole purpose of financing projects that benefit society in general. These financial assets support various activities, ranging from protection of the natural environment to education improvement and healthcare advancement. Often, a separate department within the organization is responsible for such funds and for overseeing the CSR activity that implements the organization’s values as well as suitable for the community's needs.

India's Trailblazing Initiative

In 2013, India took one step toward voluntary corporate philanthropy, and many global countries have numerously supported this concept. It was also the first country to introduce legal requirements for CSR contributions, thus turning a prior act of voluntarism into a legal provision.

The Companies Act 2013 in India introduced a significant provision: It states that legal entity resources that correspond to certain requirements have to spend at least 2% of the average net profit for the three fiscal years on CSR activities. This comprehensive action has pervaded the corporate sphere and given social responsibility a strategic place in business practices.

Who Falls Under the CSR Mandate?

Make sure you have all you need ready before starting the registration procedure. Important qualifying criteria and paperwork needs consist in:

Applicability: CSR rules cover foreign businesses as well as all Indian enterprises—including holding and subsidiary corporations.

CSR fund providing companies that want to qualify must satisfy at least one of the following requirements from the previous financial year:

• Net worth above 500 crore
• Turnover more than ₹ 1000 crore.
• Net profit above ₹5 crore.

NGO Certifications: CSR money should go to NGOs bearing the following credentials:

• 80G Certificate
• 12A Certificate
• Non-Governmental Organizations Foreign Contribution Regulation Act Registration Certificate
• Documentation

Registration Certificate Compliance: Every paper has to be refreshed yearly and follow pertinent rules.

CSR spending has to be fully recorded in the annual report of the business together with details on policies, programs, money, and projects.

This comprehensive approach ensures that a significant portion of India's corporate sector, including both private and public entities, actively participates in social development initiatives.

The Spectrum of CSR Activities

The scope of CSR activities is intentionally broad, allowing companies to address a diverse range of societal needs. According to Schedule VII of the Companies Act 2013, CSR funds can be directed towards:

• Environmental sustainability
• Environment
• Philanthropic responsibility
• Community Development
• Emergency management
• Diversity and inclusion
• Education
• Employees
• Ethical labor practices
• Gender equality

How to Get the CSR Fundings?

• Explore Potential Donors: Seek out and investigate corporate donors whose principles resonate with your mission.
• Craft a Compelling Narrative: Create a robust project story backed by comprehensive documentation, featuring plans, financial details, and evaluations of impact.
• Highlight Additional Benefits: Showcase the ways in which your project can provide advantages to the company that extend beyond mere social impact.
• Expand Funding Approach: Minimize dependence on CSR funding by investigating alternative funding options.
• Foster Connections: Connect with corporate leaders and participate in thought leadership to build relationships.
• Ensure Transparency: Focus on clear communication and thorough evaluation of outcomes to foster and uphold trust.
• Adjust to Shifts: Remain adaptable and respond to changing CSR trends and business priorities.
• Persist and Learn: Keep pushing forward and embrace continuous learning to improve your opportunities for obtaining CSR funding.

We will take a look at the top 20 companies that are at the forefront of CSR fund providing companies, highlighting their contributions for the recent fiscal year.

1. Reliance Industries Ltd (RIL)

Reliance Industries showed a great dedication in 2022–23 to generate momentum motivated by passion and goal. Emphasizing a people-centered strategy based on their deep-rooted "We Care" concept, the organization concentrated on enhancing lives, inspiring hope, and supporting dreams. Their goals and behavior were molded by this guiding concept, which also guaranteed that their CSR initiatives were significant and influential.

Reliance confirmed its importance as a major contributor to social welfare and community empowerment in India by allocating ₹1,271 crore to a spectrum of need-based, high-impact CSR projects throughout FY 2022–23.

• Educational initiatives
• Art, culture and heritage
• Health
• Disaster Management
• Rural transformation projects
• Sports development
• Women's empowerment
• Environmental conservation

2. Tata Consultancy Services (TCS)

With an eye towards rural areas especially, Tata Group focuses especially on promoting STEM (science, technology, engineering, and mathematics) education. In line with the underlying values of the business, Tata allocates its best resources to improve literacy and foster the future innovators and tech leaders. Apart from education, the company's CSR initiatives aim to address other important spheres for social effect including sanitation, healthcare, and marine preservation, so supporting more general society well-being and sustainable growth.

Tata Consultancy Services (TCS) set out ₹727 crore for corporate social responsibility (CSR) projects in FY 2021-22. With TCS investing ₹783 crore on different CSR initiatives in FY 2022–23, proving their continuous attention to social impact and community development, this dedication grew in the next year.

