IMPACT Annual Report

2023-24

SBI Foundation
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Annual Report 2023-24
Annual Report
2023-24
Contents
Page No.

Chairman’s Foreword 4

Message from DMD (HR) & CDO 5

From the Managing Director’s Desk 6

Board of Directors 7

About SBI Foundation 8

Funders 10

The Year at a Glance 11-12

Jivanam 15-20

Gram Seva 21-30

Youth for India Fellowship 31-36

Integrated Learning Mission (ILM) 37-42

Centre of Excellence for PwDs 38-50

Livelihood and Entrepreneurship Accelerator 51-60

Program (LEAP)

Conservation through Sustainable Engagement, 61-68

Restoration and Wildlife-Protection (CONSERW)

Ace 69-72

SASHAKTI 73-76

Awards 78-79

Directors’ Report 80-105

C&AG Report 106

Independent Auditor’s Report 107-115

Notes to Financial Statements 116-119

Balance Sheet 120-135

 Message from
Chairman, SBI

Committed to Sustainable
and Inclusive Growth

Our country has been undergoing a rapid We have supported diverse interventions like
transformation at an exceptional pace and renovating schools, mechanised farming,
scale for over a decade. We at SBI Foundation sending 580 fellows to grassroots communities,
are committed to contributing towards online training of healthcare professionals, and
building momentum for transforming India reintegrating survivors of trafficking. In this
and ensuring no Indian is left behind. short span, we have touched the lives of more
than 31 Million Indians.
Established to strategically manage the State
Bank of India Group’s CSR initiatives, SBI Through collaboration with our different
Foundation has initiated many steps towards stakeholders, both big and small implementing
creating a deep social impact. In alignment partners we have successfully created a space
with SBI’s mission to serve the nation, SBI for ourselves in the development landscape.
Foundation could launch 145 initiatives across
diverse sectors in FY 2023-24. Our focus on We commence a new chapter in FY 2024-
education, environment, rural development, 25, dedicated to expanding our reach and
livelihood, healthcare, women empowerment, redefining our strategy. I extend my heartfelt
sports, and environmental conservation gratitude to our team, whose passion for
significantly contributes to national goals of sustainable and inclusive India is unmatched.
inclusive growth. We feel duty-bound to build a developed, more
inclusive India aligned with our Hon’ble Prime
In the past 9 years of active CSR interventions, Minister’s vision of a ‘Viksit Bharat 2047’. Join us
SBI Foundation has emerged as an agent of in shaping a better future for India.
change through sustainable initiatives. Our
efforts have strengthened our resolve to ensure With warm Regards,
responsible development across key domains
such as healthcare, rural development,
women empowerment, education, and the
environment. Dinesh Khara
Chairman, SBI

4
Message from
DMD (HR) & CDO

Social Impact is Our

Core Business

My heart fills with pride as we showcase the Education Impact Bond, We have also provided
outcome of our year-long efforts for driving assistive devices to empower persons with
sustainable development. It has been an disabilities, ensured inclusive education for
honour and a privilege to be a part of this PwDs, and offered compassionate care for
journey and make consistent efforts to achieve individuals in the final stages of life, our work
numerous milestones in the years 2023-24. spans a wide spectrum.

We are grateful for the support received from We have also made progress in setting up
all our stakeholders and implementation an Organ Donation ecosystem, preventing
partners, without them, it would not be possible child sexual abuse, conserving the Red
to achieve our goals. Our team has been the Panda, combating Anti-Microbial Resistance,
driving force behind the successful execution incubating start-ups, and supporting
of all our programs, thus enabling better quality Genomics-guided pandemic prevention. Our
of life for millions of people across the nation. impact has been far-reaching and continues to
grow.
Enhancing the lives of people has been
at the centre of all our initiatives, which We will continue to design innovative programs
has encouraged us to design and execute that address critical challenges and drive
initiatives in the most remote locations. We positive outcomes. Together, we can create
strongly believe in reaching the margins of a more equitable and sustainable future. We
society to provide everyone with necessities for invite you to join us on this journey.
a dignified life.
With warm Regards,
Over the last 9 years, SBI Foundation’s
commitment to sustainable development has
led to groundbreaking innovations and policy
initiatives. From setting up a Data & Analytics Binod Kumar Mishra
Lab to leverage Artificial Intelligence for solving DMD (HR) & CDO
BFSI sector challenges to creating Mental
Health policies, drafting Early Childhood
Education policies, and supporting India’s 1st

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Annual Report 2023-24
 Message from MD &
CEO SBI Foundation

A Catalyst for Social

Change

We are proud to uphold our tradition of ‘Service Our livelihood vertical LEAP continued to empower
Beyond Banking.’ SBI Foundation tirelessly marginalized communities to bridge the development
contributed towards addressing key development gap and break the poverty cycle in the country.
challenges while ensuring that our initiatives Through our environment conservation vertical
are inclusive, sustainable and taking care of the CONSERW, we have pledged the plantation of over
environment. 1 crore trees by 2025, diversion and recycling of 6,730+
metric tonnes of waste, and conservation measures for
SBI Foundation has robust systems and processes to endangered species in 22+ protected areas.
ensure good Corporate Governance and compliance
with extant rules and guidelines. SBI Foundation Through our empowerment for PwDs vertical, the
followed a stringent due diligence mechanism to Centre of Excellence for PwDs at SBI Foundation
select the best NGOs fairly and transparently. has launched 12 impactful projects to support
people with disabilities. And the SBI Youth for India
The horizon of change at SBI Foundation expanded in Fellowship (YFI), we have placed 55 young fellows
the past year as the number of projects increased to with rural communities on development projects, in
437 in the fields of rural development, environment, partnership with reputed grassroots NGOs.
education, women empowerment, livelihood, health,
empowerment of Persons with Disabilities, sports, We believe that it is imperative to bridge the
and more. gap between rural and urban India to facilitate
meaningful empowerment. Therefore, we are
Over the period spanning from FY 2015-16 to FY committed to driving future enablement for the
2023-2024, SBI Foundation has made a cumulative nation through our CSR efforts and contributing to
funding of over Rs. 500 crores for various projects. This India’s journey to development.
journey began in FY 2017-18 with a modest outlay of
Rs. 27 crore rupees, gradually gaining momentum Our mission is to strengthen the ongoing programs
and reaching a significant peak of Rs. 217 crores in FY further and launch new initiatives that can lead the
2023-24. we have grown exponentially to allocate Rs. dream of impacting lives to prosper across various
703+ crore to projects from FY 2018-19 to 2023-24. segments together with support.

This year, we designated our women empowerment Let us work together as one team to achieve our
vertical SBIF Sashakti, expanded SBI Gram Seva to common goal of empowering every marginalized
180 villages, and SBI Samman was launched under Indian.
SBI Gram Seva with the vision to identify & develop
the villages of the freedom fighters, war veterans With warm Regards,
& public heroes. SBIF Jivanam rolled out 66 new
initiatives and launched 49 new SBI Sanjeevani
Mobile medical units. Sanjay Prakash
MD & CEO SBI Foundation

6
 Board of Directors

Mr. Dinesh Khara Mr. Challa Sreenivasulu Setty

Nominee Director & Nominee Director
Chairman of the Board [MD (IB,GM&T), SBI]
[Chairman,SBI]

Mr. Vinay M Tonse Mr. Binod Kumar Mishra Mr. Shamsher Singh
Nominee Director [MD, (Retail Nominee Director Nominee Director [MD & CEO,
Business & Operations), SBI] [DMD(HR) & CDO, SBI] SBI Mutual Fund]

Mr. Abhijit Chakravorty Mr. Venkatesh Srinivasan Mr. Sanjay Prakash

Nominee Director [MD & Independent Director [Former Managing Director,
CEO, SBI CARD] UN International Civil Servant] SBI Foundation
 SBI Foundation
Service Beyond Banking

SBI Foundation’s work is a reflection of State Bank of India’s commitment to

building a fair, just, and equitable society. Through our impact-driven, inclusive,
and community-centric initiatives, we strive to strengthen systems and enhance
the skills of our communities. We believe that CSR is a magnificent opportunity to
bring positive change through planned, strategized, and innovative methods so
that resilient and self-reliant communities can be built for the future.

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 Our
Vision
 To
​​ become a premier CSR
institution in India through the
Bank’s tradition of ‘Service Beyond
Banking’ by: Improving the socio-
economic well-being of the society,
particularly of the less fortunate Our
and underprivileged members,
and enable them to live up to the Mission
potential that they all possess.
To make resources available to the
 Creating an inclusive development most vulnerable sections of the
paradigm that serves all Indians society directly and through strategic
and delivers societal benefits to partnerships and collaborations with
all geographical regions of the impact-making entities in the social
country without any regional, and development sector in the most
linguistic, caste, creed, religious or transparent way to create inclusive
other barriers. sustainable development.

SBI Foundation
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Annual Report 2023-24
 Our Funders

We express our heartfelt thanks

for their generous support
in impacting millions of lives
positively.

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THE YEAR
AT A GLANCE
SBI Foundation
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Annual Report 2023-24
 Amount Disbursed No. of Projects

Rs. 217 Cr. 220+

Lives Impacted Reach

3.07 Cr+ 28 States & 7 UTs

Women CoE for PwDs

Empowerment
8.38%
1.34%
Miscellaneous
0.28%
Livelihood
10.73% Health
30.65%
Sports
3.12%

Education

10.45%
Environment
14.23%

Rural
Development

20.87%

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Geographic Focus

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Annual Report 2023-24
Sustainable Development

GOALS

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SBIF
JIVANAM
SBI Foundation
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Annual Report 2023-24
 Beneficiaries: 9.4lac+
SBIF JIVANAM States: 26

T he right healthcare is a cornerstone in

defining the holistic well-being of people.
Over 70% of India’s population lives in rural
including primary care, cancer care, mental
health, and infrastructure support, SBIF
Jivanam is making a significant impact on the
areas, yet they only have access to 30% of the lives of millions. Our vast healthcare network
country’s healthcare infrastructure, leading is helping people across India through various
to critical healthcare shortages. Additionally, services ranging from cleft lip repairs to cancer
39 million people fall into poverty annually treatments to build a healthier and happier
due to healthcare costs, while 55% of rural nation.
Indians lack awareness of basic health services,
further exacerbating the healthcare divide.As
No Zero
a nation, we require consistent efforts towards
Poverty Hunger
healthcare development to prevent and treat
health ailments that can limit our growth.
Good Health Industry,
To enable this vision, SBIF Jivanam was set up and Well- Innovation, &
as a dedicated healthcare vertical of the SBI being Infrastructure
Foundation. Jivanam is committed towards
improving the health and well-being of
marginalized communities across India. By Reduced
addressing a wide range of healthcare needs, Inequalities

Holistic Interventions
SBIF Jivanam has implemented a range of interventions focused on:

Primary Healthcare & Infrastructure

Outreach
Development
Providing essential medical
services through mobile clinics Investing in hospitals,
and outreach programs. equipment, and healthcare
facilities to enhance
accessibility and quality of care.
Specialized Care
Offering specialized
treatments for tuberculosis,
maternal and neonatal Community
health,cancer care, eye
Empowerment
diseases, mental health, cleft
care, hospice and palliative Mobilizing communities
care, rehabilitation for victims through health education,
of traumatic brain and spine awareness campaigns, and
injuries, and other conditions. partnerships.

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 SBIF JIVANAM

Primary Healthcare &

Outreach
Providing essential medical services through
mobile clinics and outreach programs is a
cornerstone of our approach.

SBI Sanjeevani’s Clinic on Wheels: This

flagship program brings primary healthcare
directly to rural communities. With 80 Mobile
Medical Units (MMUs) operating across 20
states and 2 Union Territories, we serve 9.6 lakh
beneficiaries. Our network of mobile medical
 Support for Destitute Women: Offering
units provides essential healthcare services
psychological and medical support to 300
to remote and underserved areas, reaching
destitute women in Maharashtra.
millions of people across India.
 Decentralized Mental Healthcare:
We also conduct outreach programs to raise
Providing mental health services to 9,000
awareness about health issues, provide preventive
patients in Maharashtra, improving access
care, and encourage regular health check-ups.
and treatment for various mental health
disorders.
Specialized Care
Palliative Care: Providing specialized care for
Offering targeted treatments for various individuals with serious illnesses, our palliative
health conditions ensures that we address care projects are benefiting 450 people. These
critical needs with specialized interventions. projects focus on pain management and
improving the quality of life for those with
Tuberculosis Care: SBIF TB Care offers terminal conditions.
comprehensive care for tuberculosis patients,
including diagnosis, treatment, and nutritional Cancer Care: Our cancer care projects focus
support. Using mobile units to detect TB early, on preventive screening, covering 1,17,000
provide comprehensive care to over 2,800 individuals across two states. These efforts aim
people in Chhattisgarh and Madhya Pradesh. to enhance early detection and intervention for
cancer patients.
Maternal and Child Health: SBIF Matrichhaya
is illuminating the path to motherhood. By
equipping healthcare centers with essential Infrastructure Development
tools, this program is laying the foundation for
Investing in hospitals, equipment, and
healthier mothers and newborns in Odisha and
healthcare facilities to enhance accessibility
Jharkhand.
and quality of care is essential for long-term
Eye Care: SBIF Eye Care is bringing vision to improvements.
lives. Comprehensive eye care services including
Hospital and Equipment Support: We invest
surgeries and support are restoring sight and
in hospitals and equipment to enhance
improving the quality of life for thousands in
healthcare facilities and improve access to care.
West Bengal, Andhra Pradesh, and Rajasthan.
The program supports a range of eye care
Community Health Centers: We support
services, including screenings, surgeries, and
the establishment and strengthening of
follow-up care, to address visual impairments.
community health centers to provide essential
healthcare services at the local level.
Mental Health: We run two key mental health
projects:

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Annual Report 2023-24
SBIF JIVANAM

Tele-healthcare: We utilize technology to

provide remote healthcare services, expanding
From Despair to Dignity:
access to care in underserved areas. Transforming Lives, One
Step at a Time
Community Empowerment
Masih Surin, a frail elderly man from the remote
Mobilizing communities through health village of Raidih, Jharkhand, was trapped in a
education, awareness campaigns, and spiral of despair. His failing health, exacerbated
partnerships strengthens our overall impact. by limited access to healthcare, had confined
him to his home, a prisoner of his own body.
Health Education: We conduct awareness
campaigns and workshops to educate Then, a glimmer of hope appeared in the form
communities about health issues and of the SBI Sanjeevani Clinic on Wheels. This
preventive measures. mobile medical unit, a lifeline for underserved
communities, brought essential healthcare
Partnerships: Collaborating with government services right to Masih’s doorstep. With
agencies, NGOs, and local communities, expert care and personalized treatment,
we strengthen our reach and effectiveness, Masih’s condition began to improve. Through
ensuring that our initiatives are well-integrated consistent care and treatment, Masih was able
and impactful. to defy the odds, regaining his mobility and
independence.
Organ Donation: Jivanam works to improve the
rate of organ donations from deceased donors His story is a testament to the positive
by strengthening the donation ecosystem impact that accessible healthcare can
through a helpline, training for healthcare have on individuals and communities. SBIF
personnel, and research. This initiative covers Jivanam remains committed to providing
four states and one Union Territory, impacting comprehensive healthcare services to
4 lakh people. marginalized populations across India. Through
our innovative programs and dedicated efforts,
we are working towards a healthier and more
equitable future for all.

Highlights of the Year

Project SBIF Sanjeevani has also been honored
with both the CSR Summit & Awards and
the Indian CSR Awards for its commendable
efforts in providing primary healthcare to
underprivileged communities. These accolades
are a testament to our unwavering commitment
to creating a positive and sustainable change.

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 SBIF JIVANAM

Our Partners

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Annual Report 2023-24
SBIF JIVANAM

Our Partners

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SBI
GRAM SEVA
SBI Foundation
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Annual Report 2023-24
 Beneficiaries: 4lac+
SBI GRAM SEVA States: 27

Digitalization  Scholarships: 469 children were recognized

for their talent in sports, education, and
 Community Information Centre/ Gram culture received scholarships, celebrating
Seva Kendras: In the heart of rural their achievements and supporting their
communities, these centers emerge as future pursuits.
vital connectors, bringing government
 Remedial Classes: Furthering our quest
schemes, job opportunities, and banking
to enhance education, we’ve crafted an
services online. They serve as focal points
empowering environment for students,
for community growth, enhancing ICT
boosting their confidence through
access and sharing crucial knowledge for
innovative and joyful learning activities. SBI
livelihoods. Through innovative E-Learning
Gram Seva’s remedial classes have already
platforms, they empower youth to embrace
enriched 7,521 students, transforming
technological progress, fostering a path to a
education into a delightful journey of
brighter future for all.
discovery and growth.

