BFIs can utilise CSR budget for causes of those affected during Gen Z movement

Kathmandu, Oct 15: Banks and financial institutions are now permitted to allocate their Corporate Social Responsibility (CSR) budgets to support those affected by the Gen Z demonstrations that took place on September 8–9.

The Nepal Rastra Bank (NRB) has made this possible by introducing the second amendment to the CSR Guidelines for Banks and Financial Institutions – 2081 BS. With this amendment, CSR funds can now be used to assist the injured and the families of those who lost their lives (referred to as "martyrs") during the demonstrations. 

Under the CSR policy, banks and financial institutions are required to allocate one percent of their net profit for social welfare initiatives. Following the amendment, the CSR budget may be used for covering the medical expenses of injured individuals from underprivileged backgrounds who are receiving treatment in government hospitals. 

It can be used for enhancing the income-generating capacity of martyr families who lack direct employment, through skills enhancement training provided by institutions under the Government of Nepal and approved by the government.(RSS)