 3. Oil and Natural Gas Corporation Ltd (ONGC)

ONGC uses a structured stakeholder engagement and communication strategy to obtain a better knowledge of stakeholder expectations. This realization is applied to create impact-oriented, outcome-based initiatives in important areas of concentration. Aiming to progressively lower its carbon and water footprint by creative waste management, effective energy use, and biodiversity protection, the organization also gives ecologically sustainable business practices first priority.

4. Tata Sons Private Limited

Tata Industries Limited allocated Rs. 548.83 crores to remain committed to improving the quality of life in the communities it serves. Its efforts at corporate social responsibility (CSR) center on a dedication to long-term stakeholder value creation. Tata Sons uphold their founder's vision of community-centric business:

• Livelihood & Employability
• Health
• Education
• Environment

5. HDFC Bank Ltd

HDFC knows that India's social problems are complicated and that they call for diverse answers. Aiming to provide deep, long-term impact that helps to contribute to a more developed and inclusive society, HDFC works across several social interventions and development projects under part of its corporate social responsibility (CSR).

By means of direct partnerships with non-governmental organizations (NGRs) and by means of ongoing cooperation with the H T Parekh Foundation, HDFC strengthened its commitment to the social sector this year, therefore augmenting its efforts in generating sustainable social change.

6. Indian Oil Corporation Ltd (IOC)

Indian Oil's devotion to the nation is seen in its Corporate Social Responsibility (CSR) programs, which are summarized in the slogan "Pahle India Phir Oil." Driven by a vision of community care and environmental stewardship, Indian Oil sees CSR fund providing companies as a consistent ethical approach to business that supports economic growth while improving the quality of life for surrounding local communities, especially those close to its activities, focussing on:

• Safe drinking water and protection of water resources
• Healthcare and sanitation
• Education and vocational skill development
• Rural development
• Environmental sustainability
• Empowerment of women and socially/economically backward groups

7. Infosys Limited

Infosys Limited has been a pioneer in implementing corporate social responsibility (CSR) activities. Apart from its outstanding economic performance, the corporation gives environmental and social responsibility top priority since complete corporate development depends on these aspects.

• Hunger, Poverty, Malnutrition and Health
• Education
• Rural Development Project
• Gender Equality and Empowerment of Women
• Environmental Sustainability
• National Heritage, Art and Culture
• Disaster Management

8. Bharat Petroleum Corporation Limited

BPCL is committed to "energizing the grassroots" as a fundamental component of reaching the Sustainable Development Goals in line with more general society objectives. The organization has embraced a philosophy of social support to strengthen communities since it thinks that sustainability is created by ethical activities, focusing on:

• Education
• Environmental Sustainability
• Health and Sanitation
• Skill Development
• Community Development

9. Power Grid Corporation of India Ltd

POWERGRID has long been committed to societal contributions through its CSR programs, even before the CSR Act of 2013 was passed. The company matches its activities to 15 of the 17 Sustainable Development Goals set by the UN in 2015. POWERGRID uses a thorough 360° project strategy to guarantee that its CSR initiatives are sustainable and properly carried out for the advantage of particular local areas.

10. ITC Limited

ITC Limited is required by Section 135(5) of the Companies Act, 2013 to allocate ₹403.47 crores for corporate social responsibility (CSR) activities, equivalent to 2% of its average net income. Investing ₹404.05 crores for the fiscal year 2023-24, ITC exceeded this criterion as a show of its great dedication to social and environmental welfare.

• Poverty Alleviation
• Education and Skill Development
• Healthcare
• Environmental Sustainability
• Climate Resilience
• Rural Development
• Heritage and Culture
• Sports Promotion

11. National Thermal Power Corporation Ltd (NTPC)

NTPC has regularly gone above the Companies Act's CSR expenditure targets. The corporation set ₹200.57 crore for CSR projects for the fiscal year 2023-24, more than the required ₹112.79 crore.

12. Hindustan Zinc Limited

Vision of Hindustan Zinc is "To improve the quality of life and economic well-being of the communities around our operations." Apart from the government, the local communities—especially in Rajasthan—also provide the company's license to operate. Being a socially conscious company, Hindustan Zinc matches its initiatives to national priorities, community needs, and the Sustainable Development Goals of the United Nations

The CSR donation company success stems from its services to society and encouragement of teamwork. Real development comes when it creates chances for the people living in the nearby areas to improve their lot of living.