 Library/Science Labs: A journey of discovery

unfolds in our adopted villages through
the introduction of Libraries and Science
Labs aimed at nurturing young minds.
Over 4,024 students eagerly explore these
vibrant spaces, fostering a love for reading
and sparking innovative thinking.

These initiatives not only enrich their

educational experience but also pave the way
for a future filled with curiosity and knowledge.

Education
 Smart Class Rooms: Bridging educational
gaps, we’ve launched an initiative bringing
Smart Learning Technologies to rural
students. With 75 digitally equipped
classrooms tailored to CBSE and state board
curricula, over 10,153 students now benefit
from interactive learning experiences. Each
smart classroom, adorned with educational
visuals and advanced technology, aims
to enrich their educational journey and
empower their future.

 Computer Labs in schools: Empowering

the digital learning experience, 71 computer
labs in adopted villages are equipping 9,525
students with essential skills like typing and
advanced Word usage. Bridging the gap,
these labs empower students for a tech-
savvy future, ensuring they thrive in the
digital landscape.

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 SBI GRAM SEVA

Health WASH
 ‘SBI Sanjeevani’ Mobile Medical Unit: In the (Water, Sanitation &
heartlands of rural India, where healthcare Hygiene)
access is often a distant dream, a beacon of
hope has emerged. SBI Sanjeevani: Mobile  Safe Drinking Water: In rural landscapes
Medical Vans traversing the remotest where clean water is scarce, SBI Gram Seva
corners, bringing healing where it’s needed empowers communities with 91 RO plants,
most. A partnership with District Health 278 handpumps, 103 wells, and 96 stand
Authorities, Medical Colleges, and Health posts, providing safe drinking water to
Centres has birthed 15 lifelines—rolling 1,52,673 villagers. This initiative fosters self-
out doorstep healthcare in the Gram Seva reliance and healthier futures across project
project villages. Here, wellness meets villages.
wheels, touching lives and bridging gaps,
ensuring health doesn’t remain a distant  Community Toilets: With a focus on
echo but a tangible reality. community well-being, SBI Gram Seva has
built over 530 toilets and 51 women-specific
 community bathrooms, enhancing hygiene
and sanitation in rural areas, ensuring
dignity and health for all.

 Waste Management: SBI Gram Seva leads

the charge for eco-responsibility with waste
segregation and community engagement.
They’ve set up 352 soak pits, 15 pot cleaning
platforms, 10 biogas plants, and 180
vermicompost pits. With 4684 dustbins
distributed and 8 waste-collection vehicles,
villages thrive with sustainable practices,
fostering a cleaner tomorrow.
 Health Camps: SBI Gram Seva champions
rural health with 517 camps, partnering
with hospitals and colleges for eye checks,

gynecological tests, cancer screenings, and
blood check-ups. These initiatives have

reached 33,870 patients, ensuring early
detection and treatment in remote villages, 
fostering a healthier community fabric.

 Upgradation of Health Centre: In a bid
to enhance healthcare infrastructure, SBI 
Gram Seva equips Health Centres with
upgraded medical gear and additional
beds, ensuring comfort and quality care.
Renovation support further strengthens
these vital community hubs, nurturing
health and well-being where it’s needed
most.

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Annual Report 2023-24
SBI GRAM SEVA

Livelihood & Skill  Skill Development: SBI Gram Seva promotes

inclusive growth through skill training for
Development unemployed youth, SHG members, and
PwDs via RSETIs and KVICs. They empower
 Entrepreneurship Development: SBI women and SHG members while fostering
Gram Seva empowers rural youth with sustainable agriculture through Vermi-
entrepreneurial ventures like mobile shops, Composting and horticultural practices. To
tailoring, dairy, and more, totaling 1163 date, 3483 individuals have gained expertise
enterprises. This initiative not only fosters in diverse fields like mobile repairing,
self-reliance in villages but also creates bamboo craft, and beauty parlour skills,
vital livelihood opportunities, nurturing enhancing livelihoods and community
sustainable economic growth at the resilience.
grassroots level.
 Farm Mechanization: In project villages,
 Resilient Agriculture: Under Gram Seva, Custom Hiring Centres lighten farm work
resilient agricultural practices flourish, and boost yields. 3488 farmers benefit from
elevating farmer incomes through essential equipment like Spray Machines,
diverse approaches like organic farming, Rotary Tillers, and Seed Graders, tailored to
horticulture, and micro-irrigation. With community needs for efficient agriculture.
4265 farmers empowered, practices include
crop diversification and vermicomposting,
supported by farm advisory services and
Women Empowerment
exposure visits for enriched learning and
 In the heart of rural India, SBI Gram Seva
sustainable growth.
ignites empowerment through education
and action. Across villages, women gather
for transformative sessions on rights, health,
and crafting sustainable livelihoods. With
182 Self-Help Groups fostering financial
independence through tailored funds,
activities like weaving and incense making
flourish. Meanwhile, 22 SBI Prerna Centers
serve as beacons, training 1543 women in
entrepreneurial skills, paving pathways
to inclusion in community progress. This
 initiative isn’t just about empowerment—
it’s a story of resilience and growth, where
every woman becomes a catalyst for change
in her world.
 Livestock Development: SBI Gram Seva
empowers 4891 women and unemployed
youth with income-generating ventures
like dairy, poultry, and fisheries, fostering
community resilience through group
models. Supported by SBI RSETI training,
they also provide essential healthcare
and animal welfare services, ensuring
sustainable development in rural areas.

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 SBI GRAM SEVA

Youth Development
 SBI Gram Seva embraces a holistic approach
to youth development in adopted villages,
ensuring no one is left behind. From RSETI
training in livelihood skills to supporting
piggeries, goatery, and poultry units,
opportunities abound. Prerana Stitching
Centres inspire creativity, scholarships and
volunteering ignite ambition, while yoga,
sports, and employment pathways nurture
well-rounded individuals. With over 35,442
youths directly benefiting, SBI Gram Seva
paves a transformative path for future
generations.
Infrastructure
 Solar Electrification: The Gram Seva
Program is illuminating lives in rural
communities. By harnessing the power of
the sun, the program has brought electricity
to government schools, healthcare centers,
and other essential community spaces.
Thousands of underprivileged households

now enjoy the benefits of solar power
through subsidized panels, lamps, and LED
bulbs. In partnership with Gram Panchayats,
Networking, Meeting & over thirteen hundred solar street lights
have also been installed to brighten up rural
Awareness roads and enhance safety. This initiative is
not just about providing electricity; it’s about
 In villages adopted by SBI Gram Seva,
empowering communities and building a
a rich tapestry of awareness is woven.
brighter future for all.
Through 2717 programs, communities
learn about family planning, malnutrition,
menstrual hygiene, and more. Door-to-
door campaigns champion sanitation,
advocating for hand washing and waste
segregation. Celebrations honor education,
women, children, and the environment,
nurturing community unity and well-being.
With these efforts, SBI Gram Seva empowers
villages with knowledge, ensuring a
healthier and informed future for all.

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SBI GRAM SEVA

 Rural Infrastructure: The Gram Seva

Program is transforming rural landscapes. By
focusing on community needs, the program
is revitalizing essential infrastructure. From
classrooms to clinics, bus stops to bathrooms,
the program is enhancing the quality
of life for villagers. With over a hundred
renovated buildings and roads, the program
is paving the way for a more connected and
prosperous rural India.

revitalizing the entire ecosystem, fostering

Environment a greener, more prosperous rural India
 Water Conservation: Our water
 SBI Jan Van: A massive greening initiative
conservation efforts are transforming
has seen over a hundred thousand native
rural landscapes. By building over eighty
trees planted across villages. From barren
Dohas, we’ve created vital water reservoirs,
lands to school grounds, every available
enabling farmers to shift from single to
space is being transformed into a lush
double cropping. This green revolution is
green haven. Farmers are also encouraged
complemented by the restoration of wells,
to beautify their homes with flower saplings.
construction of new ponds and check
Working hand-in-hand with agricultural
dams, and the creation of thousands of
experts, this project is not just about planting
contour trenches and rainwater harvesting
trees but fostering a greener, healthier, and
tanks. Together, these initiatives are not
more sustainable rural India.
just replenishing water sources but also

Gram Saksham
SBI Foundation has initiated ‘Gram Saksham’ for creating sustainable livelihood opportunities
in the rural areas and also providing supplementary options for income augmentation. The
project activities mainly focus on natural resource management, livestock development &
improvement in farmer’s income, with a special focus on women, youth, farmers, tribal &
marginalised communities. During FY 2023-24, the Gram Saksham Project was expanded to
another 145 villages, taking the total to 270 villages across 12 States impacting over 1.5 lakh
lives.

SBI SAMMAAN- Hom(e)age to the National Heroes

SBI Foundation initiated a new program named ‘SBI SAMMAAN-Hom(e)age to the National
Heroes’, which aims to identify & develop the villages of the freedom fighters, war veterans
& public heroes. During the FY 2023-24, SBI Foundation piloted need-based projects in the
native villages of 4 National Heroes (Bharat-Ratna Vinoba Bhave, The Mountain Man Shri
Dashrath Manji, Lance Naik Bhairon Singh Rathore and Shaheed Veer Narayan Singh) who
hailed from humble background, exhibited bravery/valour, and contributed for the country
and its people.

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 SBI GRAM SEVA

SBI Saptarshi
During the year special CSR activities were initiated in 100 SC/ST intensive villages
identified by ABU & GSS Department of the Bank under ‘SBI Saptarshi’ program. The
project was self-implemented in coordination with M, C & CSR Departments of all 17 Circles
of the Bank. The interventions focused on improving basic infrastructure in the villages viz.
Smart Classrooms, Computer Labs, Girls Common Room, Water Filters, Solar Street lights &
other interventions.

Other New Initiatives

 SBI Foundation joined hands with

ICAR-Indian Institute of Rice Research,
Hyderabad to promote ‘Direct Seeded
Rice’ for Sustainable Rice Production.
The project aims to support farmers
by package of practices and capacity
building, with an estimated outreach of
15,000 farmers in the State of Telangana
for next 2 years.

 ‘Shalihotra Express’, a Mobile

Veterinary Services Unit flagged off
in Visakhapatnam District, Andhra
Pradesh to provide veterinary services
at the doorsteps of farmers by way of a
dedicated vehicle & a veterinary team.
The initiative is expected to reach around
2000 breedable livestock population,
benefitting an estimated 1200 farmers in
next one year.

 ‘Raita Bandhu’ & ‘Bhagirath’ watershed

development initiatives flagged off in
Gadag District, Karnataka & Vidisha
District, Madhya Pradesh for bringing
prosperity in the lives of the farmers
by supporting them in watershed
development for agricultural activities.
The initiatives are expected to reach over
2000 farmers over the next two years.

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Annual Report 2023-24
SBI GRAM SEVA

Impact We Create: From Farm Fields to National Service

Sai’s journey from the humble fields of also essential support like shelter, nutritious
Bichkunda Mandal to proudly serving in food, and encouragement. When the time
the Indian Army is a testament to resilience, came for the army selection rally, Sai faced it
determination, and the transformative power with newfound confidence, bolstered by the
of support. Raised in a farming family in unwavering support of his trainers.
Telangana, Sai balanced his education with
hard work on the family farm, dreaming of a Sai’s hard work paid off when he was selected
stable job to support his loved ones. to join the Indian Army, a dream he once
thought unattainable. Today, he proudly
Initially aspiring to become a police constable, stands as a symbol of dedication and national
Sai’s path took a new direction when he service, grateful to Bhavishya Bharat and the
learned about opportunities in the Indian Army. SBI Foundation for turning his aspirations into
Motivated by a desire to serve his nation, Sai reality.
faced challenges of inadequate preparation.
However, his determination led him to enroll in His inspiring journey underscores the profound
a special training program by Bhavishya Bharat, impact of targeted training and support
supported by the SBI Foundation. programs in transforming lives. From his rural
beginnings to the esteemed ranks of the
Under the guidance of experienced ex-army army, Sai’s story resonates as a testament to
trainers, Sai overcame physical challenges perseverance and the fulfillment of a dream
and honed his skills. The rigorous training rooted in service to the nation.
provided not only physical conditioning but

28
 SBI GRAM SEVA

Our Partners

SBI Foundation
29
Annual Report 2023-24
SBI GRAM SEVA

Our Partners

30
SBI
YOUTH
FOR INDIA
FELLOWSHIP
SBI Foundation
31
Annual Report 2023-24
 Beneficiaries: 1.5lac+
SBI YFI States: 20

S BI Youth for India Fellowship is a uniquely

designed 13-month Fellowship program that
provides a framework for India’s bright young
strengthen people’s institutions. Our Fellows
have been closely working in rural India for over
a decade.
minds to join hands with rural communities
and enable them to find innovative solutions Presently, the 11th batch of the Fellowship,
to grassroots challenges of rural India in with 54 Fellows, is serving communities at
partnership with experienced NGOs. 40 geographic locations across 11 states to
accomplish impactful projects. The Fellowship
Through this platform, the young leaders has 580+ Alumni from 10 batches, and 70% are
get to empathize with the way of life of rural committed to serving the development sector
communities and together deploy pragmatic in various capacities post-Fellowship, Since
interventions in 12 broad thematic areas. The 2011, over 1.5 Lakh beneficiaries from 20 states
Fellowship offers a platform for the youth to in 250+ villages have been impacted by the
acclimate to ground realities and effectively Fellows

Vision
Our vision is that one day every village has the necessary capacities to develop themselves
sustainably.

Mission
To build a movement of passionate and sincere changemakers who bridge the rural-
urban gap, by creating a trusted gateway for higher talents to flow into rural development,
thereby reviving the grassroots development machinery and benefiting marginalized
communities.

Thematic Focus
YFI Fellows address critical rural challenges across various themes, including Education,
Health, Food Security, Rural Livelihood, Women Empowerment, Environmental
Protection, Self-Governance etc. The program encourages Fellows to identify and
address local needs through innovative and sustainable solutions.

32
 SBI YFI

Fellowship Highlights

SBI YFI Sahyog - The Pitch Fest, which is a  Udaan: A Rural Entrepreneurial Initiative
part of YFI Conclave 2023, is a seed funding
initiative designed to support and scale  WASH interventions to improve health
innovative social ventures spearheaded by YFI outcomes among school children and
Alumni. By providing financial support and community
mentorship, YFI Sahyog empowers Alumni to
transform their ideas into tangible solutions  Millet cookies social enterprise
that benefit rural communities. Through a
competitive process, Fellows receive financial  FORESTS: Entitlements & Economic Growth
assistance to implement their projects and
create lasting impact in rural communities.  Promoting handmade goat milk soap and
These projects demonstrate the potential of value addition
young entrepreneurs to drive positive change
 Developing a regenerative tourism model
and contribute to sustainable development.
to promote craft and village development
This year, 8 Alumni secured Rs. 30 lakh under
with the help of Panchayat, NGO, and the
YFI Sahyog for interventions.
community
YFI Sahyog for Fellows:
 To promote Super5 (cereal and grain food
Fellows of the 2022-23 batch have addresssed supplement) in women and children of
community needs across 11 states, focusing on the community to eradicate anaemia and
the 12 thematic program areas. This year, 25 enhance nutrition
Fellows secured Rs. 15.16 lakh under YFI Sahyog
for interventions such as:

SBI Foundation
33
Annual Report 2023-24
SBI YFI

Highlights of the Year

For YFI Alumni, Partner NGOs, and other Stakeholders

YFI Conclave- Annual Alumni Event: Held in Delhi in April 2023, the YFI Conclave brought
together over 150 stakeholders, including Alumni, NGO leaders, and development experts to share
knowledge and best practices. The event featured keynote addresses, panel discussions, and the
YFI Sahyog Pitch Fest, where innovative ventures were showcased and funded.

For Outgoing Batch: YFI 2022-23

 Second Review Workshops: The annual

YFI Review Workshop is a critical platform
for knowledge sharing, peer learning, and
capacity building. This year, it brought
together Fellows, mentors, thematic
experts and mentors to reflect on the
year’s achievements, challenges, and
best practices. The workshop facilitated a
collaborative environment, enabling Fellows
to learn from each other’s experiences and
gain valuable insights.

 Final Presentation and Farewell

Ceremony: The SBI Youth for India team
with the support of the hosted the Final
Presentation for the Fellows to present their
journeys and learnings of 13 months in the
presence of their communities, Partner
NGO stakeholders and SBI Foundation’s
management.

 Valediction Ceremony: The 2022-23 batch’s

valediction ceremony, held in Bangalore, fresh graduate Fellows with potential
celebrated the Fellows’ achievements employers. Around 23 development sector
and facilitated networking with potential organizations participated in the event
employers. An in-person networking event and the Fellows presented their Fellowship
was held during Valediction to connect journeys to the guests.

