The government has been urged to adopt a policy on corporate social responsibility (CSR) to ensure participation of all sectors, including bank and financial institutions, and widen coverage of the service.
Speakers at an international conference in Dhaka yesterday said the CSR should be backed by legislation to ensure participation of all organisations in the society.
The observation came at the 3rd Social Responsibility Asia (SR Asia) International Conference on Responsible Business Conduct in Poverty Alleviation and Financial Inclusion through Green Banking and CSR held yesterday at Bangladesh Bank Training Academy in the capital.
SR Asia in association with CIRDAP and GIZ organised the two-day conference, inaugurated by Bangladesh Bank Governor Atiur Rahman.
SR Asia International Director Birendra Raturi cited India’s role in promoting the CSR activities.
He said India has already CSR laws and total annual financing for CSR activities is around Tk40,000 crore.
Some 7.5 crore poor people opened bank accounts in last four months after the new Modi government took power, he said, adding that of the bank clients, 75% opened accounts with zero amount and 25% opened with deposits.
Mahfuzul observed that Bangladesh Bank has CSR guideline which is only for banks and financial institutions, but there are many sectors where the government has to come up with a policy to involve them in CSR activities.
He suggested the government to compel the organisations by law to finance CSR.
Governor Atiur Rahman said the Ministry of Planning already started formulating a CSR policy as it is holding discussion with the central bank in this regard.
Bangladesh Bank is also trying to find a strategy on CSR financing based on its existing guidelines, he said.
“We are going to bring change to monetary policy by increasing financing for productive sectors as well as agriculture sector and green product.
The central bank is also going to build a green factory by its own financing within a couple of months, which will supply only green products, said Atiur.
“Why will not bank and financial institutions respond to people’s call when they get deposits from people?” the governor posed a question.