13. REC Limited

The REC Foundation is deeply committed to CSR, emphasizing programs that connect with sustainable development goals and national concerns. Across fields including health, sanitation, safe drinking water, education, skill development, women empowerment, and environmental sustainability, the Foundation has supported over 400 projects. More than ₹1,300 crore has already been distributed; over ₹2,000 crore has been approved for CSR projects.

14. Mahanadi Coalfields Limited (MCL)

MCL follows a unique CSR approach requiring:

• 80 percent of its corporate social responsibility (CSR) funds will be allocated within a 25-kilometer radius of its operational areas.
• The final 20% should go to other parts of Odisha.

This targeted approach guarantees that communities immediately impacted by MCL's activities get major advantages, therefore creating a mining industry paradigm of ethical corporate behavior.

15. NMDC Limited

The CSR initiatives of NMDC center on improving infrastructure, healthcare, sanitation, drinking water, employable skills development, and education. Local governments and local communities as well as other diverse stakeholders are consulted on these projects. Tribal populations living close to NMDC's remote mines—which are scattered—are the main gainers.

16. Tata Steel Ltd

The CSR fund providing companies projects of Tata Steel are meant to have a major and long-lasting influence on the areas of operation of the company. These initiatives not only help society but also provide chances for workers to participate in significant voluntary labor. Tata Steel increases personal fulfillment and job satisfaction by including its employees in CSR events, therefore transcending the company's financial goals.

Their initiatives focus on:

• Health & Nutrition
• Education
• Employment and Employability Enhancement
• Women Empowerment
• Environmental Sustainability
• Promoting Rural Sports
• Supporting the Specially Abled

17. Hindustan Petroleum Corporation Limited (HPCL)

HPCL is committed to encouraging long-term social and economic growth through its various CSR activities, which are roughly classified as Child-Care, Education, Healthcare, Skill growth, Environment & Community Development, and Sports.

The CSR donation company image as a social conscious business has been much improved by its dedication to social responsibility. Children with special needs, girls from tribal areas, long-distance truckers, socially deprived people, and unemployed women are among the vulnerable and underprivileged groups that HPCL's activities have especially helped.

Notable projects include:

• Project ADAPT
• Project Dhanwantari
• Project Dil without Bill
• Project Nanhi Kali
• Skill Development Institutes
• Kashmir Super 50 (Medical)
• Pradhan Mantri Ujjwala Yojana (PMUY)
• Swachh Bharat Abhiyan

18. Wipro Ltd

Wipro's attitude to corporate social responsibility (CSR) shows a strong and systematic will to solve environmental and social issues. The firm works holistically on these problems, trying to inspire significant and long-lasting transformation. Wipro's all-encompassing strategy seeks to build a society more fair, equitable, compassionate, and sustainable.

Wipro committed ₹215.7 crores in CSR projects in FY 2022-23, exceeding the mandated expenditure of ₹198.6 crores stipulated by the Companies Act of 2013.

19. HCL Technologies Limited

HCL Tech is proud of its deep social conscience, which stems from a strong relationship to the communities in which it operates. The business appreciates any effort to benefit the society since it understands that even little deeds add up to significant change. The passion of HCLTech to help the disadvantaged and have a beneficial impact on the environment goes beyond a set of one-sided projects; rather, it is a continual will to bring about long-lasting changes in people's life.

The key programs of HCL Foundation—Uday, Samuday, HCL Tech Grant, Harit, Sports for Change, my e-Haat, and HCL Academy— are their first priority.

20. Coal India Ltd

Coal India Ltd far above its mandated Corporate Social Responsibility (CSR) expenditure in FY 2022-23, allocating Rs 513 crore—15.3% more than the necessary Rs 445 crore. CIL's overall CSR funds over the past four years has exceeded the required level of Rs 1,735 crore by 29%, hence adding further Rs 503 crore.

Connecting Corporates and NGOs: i2u Social Foundation

Thousands of NGOs across the country work to address diverse socio-economic issues, but many struggle to engage with corporations for CSR cooperation. Here the i2u Social Foundation comes in handy. By working with vetted NGOs all throughout India, we help CSR donation company to guarantee efficient cooperation and impact.

Twelve key areas—literacy and education, health and nutrition, environmental conservation, women empowerment, poverty reduction, elder care, animal welfare, skill development, inclusivity for persons with disabilities, child welfare, water conservation, and heritage preservation—are the emphasis of the i2u Social Foundation.

We provide complete support services to CSR donation company so they may control and improve their CSR projects, therefore closing the gap between corporate goals and social effect.