34
 SBI YFI

For Incoming Batch: YFI 2023-24

YFI Orientation 2023-24: Orientation for the August and October cohorts was hosted at The
DHAN Academy in Madurai. The events featured notable guests and provided a comprehensive
introduction to the Fellowship.

Fellow Impact Stories (Batch 2022-23)  Shivani Verma: Initiated “Convergence on

Land and Water Resource Development
 Jahnvi Rathod: Promoted Saura language Aligned with MGNREGA” in Madhya
and culture in Odisha by creating a Pradesh, ensuring smooth implementation
trilingual dictionary and fostering student and establishing “MGNREGA Sahayta
engagement, bridging the communication Kendra” help desks in villages.
gap and ensuring language continuity.
 Nishant Kumar Singh: Launched “Millet
 Tanmay Mulay: Established “Padhar Cookie Social Enterprise” in Maharashtra,
Home Sa” homestay in Rajasthan, catering to the demand for locally produced
promoting community-based tourism and millet cookies, generating an income of Rs.
offering cultural, heritage, and adventure 80,000/- for the community in 2022-23.
experiences.

Together We Grow
Social Entrepreneurship through educational videos, quizzes, and
sessions to normalize the topic. Through his
Ashish Agarwal (YFI 2020-21) started the project initiative, he was able to benefit 214 members
which was continued by Fellow Karan Saran and also eliminate societal stigma. The initiative
(YFI 2022-23). Koraput Cookies achieved regular also led to infrastructural development such
production of various millet products and as the installation of vending machines,
started supplying them to different districts. incinerators, educational artwork, and the
They managed to receive steady orders from establishment of health-related comics.
repeated and new buyers with an average
monthly sale of 10,000 rupees by the end of These are just a few examples of the
Karan’s Fellowship. remarkable impact created by YFI Fellows.
Their contributions have led to tangible
Health improvements in the lives of rural communities
and inspired others to join the movement for
Mungreichan K from the 2022-23 Batch has social change.
worked on sensitization of Adolescent Males

SBI Foundation
35
Annual Report 2023-24
SBI YFI

Impact numbers (for FY 2023-2024)

Covering batch: YFI 2022-23 & YFI 2023-24

80+ Villages Impacted 13 Partner NGOs

20,000+ Beneficiaries 12 Thematic Areas

Our Partners

36
SBIF
INTEGRATED
LEARNING
MISSION (ILM)
SBI Foundation
37
Annual Report 2023-24
 Beneficiaries: 2.4Cr+
SBIF ILM States:

India’s education system struggles with

providing equitable access to quality
education, especially in rural and marginalised
The Integrated Learning Mission is the
Education Vertical of the SBI Foundation
committed to ensure quality and inclusive
communities. Despite the Right to Education education for all children, enabling them to
Act, a significant portion of the population create positive futures for themselves. The focal
remains underserved, with disparities in point of the vertical’s efforts is improving key
infrastructure, teacher quality, and learning indicators of quality education in underserved
outcomes. Inadequate infrastructure, outdated geographies across India. This year our work’s
teaching methods, and limited capacity- focus was to improve learning outcomes
building for educators further exacerbate these through curriculum and pedagogical
inequalities, preventing millions of children interventions as well as access generation for
from realising their full potential. Addressing meritorious students through scholarships,
these issues is critical to ensuring that all capacity building, curriculum development,
children, regardless of their background, have resource generation and advocacy.
access to a quality education that prepares
them for the demands of the modern world.

Key Focus Areas - Strategic Pillars

Creating Building Strengthening Improving

Quality Content Capacity of Government access to
for futuristic Educators Systems quality higher
classrooms education

38
 SBIF ILM

Creation of Quality Content

One of the key priorities is generating and
disseminating print-rich, localized and
engaging learning content in digital and
print mediums to ensure learning beyond
the language divide and improving student
learning outcomes in remote areas. ILM has
numerous projects dedicated to the creation of
quality content, aiming to provide high-quality
educational materials and resources. Starting
with academic content, the ‘Learn, Play, Grow’
project, in partnership with Sesame Workshop
India Trust, has impacted over 96,000 students
in Meghalaya by generating localized, Capacity Building
vernacular, and home-based learning materials
Another key area of focus for the foundation
for Early Childhood Care and Education (ECCE).
is to upskill and train various stakeholders in
In collaboration with SCERT Uttar Pradesh and
the education sector to enhance the overall
Education Support Organisation, a new and
quality and dissemination of subject matter.
improved curriculum for Grades 4 to 7 was
The focal point is to build capacities of the
developed and deployed in all government
teacher workforce, educators and government
schools of UP. With SCERT Punjab, localized
stakeholders through high-quality training
content was developed for Grades 6 to 12 in
on subject matter, quality enhancement
Punjabi in partnership with Khan Academy,
and pedagogical development. We engage
with a specific focus on improving Math
in capacity building on both academic and
learning outcomes, reaching approximately
technical levels through various projects
6,500 schools in the state.
aimed at enhancing educator competencies.
In the realm of non-academic content, the The ‘Learn, Play, Grow’ initiative with Sesame
SIMHA (School Initiative for Mental Health Workshop India has trained 3,378 educators
Advocacy) project with TISS has developed in Meghalaya to improve Early Childhood Care
expert-reviewed training manuals, 24 digital and Education (ECCE) in a mission mode in the
resources, and a contextually relevant review state. The SIMHA (School Initiative for Mental
tool to build a coherent school mental health Health Advocacy) project, in partnership
system, impacting over 30,000 students, with TISS, has trained 9,640 educators across
teachers, and counselors nationwide. The India to address adolescent mental health
inclusion-focused projects, such as those with through promotion, prevention research, and
the Sri Aurobindo Society, aim to support the advocacy. Our collaboration with the Adhyayan
mental health and well-being of students with Foundation in Tripura focuses on developing
Neuro-Developmental Disorders (NDD) by a school quality assessment and accreditation
creating comprehensive support materials and framework, enhancing leadership capacity
training educators. These projects ensure that and data-driven governance for improving
both academic and non-academic content is the quality of government schools in the
of the highest quality, catering to the diverse state. Additionally, our partnership with the
needs of students and educators across India. Sri Aurobindo Society has trained over 65,000
educators in supporting students with Neuro-
Developmental Disorders (NDD), establishing
a sustainable model for their identification and
support. These efforts are to ensure educators
are equipped to improve learning outcomes
and ensure access to quality education for each
child in the country.

SBI Foundation
39
Annual Report 2023-24
SBIF ILM

Access to Premier Higher Education

The Foundation’s commitment to the ideals and pursue undergraduate and postgraduate
of equity in access has guided its work in this programs. In partnership with NIEDO, the
thematic area by providing financial support to SBI Foundation supports the ‘Army Centre of
high performing and meritorious students from Wellness and Excellence,’ which operates two
marginalised and under-resourced households. high-impact residential centres in Manipur and
SBI Foundation has over 5 pan-India projects Uttar Pradesh. These centers provide residential
active in providing access to premier higher academic programs for 110-120 students from
education to meritorious students from underprivileged backgrounds, offering quality
underserved backgrounds. Some of the projects coaching and mentoring for competitive
are deeper interventions in underserved examinations such as JEE, NEET, and Defense,
communities and geographies of Manipur in collaboration with the Indian Army. Another
and Uttar pradesh. This focus aligns with SDG notable project is the Future Women Leaders
4 (Quality Education) by removing financial in partnership with Avasara Academy to
barriers and promoting equitable access to provide financial support to 75 academically
higher education.The SBIF Asha Scholarship talented, motivated and committed young
is the flagship initiative of the foundation women from low-income households to attend
on a mission to provide financial support to India’s best universities for completing their
students from low income households across higher education. 72 of the 75 students coming
the country. Since its commencement in 2022, from different parts of Gujarat, Maharashtra,
the initiative has impacted over 3073 students Telangana and Delhi have enrolled in premier
pan India. Beginning with supporting 175 higher education to build careers of their
students from 6th - 12th Standard the project choice. The project also provides on-ground
aims to support 10,000 meritorious students support, training and a strong alumni network
by July 2025 to continue school education or/ to support and grow together.

Strengthening Government School Systems

India has the second largest and most complex of society. Hence, the Foundation has multiple
public schooling system in the world catering ongoing projects committed to transforming
to over 260 million children from all sections government school systems and complexes

40
 SBIF ILM

through physical and digital infrastructure Rajasthan, five C-KID (Centres for Knowledge
development. The ‘REACH Vibrant Villages’ and Information Dissemination) centres have
project is helping build interactive science been established, reaching around 2,200
centres in 94 schools across five border states, children and creating community awareness
impacting over 9,000 students. Another around better education and usage of digital
significant project, Digital Shaala, aims to set up tools for transformation. The ‘Reach and Teach
two digital classrooms each in 100 government Program,’ has built three safe playrooms in
schools in Dewas district of Madhya Pradesh, municipal schools in New Delhi, improving
improving students’ learning experiences, learning outcomes for 1,000 children in
engagement, and learning outcomes through language, numeracy, environment, and life
enabling blended teaching and learning for skills. Additionally, initiatives in Rajasthan,
students from Grades 6th-8th. In Jharkhand, Himachal Pradesh, and Bihar focus on
50 government schools in Dhanbad district providing essential educational facilities from
will be refurbished with a focus on providing a safe washrooms, learning kits, to hostels,
conducive learning environment to students. In supporting numerous students and educators
the remote villages of Ladakh, the Foundation in underserved areas. All these projects are
has strengthened 18 government schools and efforts by the SBI Foundation this year to
18 Anganwadi centres (AWCs), enhancing the transform the government school system,
educational infrastructure and environment ensuring better educational experiences and
for children in these isolated regions. In rural access to essential facilities.

Rehnuma’s Journey to Academic Excellence

In Ahmedabad’s Bombay Hotel slum, a young girl named Rehnuma is defying the odds. Born
into a struggling family where education was a distant dream, Rehnuma’s future seemed
bleak. Her father, a painter with irregular work, and her mother, a roti-maker, barely earn
enough to support their four children. Despite these challenges, Rehnuma’s story is one of
remarkable achievement.

At age six, Rehnuma entered a Gyanshala classroom, part of an initiative by the Education
Support Organisation with SBI Foundation, aimed at providing quality education to
underprivileged children.

Today, as she finishes Grade 7, Rehnuma’s academic success speaks volumes. In the ASSET
Test, a national assessment, she scored an average of 51.5% in Maths, Science, and Gujarati
outperforming the 41.9% average of students from India’s top private schools. Her results
place her among the top students nationwide, a remarkable feat given her background.

Rehnuma dreams of becoming an educator, eager to guide others through the joy of learning,
especially in her favourite subject, English. Already, she is a source of inspiration to her peers,
often helping them with their studies.

Rehnuma’s story reflects the broader impact of Gyanshala, where first-generation learners in
Ahmedabad’s slums are excelling in national assessments, all at a fraction of the cost of elite
education. Her success is a testament to the power of education to transform lives, even in
the most challenging circumstances.

SBI Foundation
41
Annual Report 2023-24
SBIF ILM

Impact Created

Efforts to
improve
2.4 2.73 Transformed 86
learning
Crore 6.75 390 thousand
lakh Education
outcomes of
students lakh Education over educators
Institutions
Educators Institutions 1.91 equipped
through
infrastructural
Crore with
students pan pedagogical
development and subject
India
matter
expertise

Our Partners

42
SBIF
CENTRE OF
EXCELLENCE (CoE)
FOR PERSONS
WITH DISABILITIES
(PwDs)
SBI Foundation
43
Annual Report 2023-24
 Beneficiaries: 50,000
SBIF CoE for PwDs States: 20

T he Centre of Excellence (CoE) for Persons

with Disabilities (PwDs) was established to
serve as a centralized support hub dedicated to
Samarthya

individuals with disabilities. Since its inception,

Trainings
CoE has championed the belief that PwDs & sensiti-
Samagra
Shiksha
possess the potential to make valuable societal sation
Core
contributions and have the drive to succeed. Initiatives
The CoE focuses on empowering PwDs through
skill development, enhancing cognitive,
physical, social, and vocational abilities, and
Child Assis-
equipping them to lead more productive and Swav- tance, Relief,
lamban & Empower-
fulfilling lives. ment (CARE)

Pillars of Progress and Empowerment

The Centre of Excellence (CoE) for Persons with

Disabilities (PwDs) has played a crucial role in
creating opportunities and driving progress
across various segments. This financial year, CoE
for PwDs has spearheaded 30 projects across
key thematic areas, making a significant impact
on the lives of individuals with disabilities. Training and Sensitization: Promoting
Inclusivity and Empowerment

The State Bank of India (SBI) is dedicated to

fostering an inclusive workplace that upholds
equal employment opportunities and respects
all employees. Recognizing the unique
challenges faced by bankers with disabilities—
such as inaccessible infrastructure and limited
acknowledgment—the bank adheres to the
Rights of Persons with Disabilities Act, 2016.

Key Initiatives
Inclusive Recruitment and Placement: experts with lived experiences, ensuring that
SBI is committed to recruiting individuals training is both relevant and impactful.
with various disabilities, including locomotor
disabilities, speech and hearing impairments, Widespread Training Efforts: Since 2017, the
visual impairments, and autism spectrum Centre of Excellence for PwDs has conducted
disorders. Employees are strategically placed numerous training sessions benefiting over
close to their residences to accommodate their 4,500 bankers with disabilities. In FY 2023-24
needs effectively. alone, 31 offline training programs were held,
reaching 712 PwD employees from various
Comprehensive Upskilling Programs: The banks, including SBI, Indian Bank, Canara
bank invests in extensive upskilling programs Bank, and others. This training encompassed
designed by the SBI Foundation’s Centre of 430 employees with visual impairments and
Excellence for Persons with Disabilities (PwDs). 282 with speech and hearing impairments.
These modules are crafted and delivered by

44
 SBIF CoE for PwDs

SAMARTHYA: Transforming
Lives Through Assistive
Technology
SAMARTHYA is committed to enhancing the
quality of life for individuals with disabilities
through a range of comprehensive assistive
technology initiatives that address significant
challenges faced by persons with disabilities,
focusing on improving mobility, independence,
and education.

Our Approach

 Mobility and Independence: To overcome

mobility barriers, SAMARTHYA provides
essential assistive devices like artificial limbs  Comprehensive Educational Support: We
and calipers. We aim to distribute over 8,000 provide targeted educational assistance
of these devices, significantly improving to children and youth (0-18 years) with
mobility and self-sufficiency. This initiative disabilities and intensive interventional
empowers individuals to pursue personal support to children with Multiple Disabilities
and professional goals with greater ease. & Visual Impairment (MDVI). By emphasizing
on health, well-being, and inclusive learning
 Therapy and Awareness: We support the environments, this approach addresses the
effective use of assistive technology through need for tailored educational resources and
ongoing therapy services, including support, ensuring that all children have
occupational, physical, speech, and autism access to quality education.
therapies. These services ensure that
individuals fully benefit from their devices  Enhancing School Inclusion: To improve
and create a supportive environment for educational access and quality, we
persons with disabilities. work towards integrating children with
disabilities into government primary
 Educational Support for Visually Impaired schools. This involves collaborating with
Children: To address educational challenges parents and communities to ensure a
faced by visually impaired children, supportive educational atmosphere that
SAMARTHYA has established Digital Labs accommodates diverse learning needs and
in schools. These labs, serving 560 students, promotes inclusivity.
are equipped with advanced technology to
enhance learning and promote self-reliance. SWAVLAMBAN: Enabling
This strategic intervention improves Independence and Employment
educational outcomes and prepares
through Skill Development
students for future success.
SWAVLAMBAN is dedicated to empowering
Samagra Shiksha: Addressing PwDs through skill development, vocational
Fundamental Needs through training, and employment opportunities. Our
Inclusive Education key interventions include:

To ensure children with disabilities (PwDs)

receive quality education, our approach under
Samagra Shiksha focuses on:

SBI Foundation
45
Annual Report 2023-24
SBIF CoE for PwDs

 Vocational Training and Employment: screening for thousands of beneficiaries.

We offer extensive skill development and This ensures early identification and effective
vocational training programs across various management of various disabilities.
sectors, including IT, retail, and culinary
arts. These programs are designed to equip  Specialized Eye and Vision Care: We
PwDs with marketable skills and enhance establish specialized centers to offer
their employability, leading to meaningful comprehensive eye care services, including
job placements. screening and training for individuals
with visual impairments. This intervention
 Entrepreneurial Support: To foster self- supports a large population and provides
reliance, we promote entrepreneurial essential vocational training to enhance
initiatives by training individuals to start and employability and independence.
manage their own businesses. This support
includes providing resources, business  Comprehensive Treatment for Clubfoot
development training, and facilitating and Ulcers: Our programs address specific
connections with potential markets. health needs by providing treatment for
children with clubfoot using advanced
 Specialized Training Programs: We provide methods and offering comprehensive ulcer
specialized training in areas such as organic care for individuals affected by leprosy. This
farming and culinary skills, tailored to the includes medical treatment, psychological
needs of PwDs. These programs not only support, and self-care training.
build practical skills but also support income
generation and promote independent
living.

 Integrated Skill Development: Our holistic

approach includes training programs
that combine skill development with
employment assistance, aiming to achieve
high placement rates and sustainable
livelihoods for PwDs.

Child Assistance, Relief, and

Empowerment (CARE)  Support for Abandoned Children
with Disabilities: We provide nutrition,
CARE is dedicated to transforming perceptions therapeutic services, and vocational training
and support for individuals with disabilities by to abandoned children with disabilities,
addressing critical needs throughout their life renovating shelter homes and investing
cycle. Our interventions focus on: in smart educational tools to ensure long-
term benefits.
 Support for Children with Disabilities:
We provide essential relief and support to  Neurodevelopmental Disorder Support:
families of children with mental and multiple Our initiative offers medical treatment,
disabilities, helping them become self- therapy, and nutrition to individuals with
reliant by offering part-time care and long- neurodevelopmental disorders, focusing on
term support. This approach ensures that improving their overall quality of life.
families receive the necessary assistance
while promoting the self-reliance of children.  Life Skills Training: We offer life-skills
training for young adults with developmental
 Upgraded Clinical Services: To improve disabilities, equipping them with essential
accessibility to quality health care, we skills for greater independence and a better
enhance clinical services, including quality of life.

46
 SBIF CoE for PwDs

Special Projects

 Dialogue in the Dark: This initiative provides Bridging Hope: How an ASHA Worker
an immersive experience where visitors Changed a Family’s Future
navigate in complete darkness, guided
by visually impaired individuals. It aims to In rural Goraju, UP, where healthcare resources
boost empathy and promote inclusivity for are limited, Anita and Arjun Kumar faced a
Persons with Disabilities (PwDs). daunting challenge after the birth of their
daughter, Ananya Devi, in January 2023. The
 Improving Mobility in Goa: The project young family’s dreams for a bright future
deploys 30 wheelchair-accessible were overshadowed when they discovered
e-rickshaws to enhance mobility for PwDs, that Ananya was suffering from clubfoot—a
improving access to healthcare, education, condition that could significantly impact her
and employment opportunities in Goa. life if left untreated.

 Comprehensive Life Cycle Approach Mrs. Shanti Devi, a local ASHA worker, identified
(LCA): This program supports 6,000 the condition that might have otherwise gone
PwDs with a holistic approach covering unnoticed. Recognizing the urgency, Mrs.
education, livelihood, health, and ecosystem Shanti Devi guided the anxious parents to seek
integration, ensuring comprehensive care immediate medical attention and provided
throughout their life cycle. them with the contact details of Jyoti, our on-
field Program Executive. This intervention gave
 Early Intervention and Skill Development:
the Kumars a crucial lifeline and hope for their
This project provides early intervention for
daughter’s future.
45 children with multiple disabilities and
offers skill training and job placements for Thanks to this timely support, Anita and Arjun
80 young adults with hearing impairments. were able to access the specialized treatment at
the Clubfoot clinic run by Anushkaa Foundation
 SWAVLAMBAN & CARE: Focuses on
in Kaushambi. Their journey, guided by Mrs.
screening 18,000 children, providing
Shanti Devi’s unwavering commitment,
therapeutic support to 2,880 children with
transformed their fears into optimism. This story
disabilities, and vocational training for
highlights the vital role ASHA workers play in
360 individuals with speech and hearing
bridging the gap between rural communities
impairments.
and essential healthcare services, making a
profound difference in lives like the Kumars’.

SBI Foundation
47
Annual Report 2023-24
SBIF CoE for PwDs

Highlights of the Year

Awards and Recognition:

Best Assistive Tech CSR Project of the Year:

SBI Foundation received this prestigious
award from Assistech Foundation, recognizing
our outstanding contributions in assistive
technology.

Program Launches:

 Wheelchair-Accessible E-Rickshaws: On
March 11, 2024, Shri Pramod Sawant, Chief Events and Engagements
Minister of Goa, launched 30 wheelchair-
 International Purple Fest 2024: SBI
accessible e-rickshaws (Sugam) funded by
Foundation showcased specialized training
SBI Foundation in Porvorim, Goa.
and assistive aids at the event held in
Panaji, Goa. The ‘Training & Experience
Zone’ attracted nearly 800 visitors, while
the temporary ‘Dialogue in the Dark’ Centre
engaged over 350 participants through
immersive experiences.

 Drishti Samajik Sansthan: On October 29,

2023, Shri Om Prakash Mishra, DMD (HR)
& CDO, inaugurated a new project in the
presence of Shri Sanjay Prakash, MD, and
Shri Jagannath Sahoo, President & COO,
along with the CoE team.
 Global Accessibility Awareness Day: On
May 18, 2023, SBI Foundation celebrated
this day at SBILD, Vashi. The event included
two sessions on Document Accessibility and
Web Accessibility, with participation from
34 individuals and coordination by officials
from XRCVC.

 Institute for the Blind and Eye Care Centre:

On December 11, 2023, Shri Biswa Ketan
Das, CEO of IIBF, inaugurated this center in
Mohali with Shri Sanjay Prakash, MD of SBI
Foundation.

48
Our Partners

SBI Foundation
49
Annual Report 2023-24
 Our Partners

50
SBIF
LEAP
(LIVELIHOOD AND
ENTREPRENEURSHIP
ACCELERATOR
PROGRAM)

SBI Foundation
51
Annual Report 2023-24
 Beneficiaries: 10.5lac+
SBIF LEAP States: 16

T he World Bank reports that 22% of India’s

population lives below the poverty line,
highlighting the urgent need for effective
collaborations in order to uplift incomes and
empower marginalized communities, thus
contributing to bridging the development gap
livelihood interventions. Access to finance and breaking the poverty cycle in the country.
is a major hurdle, with only 17% of small
businesses having formal credit, and over 70% LEAP aligns with the UN SDG 1 goal of eradicating
of entrepreneurs struggle with market access. poverty by creating inclusive livelihood models
Additionally, the National Skill Development and entrepreneurial ecosystems. The program
Corporation notes that only 5% of the workforce focuses on building resilience in vulnerable
has formal skills training, despite high demand communities through innovative income-
for skilled labor. generation models, strengthening community
institutions, and promoting sustainable
Addressing the stark realities of poverty resource management. By empowering early-
in India, SBI Foundation’s Livelihood and stage entrepreneurs and facilitating strategic
Entrepreneurship Accelerator Program (LEAP) collaborations, LEAP is committed to uplifting
aims to transform livelihoods and sustain marginalized communities and driving
robust and inclusive livelihood models, sustainable economic growth.
entrepreneurial ecosystems, and strategic

Key Focus Area

Enhancement Entrepreneur- Innovation Skilling for Building

of Rural ship through Future in strong
income Ecosystem Incubation & BFSI and IT Community
through Development Acceleration sectors. Institutions
Sustainable in Rural and support to through
Agriculture Peri-Urban Start-Ups. collectiviza-
& Integrated areas. tion.
Livestock
Development.

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Project Initiatives

Enhancing Rural Income through Climate Resilient Agriculture and

Integrated Livestock Development

The majority of rural areas in India lack basic of veterinary service, undeveloped breeding
infrastructure for agriculture. There are very and management of livestock, poor marketing
few farmers that have access to agricultural and trade, and socioeconomic constraints. Our
extension services, resulting in a knowledge Integrated Livestock Approach primarily focuses
gap. Financial constraints affect households, on Lifting people out of extreme poverty by
impacting investment in resources and providing multiple sources of income to ensure
equipment. Farmers often face challenges year-round sustenance including Goatery,
regarding high input cost, Pre and Post Poultry, Fisheries, kitchen gardening, backyard
Harvest Losses. Climate variability threatens farming etc based on local geography, existing
the sustainability of agricultural practices and natural resources and needs. Additionally, it also
farmland affected by erratic rainfall and soil includes comprehensive training for farmers
degradation. Under this theme, we focus on on best practices, local hubs for knowledge
strengthening farm income by promoting sharing and infrastructure development and
climate-resilient practices, access to quality capacity building through local experts.
input, farm mechanization and better market
linkage with the ultimate aim of making So far, more than 2.5 Lakh farmers across
farming profitable. Uttarakhand, Maharashtra, Madhya Pradesh,
Jharkhand, and Bihar have benefitted from
The major challenges identified in livestock adopting Climate Resilient Agriculture Practices
farming systems are lack of pasture and and Integrated Livestock Development.
quality feed, scarcity of water resources, lack

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Micro-Entrepreneurship for Creating Jobs

There is a need to create a strong economy rural residents, inspiring them to choose
at the rural and grassroots levels, and SBIF- entrepreneurship as a livelihood opportunity.
LEAP’s Micro-entrepreneurship initiative
is transforming the rural and peri-urban Another significant project in Madhya
landscape of India to address this critical Pradesh focuses on building an ecosystem
challenge. By partnering with prestigious for agri-entrepreneurs. This program aims to
grassroots organizations, we provide support marginal and small farmers in their
comprehensive support encompassing credit, evolution into successful agri-entrepreneurs,
infrastructure, knowledge, mentorship, and with the goals of doubling their income and
capacity building for rural youth, women, and engaging more than 30,000 small farmers.
persons with disabilities. This approach aims to Through these initiatives and others, our Micro-
foster economic growth, create jobs, strengthen entrepreneurship program strives to create a
the rural entrepreneurial ecosystem, empower robust ecosystem that enhances the economic
marginalized groups, and alleviate poverty. Our conditions of rural populations and promotes
efforts have resulted in the creation of over 100 an entrepreneurial environment across rural
innovative and sustainable microenterprise India. The impact of our efforts is evident in
models, significantly bolstering rural the creation of 13,000 enterprises and the
economies. A key example of our impact is inspiration provided to more than 70,000 rural
the establishment of 8 district-level coalitions residents to pursue micro-entrepreneurship.
across Eastern Uttar Pradesh and Madhya With a presence in 16 Districts across three
Pradesh. These coalitions have supported states, SBIF-LEAP continues to expand its reach
the development of 1,207 microenterprises, and deepen its impact, fostering sustainable
leveraged ₹15 lakhs through local stakeholders, economic growth and empowerment in rural
created 2,500 jobs, and reached over 12,000 communities.

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 SBIF LEAP

Innovator For Bharat- Promoting Start-Ups

India’s startup and innovation landscape holds in India to find indigenous, impactful, and
immense promise due to its large, young cutting-edge solutions to the most pressing
population, increasing digital connectivity, problems in our country. Under I4B, SBIF
and supportive government schemes selects and supports high-impact incubators
aimed at fostering entrepreneurship. The providing incubation & acceleration support to
country’s growing ecosystem of incubators start-ups in key focus areas including Climate
and accelerators provides a fertile ground for Change, Agriculture and allied sectors, Fintech,
new ideas and technological advancements Deep Science, Health-tech, and Tech4Good.
across diverse sectors. However, startups It also supports R&D for developing India’s
often face significant challenges in access to research capabilities in futuristic and inclusive
capital, technical assistance and mentorship. technologies, such as the setting up of the
Additionally, the limited availability of high- largest Hub in India with IIT Bombay to
quality training programs and support undertake cutting-edge research and bring
networks can impede the growth and scaling advanced AI/ML, and Data Science (DS)
of innovative ventures, making it crucial for technologies to the BFSI sector.
startups to seek out and leverage available
resources effectively. Addressing these So far, I4B has worked with 3 impactful
challenges will help bridge the early-stage incubators and supported 60+ Startups, at a
financing gap, improve operational efficiency, total financial outlay of Rs. 15+ Cr. Some of our
and boost the innovation ecosystem including supported Start-ups such as Farm Didi have
mentorship and incubation. been featured on popular platforms like Shark
Tank India and have raised funding for their
Innovators for Bharat is a flagship initiative by social-impact businesses.
SBI Foundation to accelerate social innovation

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SBIF LEAP

Skilling for Future

As a fast-growing nation, there are some sectors (PwD) with the drive to find good employment
that will intensify in future. One such sector is opportunities and create a positive future
the Banking, Financial Services, and Insurance for themselves. We are partnering with the
(BFSI) sector which is currently one of the fastest- industries to skill them and ensure placements
growing industries. According to the India Brand with a good pay scale across BFSI, IT and other
Equity Foundation (IBEF), the Indian banking growing sectors.
industry is expected to become the third-largest
in the world by 2025, presenting substantial job It is a Pan-India initiative, focused on tier 1 and
opportunities. This will offer a career pathway to tier 2 cities for youth aged 18-35. So far, 6100
the youths in the country. candidates have received training, with at least
25% being PwDs. The skilling initiative promises
SBIF LEAP: Skilling for Future is functioning a 60% job placement rate with a minimum
as a bridge by identifying youth, especially salary of ₹ 2.4 - 3 LPA, aiming to empower and
from underprivileged sections such as the provide sustainable livelihoods for unemployed
poor, women, and persons with disabilities youth.

Building Strong Community Institutions

Despite the potential of collective resources, sharing among farmers and entrepreneurs.
many rural industries suffer from inadequate Improving supply chains and investing in
access to quality inputs and technical infrastructure for better access to quality inputs
support. Many rural farmers lack access to that boost productivity. Expanding financial
essential agricultural inputs like improved services through digital banking solutions
seeds and fertilizers due to limited supply and microfinance provides crucial capital to
chains. Additionally, technical support is often underserved rural enterprises. Additionally,
insufficient; a survey by NABARD indicates establishes comprehensive technical support
that over 70% of rural businesses have limited programs and training workshops that equip
access to advisory services and training. farmers and rural entrepreneurs with the
Financial linkages are also problematic, with skills and knowledge needed to improve
most rural enterprises lacking formal banking their practices and achieve market success.
relationships, which impedes their ability to Enhancing market linkages through digital
secure the necessary capital for expansion and platforms and partnerships with larger buyers
innovation. will ensure better access to markets and fair
pricing, driving sustainable growth in rural
To address these challenges, We work to industries. At the moment we are providing
build and strengthen community institutions, support to 80+ FPOs consisting of more than
such as Self Help Groups/Producer Groups 20,000 farmers across Maharashtra, Andhra
(SHGs/PGs), Farmer Producer Organizations/ Pradesh, Odisha, North-East Region, and UP
Companies (FPOs/FPCs) which enhance the with skilling, collectivizing and market linkages.
collective purchasing power and resource

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 SBIF LEAP

SAMEIP: Advancing Employability and Skill Development

for Persons with Disabilities in BFSI

Location: Bengaluru, Chennai, Delhi, Mumbai, developed, offering comprehensive guidelines

and Kolkata. to promote workplace inclusivity. The program
focuses on trainer capacity building, skill
SAMEIP was launched in 2020 to enhance career development for 1,500 PwD candidates, and
pathways and provide employability-focused employment support, including counselling,
skill training for 1500 young individuals with interview prep, employer engagement, and
disabilities within the digitally evolving BFSI BFSI placements.
(Banking, Financial Services, and Insurance)
sector in India. The SAMEIP project deeply impacted its
primary beneficiaries, enhancing employability
Disability affects a significant portion of the and ensuring long-term skilling impact, for
global population, with over 1 billion people livelihood and inclusive development. An
experiencing some form of disability. In India, independent assessment showed that 88%
the situation is similarly challenging, with high of candidates secured monthly salaries
unemployment rates and limited access to between Rs. 10,000 and Rs. 40,000, with
inclusive education and skill training programs. 33% earning at least Rs. 30,000. Additionally,
SAMEIP aimed to go beyond traditional skill 90% of PwD trainees improved their domain-
training programs that primarily focus on specific knowledge and soft skills, while 73%
job placements by offering a comprehensive reported increased self-confidence. Over 88%
approach that provided skills and created saw an income boost for themselves and their
sustainable career opportunities for families, with 54% achieving greater financial
participants. independence. The program also positively
influenced secondary stakeholders, including
SAMEIP on an end-to-end approach from employers and training partners, by increasing
Facilitating, Advocacy, and Training, to awareness and sensitivity towards hiring PwDs
Employment. Six job roles (three technical and improving training quality and alignment
and three non-technical) were identified, with with industry needs.
tailored curriculum development aligned with
BFSI Skill Council guidelines. Advocacy efforts The SAMEIP’s successful retention strategies
engaged over 100 corporates for “Pledge to and comprehensive approach make it a model
Disability Inclusion”, committing to support for for future initiatives, setting a benchmark for
PwD placements. Additionally, public resources inclusive employability programs that prioritize
such as the Disability Inclusion Toolkit were lasting career outcomes for PwDs.

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Highlights of the Year

The ‘SBI Foundation Hub for Data Science
and Analytics’ was officially launched by
Shri. Dinesh Khara, Chairman, State Bank
of India on 20th September 2023. A unique
collaboration that will combine the industry
and practical knowledge of the Bank with IIT
Bombay’s excellent research capabilities to
work on emerging problems in the banking
sector and undertake cutting-edge research,
bringing advanced AI/ML, and Data Science
(DS) technologies for BFSI.

SBIF LEAP: Innovator for Bharat

 An innovative initiative was started in

collaboration with Villgro, to provide incubation
support to 15 high-potential agriculture with
Equity seed funding of Rs. 3.25 Cr.

 Shri Sanjay Prakash, MD, SBI Foundation

officially launched the ‘SBI Foundation
& C-CAMP AMR Challenge - A Call for
Innovations in AMR’ in collaboration with
C-CAMP, to provide vital resources for
Indian innovators who are interested in the
domains of AMR in Human Health, AMR in
One Health, and Late-stage Innovations in
AMR. 5 High Impact Start-ups were awarded
the grant under the AMR Challenge 2024.

Micro Entrepreneurship for Job creation: In

line with our goals of fostering and accelerating
entrepreneurship, our partner, Development
Alternatives, has facilitated the establishment
of 1207 enterprises, resulting in the creation of
2500 jobs. We also organized a 2-day workshop
in Mirzapur on the topic “Social Innovation and
Inclusive Entrepreneurship” where 15 partner
NGOs of SBIF participated.

Development of Community Institutions: The

‘SBI Foundation: Community Facility Centre‘ was
officially inaugurated by Dr. Amar Patnaik, MP,
Rajya Sabha in the presence of Mr Uttam Kumar,
GM NW -II, Bhubaneswar and Mr. Sanjay Prakash,
MD, SBI Foundation. It is a unique collaboration
that will mobilize farmers into Producer Groups
and FPCs, promoting high-yield exotic vegetable
cultivation, improving processing and value-
addition infrastructure, and implementing
innovative marketing strategies.

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 SBIF LEAP

Harvesting Hope
Jayesh Ramu Pagi, a farmer from Khomarpada transforming his farm into a flourishing enterprise.
in Palghar, struggled to support his family
of seven with a mere 2.5 gunthas of land. His By the third year, Jayesh’s income surged to
limited paddy and vegetable yields earned him nearly ₹4 lakhs. He invested in a water tank and
just ₹29,000 annually, forcing him to migrate for drip irrigation system, diversified his crops to 35
months each year to find work in nearby cities. varieties, and embraced sustainable practices
like vermicomposting and seed conservation.
In 2021, Jayesh joined the WADI program, supported His farm now thrives with multiple harvests
by SBI Foundation and Shri Chaitanya Health and and an 80% plant survival rate, allowing him
Care Trust. The program provided him with essential to stay home and work. Jayesh’s success story
resources like horticulture plants, organic farming underscores the profound impact of agricultural
training, and irrigation tools. With this help, Jayesh’s interventions in transforming livelihoods and
production skyrocketed from 1,325 kg to 11,971 kg, promoting self-sufficiency.

Impact Created

Domain Data Domain Data

Direct Beneficiaries 103783 FPO/FPC developed 81

States Covered 16 Supported SHGs 25

District Covered 66 Supported PGs 245

Villages Covered 1800 Farmers Benefited 2.50 Lakh

Youth Skilled in BFSI 6100 Income Enhanced 10.25 Lakh

Community Institutions 351 Start-Ups Supported 292

formed

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Our Partners

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SBIF
CONSERW
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Annual Report 2023-24
 Beneficiaries: 29.52lac+
SBIF CONSERW States: 21

C limate change, driven by deforestation,

pollution, and habitat loss, is intensifying
natural disasters, threatening biodiversity,
Key Focus Areas

and impacting human health and livelihoods. Responsible consumption & production
India, with its rich biodiversity, is particularly and the circular economy
vulnerable. Urgent and collaborative action is
imperative to restore ecological balance and
Renewable energy adoption
build resilient communities.

SBIF CONSERW envisions a sustainable future

where communities co-exist harmoniously Restoration of vulnerable ecosystems
with nature. Through sustainable production,
clean energy adoption, ecosystem restoration,
and wildlife conservation, CONSERW aims to Wildlife protection and conservation
create a positive environmental impact.

Afforestation and Ecosystem Restoration

SBIF ARANYA: Afforestation and

Ecosystem Restoration

SBIF ARANYA is at the forefront of India’s

afforestation efforts, aiming to restore degraded
landscapes and enhance biodiversity. By
restoring mangroves and recharging springs,
we contribute to coastal protection and water
security.

Our initiatives focus on re-establishing India’s

green cover by planting indigenous tree species,
Through these endeavors, SBIF ARANYA seeks
creating biodiverse micro-forests, and reviving
to create a harmonious balance between
degraded ecosystems. Additionally, we empower
human well-being and ecological health. By
local communities through sustainable livelihood
restoring forests, we contribute to climate
practices, such as the promotion of Non-Timber
change mitigation, biodiversity conservation,
Forest Products (NTFPs), to ensure long-term
and the overall well-being of communities.
conservation efforts.

Plantation of Conservation
Restoration Improving alternate
Indigenous and protection
of tidal and and NTFP-based
species of trees of community
mangrove livelihoods for rural
for improving and natural
ecosystems communities
vegetation resources

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Plantation of Indigenous Species of

Trees for Improving Vegetation

A cornerstone of SBIF ARANYA initiative is the

extensive plantation of indigenous tree species.
Recognizing the ecological significance of
native flora, the program has undertaken
ambitious afforestation drives across various
regions of India. The plantation of over 1 lakh
trees in Rajasthan stands as a testament to this
commitment. To accelerate forest growth and
enhance biodiversity, ARANYA has successfully
established 250 Miyawaki forests across Gujarat
and Madhya Pradesh. These dense, biodiverse
forests serve as models for rapid ecological
Improving Alternate and NTFP-based
restoration. Furthermore, to promote
agroforestry and augment rural livelihoods, the
Livelihoods of Rural Communities
program has focused on the plantation of fruit-
ARANYA recognizes the potential of Non-Timber
bearing trees across multiple states.
Forest Products (NTFPs) in empowering rural
communities and reducing dependency on
Conservation and Protection of forest resources. By promoting the cultivation
Community and Natural Resources and processing of NTFPs and alternate crops,
the program contributes to both ecological
ARANYA prioritizes the conservation and
conservation and economic development. This
protection of resources of commons,
approach fosters a sustainable livelihood for
understanding their critical role in maintaining
forest-dwelling communities while preserving
ecological balance. By empowering local
the natural heritage of the region.
communities and fostering a sense of
ownership, ARANYA ensures the long-term
sustainability of these resources.
Impact Created*
A key focus area is springshed management,
Trees Planted – 7 lacs
with initiatives aimed at recharging Himalayan
springs and promoting sustainable water Acres Restored – 1300 acres
use practices in regions like Uttarakhand and
Himachal Pradesh. Ongoing initiatives for the plantation of
28 lakh trees across 12 states.
Restoration of Tidal and Mangrove
Ecosystems Ongoing projects to recharge and
rejuvenate 150 himalayan water springs
Given the ecological significance of mangroves,
under ARANYA, we have undertaken extensive
efforts to restore these vital ecosystems.
Through the plantation of over 2 lakh saplings
and seeds, the program has revitalized 30 acres
of mangrove forests in Kerala. These efforts not
only contribute to biodiversity conservation but
also play a crucial role in coastal protection.

SBIF ARANYA has led to the restoration of hundreds of acres of degraded land, improved water security, and enhanced
livelihoods for local communities. By promoting a harmonious relationship between people and nature, the program is
making a substantial contribution to India’s ecological well-being.

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Waste No More  The “Waste No More” Project is empowering

the Municipal Corporation in Panna,
The ever-increasing generation of waste, Madhya Pradesh to enhance environmental
particularly single-use plastics, poses a sustainability. The objective of the program
significant threat to our environment. is to set-up an end-to-end Solid Waste
Unsustainable waste management practices Management which includes renovating
lead to overflowing landfills, pollution, and Material Recovery Facility, cleaning garbage
depletion of valuable resources. Effective hotspots, and clearing waste from 3-4 acres
waste management facilities require a multi- of land. With a daily capacity of 14 tons of
pronged approach that promotes sustainable biodegradable waste composting and 7
consumption, circularity, and community tons of dry waste recycling, the project
engagement. is making a significant contribution to
reducing landfill waste and conserving
SBI WASTE NO MORE initiative aims to create resources.
a cleaner and healthier future by promoting
sustainable waste management practices. This
is achieved through:

End to End Sustainable Waste

Management

SBI Foundation believes that sustainable

waste management requires a comprehensive
and collaborative approach. By working with
government authorities and private bodies, we
aim to establish effective systems that promote
waste reduction, recycling, and proper disposal.
This is being achieved through several activities
Behavioral Change Among
such as:
Communities
Public Private Partnership for Sustained
Information Education Communication (IEC)
Waste Management
plays a vital role in envisioning a sustainable
future by enabling behavioral change among
SBI Foundation recognizes the importance
communities to encourage sustainable
of collaborative efforts to achieve sustainable
practices that emphasize recycling and
waste management. By partnering with
minimizing waste.
government agencies, private organizations,
and local communities, we leverage resources
The Project ‘Waste No More’ aims to set up an
and expertise to implement effective solutions.
End-to End Solid Waste Management System
These partnerships utilize holistic planning
by educating 1 lakh residents of Aurangabad
and implementation of the Swacch Bharat
city on waste segregation to strengthen the
2.0 to unlock eco-friendly waste recycling and
initiative in addition to launching collaborative
management by reducing the landfill.
efforts by the locals and the government.
 The program has transformed 3 towns
In Dakshina Kannada, Karnataka, the project
of Karnataka into model sanitation towns
aims for sustainable waste management
with increased cleanliness, and promoting a
through prevention, source segregation, and
healthier connection with the environment
decentralized processing involving informal
by demonstrating Nature Based Solutions
waste workers. Our goals include achieving
& Hybrids for Solid and Liquid Waste
100% household waste collection, processing
Management in the selected towns.
2,800 tons of waste, and reducing landfill waste
by 75%.

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The initiative supports waste pickers’ economic Circular Economy

stability and encourages citizen engagement,
promoting environmental and social benefits. Recognizing the detrimental impact of single-
use products on the environment, SBIF Waste
Collection No More initiative prioritizes the establishment
of a circular economy. By encouraging the
use of recyclable materials and promoting a
Processing
closed-loop system, we aim to reduce waste
Segregation generation and minimize pollution.

Disposal
Community
Engagement

Conservation and Protection of Wildlife

India is home to a wide diversity of plant and
animal species. But over the last few decades, the
threat of species extinction has become a reality.

The program for the Conservation and

Protection of Wildlife addresses the threats
for flora and fauna of India by protecting and
restoring habitat that enables peaceful co-
existence of humans and animals. Diversified
efforts are being made to ensure the safe-
guard and conservation of the wildlife under
the program. to monitor wildlife populations and mitigate
human-wildlife conflict, safeguarding
 Habitat Conservation and Restoration - wildlife across 7 Protected Areas. This has
Increase in deforestation has degraded enabled the successful translocation of
the wildlife habitat cover, pushing several endangered species, including Spotted Deer,
wildlife species on the verge of extinction. Nilgai, and Blackbuck, to suitable habitats.
The project extends its reach through
Red Panda is one such species and needs awareness campaigns and nurturing
human intervention for their survival. harmony between forest communities and
Our program safeguards Red Pandas by wildlife. With a focus on reducing conflict
mapping key conservation areas, assessing and fostering local stewardship, we are
habitats, and setting up an interpretation redefining conservation through innovation
center in Sikkim and Darjeeling-Kalimpong. and community-driven efforts, ensuring a
It aims for a 30% reduction in biomass thriving future for its natural treasures.
use, promotes sustainable tourism, and
creates livelihood opportunities for locals. In biodiversity hotspots of Northeast India,
By empowering local communities to we have utilized advanced ecological
participate in conservation efforts, the techniques such as genetic analysis and
project has created a sense of ownership remote sensing to inform our conservation
and responsibility among residents. strategies. These approaches have helped
us to identify vulnerable populations,
In Madhya Pradesh, we have established a prioritize conservation zones, and enhance
network of solar-powered patrolling camps connectivity.

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As part of the Sustainable Phansad In Assam, we have implemented initiatives to

initiative we intend to reintroduce critically mitigate human-elephant conflict in Baksa
endangered vultures to Phansad Wildlife and Udalguri districts. These initiatives
Sanctuary, we have established a vulture include habitat restoration, community-
restaurant within the sanctuary. This facility based mitigation models, and outreach
is an enclosed area of nearly 7 acres that programs that have reached approximately
provides a secure environment for vultures 200,000 people.
to feed on carrion.
In Chandrapur district, Maharashtra, our
 Strengthening Peaceful Co-existence of resilience-building efforts in the Greater
Humans and Wildlife Tadoba Landscape have empowered
communities to coexist peacefully with
The program focuses on building resilient wildlife.
communities and promoting harmonious
human-wildlife co-existence. Through these comprehensive efforts, we
have fostered harmonious relationships
In the Kanchendzonga landscape of Sikkim between humans and wildlife, reduced
and West Bengal, we have actively engaged conflict, and promoted sustainable
local communities in long-term Red Panda livelihoods for local communities.
conservation efforts, mitigating human-
wildlife conflict and creating sustainable
livelihood opportunities.

Renewable Energy Empowering Communities Through

Solar Technology
SBI Foundation’s CONSERW program
recognizes the imperative of transitioning to Through solar technology initiatives, we are
a sustainable future powered by renewable empowering marginalized communities,
energy. By investing in innovative energy particularly rural women farmers, to improve
solutions, we aim to address the challenges of their livelihoods and contribute to sustainable
dwindling fossil fuel resources and promote a development. By providing solar irrigation and
more equitable and resilient energy landscape. microenterprise support, we are helping to

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 SBIF CONSERW

Waste to Victory

Phadamchen village, a key project location for

both the “Conservation of Red Panda in the
Khangchendzonga Landscape” initiative, has
emerged as a shining example of environmental
stewardship. Recognized as the Cleanest Village
of Sikkim, Phadamchen has been honored with
prestigious awards and a generous cash prize
for its exemplary efforts in waste management.

Sustainability-Led Partnerships
alleviate poverty and promote economic self-
sufficiency through adaptation of clean and SBI Foundation, in collaboration with the
sustainable sources of energy. Textiles Committee (Ministry of Textiles) and
Navi Mumbai Municipal Corporation (NMMC),
Enabling Scope of Innovative signed a landmark MoU to pilot a pioneering
Research on Solar and Hydrogen project for recycling post-consumer textile
Energy waste towards environmental sustainability
and innovative waste management solutions.
The XRD Lab facility acts as a key scope
to carry out innovative research and strive Waste No More
towards solutions in the domain of Energy and
Environment, especially for the characterization Two transformative projects have been
of novel materials for solar and hydrogen energy. launched in Panna City, Madhya Pradesh,
and 10 Gram Panchayats in Dakshin Kannada
district, Karnataka. These initiatives focus on
Our Achievements sustainable waste management through
comprehensive workshops and training. They
Support in Adversity aim to impact the lives of 500,000 individuals,
fostering environmental consciousness and
In the past financial year, SBI Foundation played community empowerment.
a key-role in disaster management through
swift response by launching the ‘Himachal Nurturing Green Landscapes
Flood Relief’ project to aid the affected areas
by delivering ration kits and setting-up medical Furthering its afforestation efforts, SBIF Aranya
camps. Additionally, in Chennai and Tiruvallur unveiled a pioneering initiative on World
districts of Tamil Nadu, the Foundation Environment Day 2023 at Payanur College,
supported communities devastated by Cyclone Kannur, Kerala - a Satellite Mangrove nursery
Michaung’s floods, uniting with local authorities with a capacity for 60,000 saplings. Embarking
and stakeholders for impactful relief efforts. on a visionary journey, the program pledged to
sow 28 lakh saplings over the next two years
across ongoing projects, nurturing green
landscapes and safeguarding our planet’s
future.

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From Conflict to Harmony- Furthermore, the establishment

watchtowers along crop fields has proven
of

A Community’s Journey to be a valuable tool in deterring elephant

incursions and protecting local communities.
SBIF CONSERW’s initiatives have been Villagers of Dongargaon village have expressed
instrumental in supporting habitat their gratitude for the program’s support in
replenishment efforts in Udalguri district, constructing these watchtowers, which have
which faces a high rate of human-elephant significantly improved their safety and security.
conflict (HEC). Strengthening the green cover,
the program is planting 29,000 saplings of Through its comprehensive approach, SBIF
native trees and shrubs that helped manage CONSERW has demonstrated its commitment
the invasive plants, and also created fire lines to to promoting harmonious human-wildlife
arrest forest fires. coexistence and building resilient communities.

The program has extended support to local

farmers, such as Anaitha Boro, who have suffered
crop damage due to elephant raids. Anaitha
says “I have sown 3.75 kg of mustard seeds with
support from SBIF in 2 bighas. I am happy that
my crops were not damaged by elephants,
and I learnt that by growing crops that are
not liked by elephants can provide me with
subsistence livelihood.” By sensitizing farmers
and encouraging the cultivation of elephant-
resistant crops, the program has helped to
mitigate conflict and ensure food security.

Our Partners

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SBIF
ACE
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 Beneficiaries: 235
SBIF ACE States: 19

Core Areas of Focus

India possesses a wealth of sporting talent,
yet the country’s full potential at the global
sporting arena remains untapped. A lack of
Infrastructure Development: Building state-
of-the-art sports facilities equipped with
world-class infrastructure, limited access to
advanced technology to provide athletes with
specialized training, and inadequate support
optimal training environments.
systems hinder the development of elite
athletes. Talent Identification and Development:
Identifying and nurturing promising athletes
SBIF ACE envisions India as a global sporting
from diverse backgrounds, providing them
powerhouse, producing world-class athletes
with comprehensive training, mentorship, and
who inspire generations to come. By creating
financial support.
a robust sports ecosystem, providing
comprehensive athlete support, and fostering a Sports Science and Technology: Integrating
culture of excellence, SBIF ACE aims to elevate sports science and technology to enhance
India’s sporting prowess on the world stage. athlete performance, recovery, and injury
prevention.

Key Programs
Through strategic partnerships and a holistic approach, SBIF ACE is committed to empowering
athletes and creating a sustainable sports ecosystem in India.

SBIF ACE: Para Athlete Grant Program program is designed to equip athletes with the
tools they need to succeed.
Empowering 100 promising para-athletes to
achieve their full potential by providing financial SBIF ACE: Olympic Development
support, specialized coaching, nutritional Program
assistance, and equipment. We are grooming a
new generation of para-athletes who are poised The project focuses on developing young
to excel in international competitions including weightlifting talent through a residential
the Paralympic Games and Asian Para Games. training program offering immersive support
to 35 athletes that undergo intensive training to
SBIF ACE: Holistic Athlete Support compete in prestigious events like the Khelo India
Program Games and Commonwealth Championships.
Additionally, the project involves establishing
Offering a comprehensive range of support a state-of-the-art sports science center at the
services to athletes across various sports. From Karnam Malleswari Weightlifting Academy to
nutrition and sports science to mental health benefit around 100 athletes.
counseling and international exposure, our

70
 SBIF ACE

Impact To Inspire
Biri Takar’s Para-Badminton Journey
to Success

Biri Takar, a para-badminton athlete from

the remote corners of Arunachal Pradesh,
defied geographical limitations to achieve
remarkable success. With unwavering
determination and a passion for the sport, Biri
overcame numerous challenges to pursue his
dream of becoming a professional athlete.

SBI Foundation’s support program played

a pivotal role in Biri’s journey. By providing
financial assistance, specialized coaching, Biri’s story is a testament to the power
and international exposure, the foundation of perseverance and the importance of
helped him unlock his full potential. Through supporting talented athletes, regardless of
their unwavering support, Biri was able to their geographical location. His achievements
compete at a high level, gaining valuable inspire others to pursue their dreams, no
experience and honing his skills. matter how daunting the obstacles may seem.

Highlights of The Year Community Achievements: Nurturing

Champions
On December 26th, 2023, SBI Foundation and
Abhinav Bindra Foundation Trust (ABFT) joined SBI Foundation is at the forefront of
hands to recognize the achievements of young empowering sports excellence in India. By
athletes under the SBIF ACE program. This providing comprehensive support to over 235
initiative empowers 100 athletes and aims to athletes, including para-sportspersons, SBIF
elevate India’s sporting landscape. ACE has been enabling the nation’s sporting
future to reach their true potential.
Mr. Sanjay Prakash, Managing Director of
SBI Foundation, and Olympic champion The impressive tally of over 400 medals in
Abhinav Bindra, founder of ABFT, personally national and international competitions,
commended the athletes, highlighting their including 28 medals at the Asian Para Games
dedication and talent. The ceremony served as 2022, is a testament to the program’s success.
a celebration of their accomplishments and a Some athletes are set to represent India at the
testament to the program’s positive impact on Paris Paralympic Games 2024.
India’s future sporting heroes.

SBI Foundation
71
Annual Report 2023-24
SBIF ACE

Our Partners

PARALYMPIC

INDIA

72
SBIF
SASHAKTI
SBI Foundation
73
Annual Report 2023-24
 Beneficiaries: 29,000
SBIF SASHAKTI States: 5

India has been home to inspiring women who

lead the nation, won medals at Olympics,
made inventions, and a lot more. Despite
It supports underprivileged women through
leadership development and skill training,
aligning with UN SDGs including
so much potential, equality for women at
grassroot level requires consistent efforts to live Gender Clean Water
a safe and secure life. Equality and Sanitation

The Women Empowerment Program under

SBIF Sashakti focuses on promoting women’s Decent Work
No
rights, gender equality, and enhancing their & Economic
Poverty
roles in governance. The initiative targets Growth
marginalized and underserved communities,
aiming to empower women with equitable Responsible
Reduced
livelihood opportunities while bridging gender Consumption
Inequalities
gaps and upholding their rights and dignity. & Production

SBIF Sashakti strives to cultivate a safe and to establish a supportive framework that
free environment for women, ensuring empowers women. By providing supportive
equal opportunities and enabling a culture structures and raising awareness about gender
of justice and equality. Through robust equality, the program enables women to realize
women empowerment initiatives, it enhances their full potential and embark on their journey
community capacity and ownership, aiming towards equality.

74
 SBIF SASHAKTI

Initiatives to Lead the Change

SBIF - She Leads: Through this program, SBIF Sashakti: Financial Empowerment of
we aim to address knowledge gaps through Tribal Women: Equal livelihood opportunities
a comprehensive approach by enabling for tribal women through skill development
education in digital, financial, and legal aspects and training in different domains is at the core
for women. The Program benefits 3000 Women of this initiative. Striving for their economic
Self-Help Group Members with financial, legal, independence, the program is also empowering
and digital literacy sessions in Kalahandi and them for increased participation in decision-
Nuapada districts of Odisha. making.

Saarthi: This project is designed to strengthen Project Naya Savera: Raising awareness
menstrual hygiene and prevent child abuse in and sensitisation about menstrual health
Haryana’s Jind and Kaithal districts. Focused and hygiene amongst adolescents can play
on school students, this initiative enables early a significant role in empowering women at
intervention thus empowering them with grassroot level. The program educates school
crucial life skills and knowledge to safeguard staff in 24 government schools of Meerut
themselves and promote healthier lifestyles. district, Uttar Pradesh to ensure increased
awareness towards menstrual health.
SBIF Garima: Through this program, we are
addressing the need for shelter homes for 40
elderly women in Krishna District, Andhra Pradesh.

SBI Foundation
75
Annual Report 2023-24
SBIF SASHAKTI

Stories of Impact
Home-maker to Entrepreneur: The
With 500 women across 50 villages now
Impact of Himalaya Hill Fresh Fruit embarking on similar journeys, this project
Processing Group is a testament of hope and possibility,
demonstrating the profound impact of
In the serene village of Silhari, Himachal Pradesh, economic empowerment and community
training in modern techniques and equipment, support.
provided by SUVIDHA, has empowered women
to learn new skills and experience a sense of
pride and purpose. The Himalaya Hill Fresh Fruit
Processing Group, led by determined women
like Seema, Anjali, and Meena, has sparked
a remarkable transformation. Supported by
SUVIDHA under SBI Foundation’s Unnati
Program, these women have transitioned from
being agricultural labor to entrepreneurs. They
now earn a living and support their family by
skillfully processing local fruits like Burans
flowers, apricots, and lemons into a variety of
products to boost sales during tourist seasons.

Highlights of The Year

Project Unnati under SBIF Sashakti has been women from different backgrounds through
acknowledged at the CSR Journal Awards Skill Development in the Solan district of
2023 in “EmpowerHER” Category for its Himachal Pradesh.
transformative service towards empowering

Our Partners

76
 SBI Foundation
77
Annual Report 2023-24
 Awards

Name Of Award Name Of Program Category Month Received

CSR Health Impact SBIF Jivanam Health & July 2023

Awards (IHW) Environment

ATF Award 2023 Centre of Excellence Best Assistive November 2023

for PwDs Technology CSR
Initiative

The CSR Journal SBIF Gram Seva Agriculture & Rural December 2023
Excellence Awards Development
2023

The CSR Journal SBIF Women Special category December 2023

Excellence Empowerment
Awards 2023

SABERA Awards SBI Foundation Non-profit of the December 2023

2023 year

CSR Health Impact Awards (IHW) ATF Award 2023

SBIF Jivanam Centre of Excellence for PwDs
The CSR Journal Excellence Awards 2023 The CSR Journal Excellence Awards 2023
SBIF Gram Seva SBIF Women Empowerment

SABERA Awards 2023

SBI Foundation
 REPORTS

80
 DIRECTORS’ REPORT
To,
The Members,
SBI FOUNDATION,
Mumbai

The Board of Directors of SBI Foundation (referred hereinafter as “the Foundation”) has pleasure in
presenting the 9th (Ninth) Annual Report and Audited Financial Statements for the Financial Year
(“FY”) ended 31st March, 2024.

1. FINANCIAL PERFORMANCE (Standalone):

The financial highlights/performance of the Foundation for the year ended 31st March, 2024 is
summarized below:
(Amounts in Lakhs)

As on As on
Particulars
31st March, 2024 31st March, 2023
Contribution/ Funds received 34,248.71 21,934.08
Other Income 9.00 0.38
Total Income (A) 34,257.71 21,934.46
Grants towards Projects 21,711.73 9,300.89
Employees benefit expenses 283.94 154.82
Depreciation 3.86 0.91
Other Expenses 339.95 207.25
Total Expenditure (B) 22,339.48 9,663.87
Surplus of Income over Expenditure before 11,918.23 12,270.59
Exceptional & Extra-ordinary Items (C) = (A) - (B)
Less: prior period adjustment 1.76 4.90
Surplus for the period from continuing 11,916.47 12,265.69
operations
Earnings Per Share:
Basic 297.91 306.64
Diluted 297.91 306.64

2. OPERATIONS AND BUSINESS ACTIVITIES OF THE FOUNDATION:

The Foundation was incorporated by the State Bank of India as a CSR vehicle for the purpose of
undertaking all the CSR Projects of the State Bank of India and its subsidiary companies.

Accordingly, the Foundation is registered as a Subsidiary of State Bank of India under Section 8 of
the Companies Act, 2013, for the purpose of undertaking all the CSR activities on behalf of the State
Bank of India and its Subsidiaries.

SBI Foundation
81
Annual Report 2023-24
The Foundation continues to be a Subsidiary of State Bank of India during the Financial Year and
during the year under review, there was no change in the nature of the business of the Foundation.

In accordance with the amendments in the CSR provisions of the Companies Act, 2013, the
Foundation has registered itself as an Implementing Agency for undertaking CSR activities vide
registration number CSR00001456.

The Foundation has sanctioned a total of 145 projects with a financial outlay of Rs 288.56 Crores in
the Financial Year 2023-24.

The projects were undertaken in the focus areas of:

1. Environment (CONSERW: Conservation through Sustainable Engagement, Restoration,

and Wildlife Protection)

2. Education (ILM: Integrated Learning Mission)

3. Livelihood (LEAP: Livelihood and Entrepreneurship Accelerator Program)

4. Sports (ACE)

5. Healthcare (Jivanam) & Women Empowerment (Sashakti)

6. Rural Development (Gram Seva & Gram Saksham)

7. Youth Development (YFI: Youth for India Fellowship)

8. Empowerment of PwD (CoE: Centre of Excellence for PwDs)

3. SHARE CAPITAL STRUCTURE:

During the year under review, the authorized, issued, subscribed and paid up equity share capital
of the Foundation remained Rs. 4,00,00,000/- (Rupees Four Crores Only) divided into 40,00,000
(Forty Lakhs) equity shares of Rs. 10/- (Rupees Ten Only) each.

The Foundation has not issued any further shares during the FY 23-24 and the shares are continued
to be held by the State Bank of India and its Subsidiary Companies.

4. DIVIDEND:

By virtue of being a Section 8 Company incorporated under the Companies Act, 2013, the
Foundation does not declare any dividend on its equity shares.

5. TRANSFER TO RESERVES:

During the year under review, the Foundation has not transferred any amounts to the reserves. The
Income earned during the financial year have been retained in the Income & Expenditure Account
for the business and operations of the Foundation.

6. ANNUAL RETURN:

A copy of the Annual Return in terms of Section 92(3) of the Companies Act, 2013 read with Rule 12
subrule 1 of the Companies (Management and Administration) Amendment Rules, 2020 effective
from 28th August 2020 is available on the website of the Foundation.

82
The web-link for the same is https://www.sbifoundation.in/

7. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

As on the date of this Report, the Board of Directors of the Foundation comprises of 8 (eight) Directors
out of which 4 (four) are SBI Nominee Directors, 1 (one) Non-Executive Independent Director, 1
(one) Executive Director and 2 (two) Non-Executive Directors representing two subsidiaries of SBI.

The composition of the Board of Directors of the Foundation as on the date of this Report is as
follows:

Sr. Date of
Name of the Director DIN Designation
No Appointment
1 Shri Challa Sreenivasulu Setty 08335249 26/12/2023 Nominee Director
2 Shri Ashwini Kumar Tewari 08797991 05/09/2024 Nominee Director
3 Shri Vinay Tonse 06695367 26/12/2023 Nominee Director
4 Shri Binod Kumar Mishra 10531002 07/02/2024 Nominee Director
5 Shri Venkatesh Srinivasan 10250214 02/08/2023 Independent Director
6 Shri Shamsher Singh 09787674 25/01/2023 Nominee Director
7 Shri Abhijit Chakravorty 09494533 13/11/2023 Nominee Director
8 Shri Sanjay Prakash 09692409 28/07/2022 Managing Director

Changes in the composition of the Board of Directors and Key Managerial Personnel during
the year and till the date of this Report:

a) Appointments/Resignations/Changes in the Board of Directors:

The following changes took place among the Board of Directors of the Company during the FY
and as on the date of this Report:

i. Appointment of Directors:

Sr. Appointment/
Name of the Director Designation Date
No Re-appointment
1 Shri Venkatesh Srinivasan Non-Executive Appointment 02/08/2023
Independent (1st Term)
Director
2 Shri Abhijit Chakravorty Nominee Director Appointment 13/11/2023
3 Shri Challa Sreenivasulu Nominee Director Appointment 26/12/2023
Setty
4 Shri Vinay Tonse Nominee Director Appointment 26/12/2023
5 Shri Binod Kumar Mishra Nominee Director Appointment 07/02/2024
6 Shri Ashwini Kumar Tewari Nominee Director Appointment 05/09/2024

SBI Foundation
83
Annual Report 2023-24
All Directors have confirmed that they are not disqualified under the provisions of Section 164(2)
of the Companies Act, 2013.

The appointments of Shri Shamsher Singh (DIN: 09787674) and Shri Venkatesh Srinivasan (DIN:
10250214) were proposed by the Board of Directors for the approval of the Members at the 8th
(Eighth) Annual General Meeting of the Foundation. Accordingly, the appointments were
considered and approved by the Members.

Further, the appointments of Shri Abhijit Chakravorty (DIN: 09494533), Shri Challa Sreenivasulu
Setty (DIN: 08335249), Shri Ashwini Kumar Tewari (DIN: 08797991), Shri Vinay Tonse (DIN: 06695367)
and Shri Binod Kumar Mishra (DIN: 10531002) are proposed by the Board of Directors for the
approval of the Members at the 9 th (Ninth) Annual General Meeting of the Foundation.

ii. Cessation of Directors:

Sr.
Name of the Director Designation Date of Cessation Reason
No
1. Shri Swaminathan Nominee Director 12/07/2023 Resignation
Janakiraman
2. Shri Ishaat Hussain Non-Executive 06/09/2023 Completion of
Independent Tenure (2nd Term)
Director
3. Shri Alok Kumar Choudhary Nominee Director 26/12/2023 Withdrawal of
Nomination
4. Shri Om Prakash Mishra Nominee Director 31/01/2024 Superannuation
5. Shri Luis Miranda Non-Executive 14/03/2024 Completion of
Independent Tenure (2nd Term)
Director
6. Shri Dinesh Khara Chairman & 28/08/2024 Superannuation
Nominee Director

The Board of Directors placed on record their appreciation to the above individuals for their valuable
contributions and inputs during their tenure as the Directors of the Foundation.

b) Key Managerial Personnel:

Shri Sanjay Prakash (DIN: 09692409) nominated by State Bank of India, continues to act as the
Managing Director of the Foundation till further orders.

The following changes took place among the Key Managerial Personnel (KMP) of the Foundation
during the year under review and as on the date of this Report:

84
 Appointment/
Sr.
Name of the KMP Designation Reappointment/ Date
No
Cessation
1 Shri Parmeshwar Ram Chief Financial Cessation 31/01/2024
Officer
2 Shri Sushil Kumar Verma Chief Financial Appointment 01/02/2024
Officer

Except as mentioned above, there were no other changes in the composition in the Key Managerial
Personnel of the Foundation.

The Foundation is not required to appoint a Company Secretary in terms of the provisions of
Section 203 of the Companies Act, 2013.

8. BOARD MEETINGS:

The Board of Directors met 4 (Four) times during the Financial Year 2023-24 and the details of the
same are mentioned below:

No. of Board Meeting Date of the Board Meeting No. of Directors Present
32nd 29th April, 2023 5
33rd 2nd August, 2023 5
34th 13th November, 2023 7
35th
7 February, 2024
th
8

The time gap between two Board Meetings, as applicable to a Section 8 Company registered under
the Companies Act, 2013, is maintained.

Attendance of Directors for the Board Meetings held in the Financial Year 2023-24:

Board Meetings held during the

Sr. financial year
Name of the Director Designation
No Entitled to
Held Attended
Attend
1. Shri Dinesh Khara Nominee 4 4 4
(Cessation w.e.f 28/08/2024) Director
2. Shri Challa Sreenivasulu Setty Nominee 4 1 0
(Appointed as Nominee Director Director
w.e.f 26/12/2023)
3. Shri Alok Kumar Choudhary Nominee 4 3 2
(Cessation w.e.f 26/12/2023) Director
4. Shri Ashwini Kumar Tewari Nominee 4 0 0
(Appointed w.e.f 05/09/2024) Director

SBI Foundation
85
Annual Report 2023-24
 Board Meetings held during the
Sr. financial year
Name of the Director Designation
No Entitled to
Held Attended
Attend
5. Shri Vinay Tonse Nominee 4 1 1
(Appointed w.e.f 26/12/2023) Director
6. Shri Om Prakash Mishra Nominee 4 3 3
(Cessation w.e.f 31/01/2024) Director
7. Shri Binod Kumar Mishra Nominee 4 1 1
(Appointed w.e.f 07/02/2024) Director
8. Shri. Ishaat Hussain Independent 4 2 2
(Cessation w.e.f 06/09/2023) Director
9. Shri Luis Miranda Independent 4 4 2
(Cessation w.e.f 14/03/2024) Director
10. Shri Venkatesh Srinivasan Independent 4 2 2
(Appointed w.e.f 02/08/2023) Director
11. Shri. Swaminathan Janakiraman Nominee 4 1 0
(Cessation w.e.f 12/07/2023) Director
12. Shri. Shamsher Singh Nominee 4 4 3
Director
13. Shri Abhijit Chakravorty Nominee 4 2 2
(Appointed w.e.f 13/11/2023) Director
14. Shri. Sanjay Prakash Managing 4 4 4
Director

9. INDEPENDENT DIRECTORS:

The appointment of the Independent Directors on the Board of Directors of the Foundation is
subject to the provisions of Section 149 of the Companies Act, 2013 and Schedule IV of the Act.

All the Independent Directors submit an Annual Declaration of Independence stating their
compliance to the criteria laid out under Section 149(6) of the Companies Act, 2013.

The Independent Directors meet annually to review the performance of the Executive Directors,
Board of Directors and Key Managerial Personnel of the Foundation.

The Foundation has received the necessary consents and Declaration of Independence under
Section 149(6) of the Companies Act, 2013.

86
10. CONSTITUTION OF BOARD COMMITTEES:

I. Corporate Social Responsibility Committee:

Pursuant to the provisions of the Section 135 of the Companies Act, 2013, a Corporate Social
Responsibility (CSR) Committee of the Board of Directors was constituted on the 7th September,
2017.

The quorum for the CSR Committee is one-third of its total strength or two members, whichever
is higher.

1 (One) Meeting of CSR Committee was held on 19th October, 2023 during the year under review.

The composition of the CSR Committee as at 31st March, 2024 and the details of the Meetings
along with the attendance of the Members is mentioned below:

CSR Committee Meeting held during

Sr. the year
Name of the Member Designation
No Entitled to
Held Attended
Attend
1. Shri. Vinay Tonse* Chairman & 1 0 0
Member
2. Shri. Venkatesh Srinivasan** Member 1 0 0
3. Shri. Binod Kumar Mishra*** Member 1 0 0
4. Shri. Sanjay Prakash Member 1 1 1

*Shri Alok Kumar Choudhary ceased to be a Nominee Director on the Board with effect from 26th
December, 2023 and Shri Vinay Tonse has been appointed in his place.

**Shri Ishaat Hussain ceased to be an Independent Director on the Board with effect from 6th
September, 2023 and Shri Venkatesh Srinivasan has been appointed in his place.

*** Shri Om Prakash Mishra ceased to be a Nominee Director on the Board with effect from 31st
January, 2024 and Shri Binod Kumar Mishra has been appointed in his place.

The brief details of the CSR Policy of the Foundation, along with the CSR Spend undertaken by
the Foundation for the Financial Year 2023-24 along with other details as required under Section
134 and Rule 8 of Companies (Corporate Social Responsibility) Rules, 2014, as amended till date is
attached as “Annexure – I” to this Report.

SBI Foundation
87
Annual Report 2023-24
 II. Audit Committee:

The Foundation is not mandated to constitute an Audit Committee under the Companies Act,
2013 but in view of the overall corporate governance of the Foundation, the Board of Directors
constituted an Audit Committee on 22nd December 2017.

The quorum for the Audit Committee is one third of its total strength or two members, whichever
is higher.

The Audit Committee met 4 (four) times during the year under review on 21st April, 2023, 28th July,
2023, 25th October, 2023 and 23rd January, 2024.

The composition of the Audit Committee as at 31st March, 2024 and the details of the Meetings
along with the attendance of the Members is mentioned below:

Audit Committee Meetings held

Sr. during the year
Name of the Member Designation
No Entitled to
Held Attended
Attend
1. Shri Binod Kumar Mishra* Chairman & 4 0 0
Member
2. Shri Venkatesh Srinivasan** Member 4 1 1
3. Shri. Sanjay Prakash Member 4 4 4

*Shri Om Prakash Mishra ceased to be a Nominee Director on the Board with effect from 31st
January, 2024 and Shri Binod Kumar Mishra has been appointed in his place.

Further, Shri Luis Miranda ceased to be an Independent Director on the Board with effect from
14th March, 2024 and accordingly ceased to be the Chairman of the Audit Committee. Shri Binod
Kumar Mishra was appointed as the Chairman of the Audit Committee in the 36th Board Meeting
held on 28th May, 2024.

**Shri Ishaat Hussain ceased to be an Independent Director on the Board with effect from 6th
September, 2023 and Shri Venkatesh Srinivasan was appointed in his place.

III. Share Allotment Committee:

The Board of Directors of the Foundation had constituted a Share Allotment Committee on 7th
September, 2017.

The quorum for the Share Allotment Committee is one third of its total strength or two members,
whichever is higher.

No Share Allotment Committee Meeting was held during the year under review.

The composition of the Share Allotment Committee as at 31st March, 2024 is as follows:

88
 Sr.
Name of the Member Designation
No
1. Shri Challa Sreenivasulu Setty* Chairman & Member
2. Shri Binod Kumar Mishra** Member
3. Shri. Sanjay Prakash Member

*Shri Dinesh Khara ceased to be the Chairman & Nominee Director on the Board with effect from
28th August, 2024 and Shri Challa Sreenivasulu Setty has been appointed in his place.

**Shri Om Prakash Mishra ceased to be a Nominee Director on the Board with effect from 31st
January, 2024 and Shri Binod Kumar Mishra has been appointed in his place.

11. DIRECTORS’ RESPONSIBILITY STATEMENT:

As required under Section 134(5) of the Companies Act, 2013, the Board of Directors, based on the
representations received from the Management, confirm that:

(a) In the preparation of the Annual Accounts, the applicable accounting standards have been
followed and there has been no material departure;

(b) The Directors had selected such accounting policies and applied them consistently and
made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Foundation at the end of the Financial Year 2023-2024
and of Income & Expenditure of the Foundation for that period;

(c) The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013 for
safeguarding the assets of the Foundation and for preventing and detecting fraud and
other irregularities.;

(d) The Directors had prepared the annual accounts on a going concern basis; and

(e) The Directors had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

12. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE

FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN
THE END OF THE FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS
RELATE AND THE DATE OF THIS REPORT:

During the year under review, there were no material changes and commitments affecting the
financial position of the Foundation that have occurred during the period under review and
between the end of the financial year of the Foundation to which the financial statements relate
and the date of this report.

13. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE

REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN
STATUS AND FOUNDATION’S OPERATIONS IN FUTURE:

During the year under review, there were no significant or material orders passed by any Regulators,

SBI Foundation
89
Annual Report 2023-24
Courts, or Tribunals against the Foundation that have an impact on the going concern status of
the Foundation and its operations.

14. DEPOSITS:

The Foundation has not obtained, taken, accepted, or continued any loans, amounts of moneys or
deposits under the provisions of Section 73 to 76 of the Companies Act, 2013, and the Companies
(Acceptance of Deposits) Rules, 2014 and hence no separate disclosure is required in this regard.

15. INTERNAL COMMITTEE:

In compliance with the provisions of Section 4 of the Sexual Harassment of Women at Workplaces
(Prevention, Prohibition and Redressal) Act, 2013, an Internal Committee must be constituted.
Accordingly, the Foundation has constituted the Internal Committee in terms of the said Act.

The composition of the Internal Committee is as follows:

Name Designation
Ms. Ajanta Hazarika (DGM, PBBU Department, SBI) Presiding Officer/Chairperson
Ms. Pankti Gohel (Empower Now) External Member
Mr. Jagannath Sahoo (President & COO, SBI Foundation) Employee Member
Ms. Arunima Sarkar (Assistant Manager Youth for India Secretary
Fellowship, SBI Foundation)
Ms. Ruchi Namaware (Assistant Manager, Monitoring & Employee Member
Evaluation, SBI Foundation)

The Foundation has received 3 (Three) complaints during the Financial Year 2023-24 .

Accordingly, a Report is enclosed as “Annexure IV.”

16. AUDITORS:

(a) Statutory Auditors:

The Foundation being a subsidiary of the State Bank of India, which is owned and controlled by
the Government of India, falls within the criteria laid out under Section 139(5) of the Companies
Act, 2013. Accordingly, the Statutory Auditors of the Foundation are appointed by the Office of the
Comptroller & Auditor General, India (C&AG).

M/s Yardi Prabhu & Associates LLP, Chartered Accountants, were appointed as the Statutory
Auditors of the Foundation for the Financial Year 2023-24 by the Comptroller & Auditor General
of India (C&AG) as per Section 139 of the Companies Act, 2013. However, they intimated to the
Foundation and the Office of C&AG regarding their inability to undertake the Statutory Audit due
to conflict of interest.

The Foundation received a Letter from the Office of the C&AG dated 15th January, 2024 in
supersession to the appointment of M/s Ram Agarwal & Associates (FRN: 140954W), Chartered
Accountants, as the Statutory Auditors of the Foundation for the Financial Year 2023-24.

The remuneration for the Statutory Auditors appointed by the C&AG for the Financial Year 2024-25
shall be as determined by the Shareholders at the forthcoming Annual General Meeting.

90
 (b) Internal Auditors:

Pursuant to Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts)
Rules, 2014, the Foundation has appointed M/s AMS & Co., Chartered Accountants, Mumbai as the
Internal Auditors for the Financial Year 2023-24 and 2024-25.

The Foundation provided all assistance and facilities to the Internal Audit for conducting their audit.

(c) Secretarial Auditors:

Pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s. S N
Kamath & Co., Practicing Company Secretaries as Secretarial Auditors to conduct the Secretarial
Audit of the Foundation for the FY 2023-24.

The Foundation provided all assistance and facilities to the Secretarial Auditor for conducting their
audit.

The Report of Secretarial Auditors in Form MR-3 for the FY 2023-24 is annexed to this Board report
as “Annexure III.”

17. REPORT OF THE COMMENTS OF THE COMPTROLLER & AUDITOR GENERAL,

INDIA (C&AG):

The Audited Financial Statements are subject to the review/ supplementary audit by the Office of
the Comptroller & Auditor General (C&AG), India on account of being a Subsidiary of the State Bank
of India.

The C&AG as per its Report dated 29th August, 2024, has submitted under Section 143 of the
Companies Act, 2013 that:

“On the basis of my supplementary audit nothing significant has come to my knowledge which
would give rise to any comment upon or supplement to statutory auditors’ report under section
143(6)(b) of the Act.”

18. EXPLANATION OR COMMENTS ON THE QUALIFICATION, RESERVATION OR

ADVERSE REMARK OR DISCLAIMER MADE BY THE AUDITOR IN HIS REPORT:

There is no qualification, reservation, adverse remark or disclaimer made by the Statutory Auditors
appointed by the Comptroller & Auditor General of India (C&AG) under the applicable provisions
of the Companies Act, 2013 in their Report on the Audit of the Standalone Financial Statements.

The comments or observations in the Report of the Statutory Auditors, if any, being self-explanatory
by nature do not require any reply from the management of the Foundation.

The report of the Statutory Auditors forms part of the financial statements.

19. REPORTING OF FRAUDS BY AUDITOR:

During the year under review, neither the Statutory Auditors nor the Secretarial Auditors reported
to the Audit Committee under Section 143(12) of the Companies Act, 2013, any instances of fraud
committed against the Foundation by its officers or employees, the details of which would need to
be mentioned in this Board’s report.

SBI Foundation
91
Annual Report 2023-24
20. STATEMENT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

The Board of Directors inter alia reviews the internal policies and procedures of the Foundation
in respect of the financial statements to ensure that there is an orderly and efficient conduct of
business, prevention and detection of frauds and errors.

Further, the internal policies and procedures are in place to determine the accuracy and
completeness of the accounting records and there is a system in place for the preparation of
reliable financial information.

21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNINGS AND OUTGO:

During the year under review, the details of the conservation of energy, technology absorption and
Foreign Exchange Earnings and Outgo are as follows:

(A) Conservation of energy:

(i) the steps taken or impact on conservation of energy;
(ii) the steps taken by the Foundation for utilising alternate The Foundation is undertaking
sources of energy; all the necessary steps in energy
(iii) the capital investment on energy conservation conservation.
equipment;
(B) Technology absorption:
(i) The efforts made towards technology absorption; The Foundation is undertaking
adequate steps in technology
upgradation and to enhance the
usage of advanced technology
(ii) The benefits derived like product improvement, cost Not Applicable
reduction, product development or import substitution;
(iii) In case of imported technology (imported during the last Not Applicable
three years reckoned from the beginning of the financial
year)-
(a) The details of technology imported; Not Applicable
(b) The year of import; Not Applicable
(c) Whether the technology been fully absorbed; Not Applicable
(d) If not fully absorbed, areas where absorption has not Not Applicable
taken place, and the reasons thereof; and
(iv)The expenditure incurred on Research and Development. Not Applicable
(C) Foreign exchange earnings and Outgo:
The Foreign Exchange earned in terms of actual inflows Earnings: NIL
during the year and the Foreign Exhchange outgo during Outflows: NIL
the year in terms of actual outflows.

92
22. PARTICULARS OF LOANS, INVESTMENTS AND GUARANTEE IN TERMS OF
SECTION 134(3) (G) OF THE COMPANIES ACT 2013:

During the year under review, the Foundation has not given any loans, made any investments or
given guarantees on any loans, which fall within the purview of the provisions of Section 134(3)(g)
of the Companies Act, 2013 and hence, there are no disclosures required to be made thereof.

23. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED

PARTIES:

The particulars of contracts or arrangements with related parties referred to in Section 188(1) of
the Companies Act, 2013 for the Financial Year 2023-24 in the prescribed format AOC-2 has been
enclosed in this Report as “Annexure II.”

Further, all the related party transactions were undertaken in the Ordinary Course of Business and
at an arms’ length basis. The Related Party transactions were tabled and noted before the Audit
Committee and the Board of Directors of the Foundation.

24. EMPLOYEES:

There are no employees drawing remuneration in excess of the limits specified in Rule 5(2) of the
Companies (Appointment and Remuneration of Key Managerial Personnel) Rules, 2014.

25. STATEMENT REGARDING RISK POLICY:

The Foundation has a well-defined risk framework which is regularly reviewed and formulated
based on the recommendations of the Board of Directors of the Foundation. There are no risks
identified by the Board of Directors, which in the opinion of the Board may threaten the existence
of the Foundation.

26. MAINTENANCE OF COST RECORDS AND COST AUDIT:

The maintenance of Cost Records and requirement of Cost Audit have not been specified by the
Central Government under section 148(1) of the Companies Act, 2013 for the business activities
carried out by the Foundation. Thus, reporting under clause 3(vi) of the Companies (Auditor’s
Report) Order, 2020 is not applicable to the Foundation.

27. GENERAL DISCLOSURES:

(a) The Foundation has no subsidiaries, associates or joint venture companies; The Foundation
continues to remain a Subsidiary of State Bank of India during the financial year.

(b) There are no shares carrying differential voting rights, sweat equity or ESOP requiring
specific disclosures during the financial year;

(c) The Foundation has complied with the requirements of Secretarial Standards as prescribed
under the Companies Act, 2013.

28. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER

THE INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE YEAR ALONG
WITH THE STATUS AS AT THE END OF THE FINANCIAL YEAR:

SBI Foundation
93
Annual Report 2023-24
During the year under review, the Foundation has not made any application and there are no
proceedings pending under the Insolvency and Bankruptcy Code, 2016.

29. DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE

AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE
TAKING LOAN FROM BANKS OR FINANCIAL INSTITUTION ALONG WITH
REASONS THEREOF:

During the year under review, the Foundation has not undertaken any loan from the banks or
financial institution and hence the Foundation was not required to undertake any valuation.

30. ACKNOWLEDGEMENTS:

The Board of Directors places on record its gratitude to State Bank of India and its subsidiary
companies, RBI, the Office of Comptroller & Auditor General of India (C&AG) and other regulatory
authorities for their guidance and support.

The Board of Directors also places on record its sincere gratitude and appreciation to its patrons,
contributors, bankers, employees and officers, auditors, volunteers and other stakeholders for their
support and co-operation.

For and on behalf of the Board of Directors of SBI Foundation

Date: 05.09.2024 Sanjay Prakash Binod Kumar Mishra

Place: Mumbai Managing Director Nominee Director
DIN: 09692409 DIN: 10531002

94
 ANNEXURE-I TO THE DIRECTORS’ REPORT
FOR FINANCIAL YEAR 2023-24

REPORT ON CSR ACTIVITIES/ INITIATIVES FOR THE FINANCIAL YEAR 2023-24

[Pursuant to Section 135 of the Companies Act, 2013 & Rules made thereunder]

1. Brief outline of CSR Policy of the Foundation:

The CSR Policy of the Foundation underlies the guiding principles of the Foundation towards the
creation of a meaningful socio-economic impact in the lives of the vulnerable and underprivileged,
differently abled sections of the society, and persons suffering from natural disasters. It also aims
to create sustainable livelihood and better access to the natural and economic resources and
education for such individuals through opportunities, skill development, and development of
various methods and means.

The Foundation has a CSR Policy under the provisions of Section 135 of the Companies Act, 2013,
which pertains to the sectors pertaining to (i) Healthcare (ii) Education, (iii) Skills & Livelihood, (iv)
Women empowerment, (v) Integrated Rural Development, (vi) Sustainability & Rural Development,
(vii) Innovation (viii) Sanitation, (ix) Empowerment of PwDs, (x) Promotion of Sports and other
activities covered under Schedule VII to the Act.

Further, The CSR Policy is also accessible on the web portal of the Foundation at the following link:
https://www.sbifoundation.in

2. Composition of CSR Committee as of 31st March, 2024:

Number of
Number of
Designation/ meetings of
Sr. meetings of CSR
Name of Member Nature of CSR Committee
No Committee held
Directorship attended during
during the year
the year
1 Shri. Vinay Tonse* Chairman & 1 0
Member
2 Shri. Venkatesh Srinivasan** Member 1 0
3 Shri. Binod Kumar Mishra*** Member 1 0
4 Shri. Sanjay Prakash Member 1 1

*Shri Alok Kumar Choudhary ceased to be a Nominee Director on the Board with effect from 26th
December, 2023 and Shri Vinay Tonse has been appointed in his place.

**Shri Ishaat Hussain ceased to be an Independent Director on the Board with effect from 6th
September, 2023 and Shri Venkatesh Srinivasan has been appointed in his place.

*** Shri Om Prakash Mishra ceased to be a Nominee Director on the Board with effect from 31st
January, 2024 and Shri Binod Kumar Mishra has been appointed in his place.

SBI Foundation
95
Annual Report 2023-24
3. Provide the web-link where the Composition of CSR committee, CSR Policy
and CSR projects approved by the board are disclosed on the website of the
company:

Composition of the CSR Committee shared above is available on the Foundation’s website along
with the CSR Projects/Programs undertaken by the Foundation.

Web Link: https://www.sbifoundation.in

4. Provide the executive summary along with web-link(s) of Impact assessment

of CSR projects carried out in pursuance of sub-rule (3) of Rule 8 of the
Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable:

Not Applicable

5. a) Average net profit of the company as per section 135(5):

Profit before Tax Average of three years

Financial Year
(Amount in Rs.) (Amount in Rs.)
2020-21 53,06,45,953.00
2021-22 24,85,62,719.00 66,85,92,661.00
2022-23 122,65,69,311.00
TOTAL 200,57,77,983.00

By virtue of being a Company registered U/s 8 of the Companies Act, 2013, the Foundation does
not earn any Profit from its activities. However, the Average Net Profit specified in the above
table pertains to the calculation required to be undertaken U/s 198 read with Section 135(5) of the
Companies Act, 2013 of the Surplus Amount in its Income and Expenditure Account solely for the
purpose of determining the CSR Spend of the Foundation.

b) Two percent of average net profit of the company as per Section 135(5):

Rs. 1,33,71,853.22 (Rupees One Crore Thirty Three Lakhs Seventy One Thousand Eight
Hundred Fifty Three and Twenty Two Paise Only)

c) Surplus arising out of the CSR projects or programmes or activities of the previous
financial years: NIL

d) Amount required to be set off for the financial year, if any: Not Applicable

e) Total CSR obligation for the financial year [(b)+(c)-(d)): Rs. 1,34,00,000/- (Rupees One Crore
Thirty Four Lakhs Only)

96
6. (a) Amount Spent on CSR Projects (both Ongoing Project and other than
Ongoing Project):

Item Mode of implementation

Location of
from the - Through implementing
the project Mode of
list of Local Amount agency
Status Name impleme
Sl. ativities area spent for
of the of the ntation
No. in (Yes/ the project CSR
Project Project Dist- -Direct
schedule No). State (in Rs.) Name Registration
rict (Yes/No)
VII to the number
Act.

1. Ongoing SBI (i) Yes Chhatrapati 1,34,00,000/- No Borderless CSR

Sanjeevani Sambhaji World 00002223
- Clinic on Nagar District, Foundation
Wheels Maharashtra
Samiti
Total 1,34,00,000/-

(b) Amount spent in Administrative Overheads: Nil

(c) Amount spent on Impact Assessment, if applicable : Not applicable

(d) Total amount spent for the Financial Year [(a)+(b)+(c)]: Rs.1,34,00,000/- (One Crore Thirty Four
Lakh Only)

(e) CSR amount spent or unspent for the Finanical Year:

Total Amount Unspent (in Rs.)

Amount
Spent Total Amount transferred to Amount transferred to any fund specified
for the Unspent CSR Account as per under Schedule VII as per second proviso to
Financial sub-section (6) of Section 135 sub-section (5) of Section 135
Year Date of Name of the
(in Rs.) Amount Amount Date of transfer
transfer Fund
1,34,00,000 NA NA NA NA NA

(f) Excess amount for set-off, if any:

Sl.
Particular Amount (in Rs.)
No.
(i) Two percent of average net profit of the company as per section Rs. 1,33,71,853.22
135(5)
(ii) Total amount spent for the Financial Year Rs. 1,34,00,000.00
(iii) Excess amount spent for the financial year [(ii)-(i)] NA
(iv) Surplus arising out of the CSR projects or programmes or NA
activities of the previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] NA

SBI Foundation
97
Annual Report 2023-24
7. Details of Unspent CSR amount for the preceding three financial years:

Amount Amount
Amount transferred to any remaining to
Amount
transferred fund specified be spent in
spent
to Unspent under Schedule succeeding
Preceding in the
Sl. CSR VII as per section financial Deficiency
Financial reporting
No. Account 135(6), if any years. (in Rs.) if any
Year Financial
under
Year (in Name of the Fund
section 135 Date of
Rs.) Amount
(6) (in Rs.) transfer
(in Rs)

1. 2022-23
2. 2021-22
NIL
3. 2020-21
Total

8. Whether any capital assets have been created or acquired through Corporate
Social Responsibility amount spent in the Financial Year: No

9. Specify the reason(s), if the company has failed to spend two per cent of the
average net profit as per section 135(5) – Not Applicable

For and on behalf of the Board of Directors of SBI Foundation

Date: 05.09.2024 Vinay Tonse Binod Kumar Mishra Sanjay Prakash

Place: Mumbai Chairman Nominee Director Managing Director
CSR Committee DIN: 10531002 DIN: 09692409
DIN: 06695367

98
 ANNEXURE – II TO THE DIRECTORS’ REPORT FOR
FINANCIAL YEAR 2023-2024

Form No. AOC-2

[Pursuant to clause (h) of sub-section (3) of section 134 of the

Act and Rule 8(2) of the Companies (Accounts) Rules, 2014]

Form for disclosure of particulars of contracts/arrangements entered into by the company

with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013
including certain arm’s length transactions under third proviso thereto.

1 Details of contracts or arrangements or transactions not at arm’s length basis

(a) Name(s) of the related party and nature of relationship
(b) Nature of contracts/ arrangements/ transactions
(c) Duration of the contracts/ arrangements/Transactions
(d) Salient Terms of the contracts or arrangements or transactions
including the value, if any
(e) Justification for entering into such contracts or arrangements or Not Applicable
transactions
(f) Dates of approval by the Board
(g) Amount paid as advances, if any
(h) Date on which the special resolution was passed in general
meeting as required under the first proviso to Section 188

2 Details of material contracts or arrangement or transactions at arm’s length basis

(a) Name(s) of the related party and nature of relationship
(b) Nature of contracts/arrangements/transactions
(c) Durations of the contracts/arrangements/transactions
Details as mentioned
(d) Salient Terms of the contracts or arrangements or transactions in Annexure A
including the value, if any
(e) Date(s) of approval by the Board, if any
(f) Amount paid as advances, if any

For and on behalf of the Board of Directors of SBI Foundation

Date: 05.09.2024 Sanjay Prakash Binod Kumar Mishra

Place: Mumbai Managing Director Nominee Director
DIN: 09692409 DIN: 10531002

SBI Foundation
99
Annual Report 2023-24
 Annexure A

Details of material contracts or arrangement or transactions at arm’s length

basis and in ordinary course of business

Date(s)
Salient Terms of
of noting
Name of Related Nature of Details of the Contracts/
and
Sl. Party Transaction Contracts/ Contracts/ Arrangements/
approval
No. and Nature of Arrangements/ Arrangements/ Transactions
by the
Relationship Transactions Transactions including the
Board, if
value, if any
any
1 State Bank of India Grants/CSR CSR grants for 3,01,57,50,488.49 28.05.2024
(Parent Company) Funds received FY 23-24
2 SBI General Grants/CSR CSR grants for 1,25,00,000.00 28.05.2024
Insurance Co. Ltd Funds received FY 23-24
(Fellow Subsidiary)
3 SBICAP Securities Grants/CSR CSR grants for 44,80,217.00 28.05.2024
Limited (Fellow Funds received FY 23-24
Subsidiary)
4 SBI DFHI Limited Grants/CSR CSR grants for 6,65,20,778.00 28.05.2024
(Fellow Subsidiary) Funds received FY 23-24
5 SBI-SG Global Grants/CSR CSR grants for 2,18,00,000.00 28.05.2024
Securities Services Funds received FY 23-24
Pvt Ltd (Fellow
Subsidiary)
6 SBI Payment Grants/CSR CSR grants for 1,38,03,990.00 28.05.2024
Services Pvt Ltd Funds received FY 23-24
(Fellow Subsidiary)
7 SBI Fund Grants/CSR CSR grants for 2,80,43,747.00 28.05.2024
Management Co. Funds received FY 23-24
Limited (Fellow
Subsidiary)
8 SBICAP Ventures Grants/CSR CSR grants for 1,15,00,000.00 28.05.2024
Limited (Fellow Funds received FY 23-24
Subsidiary)
9 SBICAP Trustee Grants/CSR CSR grants for 51,00,000.00 28.05.2024
Co. Ltd (Fellow Funds received FY 23-24
Subsidiary)
10 Indian Institute of Grants/CSR CSR grants for 1,20,07,000.00 28.05.2024
Banking & Finance Funds received FY 23-24
(Directors of SBI
associated with
IIBF)
3,19,15,06,220.49

100
 ANNEXURE III TO THE DIRECTORS’ REPORT FOR
FINANCIAL YEAR 2023-2024

FORM NO. MR-3

For the Financial Year ended March 31, 2024

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,
The Members,
SBI Foundation
12th Floor, State Bank Bhavan,
Barrister Rajani Patel Marg,
Nariman Point, Mumbai- 400021

Subject: Secretarial Audit Report for the Financial Year 2023-24

We have conducted the Secretarial Audit of the compliance of applicable statutory provisions
and the adherence to good corporate practices by SBI Foundation, a Company registered under
Section 8 of the Companies Act 2013, having CIN-U85100MH2015NPL266051 (hereinafter called
“the Foundation”). The Secretarial Audit was conducted in a manner that provided us a reasonable
basis for evaluating the corporate conducts/ statutory compliances and expressing our opinion
thereon.

Based on our verification of the Foundation’s books, papers, minute books, forms and returns
filed and other records maintained by the Foundation and also the information provided by the
Foundation, its officers, agents and authorized representatives during the conduct of Secretarial
Audit, the explanations and clarifications given to us and the representations made by the
Management, we hereby report that in our opinion, the Foundation has during the audit period
covering the Financial Year from 1st April, 2023 to 31st March, 2024, generally complied with the
statutory provisions listed hereunder and also that the Foundation has proper Board processes
and compliance mechanism in place to the extent, in the manner and subject to the reporting
made hereinafter:

I. We have examined the books, papers, minute books, forms and returns filed, reports issued by
various fellow professionals and other applicable records and registers made available to us and
maintained by the Company for the Financial Year from 1st April, 2023 to 31st March, 2024 according
to the applicable provisions of:

(i) The Companies Act, 2013 (“the Act”) and the rules made thereunder;

(ii) The Income Tax Act, 1961 (“IT Act”) (to the extent as applicable to Section 8 Companies and
Trusts);

(iii) The Employees’ Provident Funds Scheme, 1952

During the period under review the Foundation has complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc. mentioned above to the extent as stated in this Report.

SBI Foundation
101
Annual Report 2023-24
II. By virtue of not being listed on the Stock Exchanges, the provisions of the following Regulations
and Guidelines prescribed are not applicable to the Foundation, for the Financial Year ended 31st
March, 2024:

(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;

(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,
2015;

(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018 and amendments from time to time;

(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations,
2014;

(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations,
2008;

(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer
Agents) Regulations, 1993 regarding the Companies Act and dealing with client;

(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
and

(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018;

III. We have reviewed the information, documents, records, filings and other certificates or
confirmations received from fellow professionals for the period under review and the representations
made by the Foundation and its officers on the systems, records and compliances under other
laws applicable to the Company.

IV. We have also examined compliance with the applicable clauses of the following:

i. Secretarial Standards I and II as issued by The Institute of Company Secretaries of India

and notified by the MCA u/s 118(10) - Not applicable as the Foundation is registered under
Section 8 of the Act;

We further report that:

The Board of Directors of the Company is duly constituted with proper balance of Directors,
including Independent Directors, as per the applicable provisions of the Act. The changes
in the composition of the Board of Directors that took place during the period under
review were carried out in compliance with the provisions of the Act.

Adequate notice was given to all Directors and Committee Members to schedule the
Board Meetings/Board Committee Meetings, the agenda and detailed notes on agenda
were sent at least seven days in advance for meetings other than those held at shorter
notice and a system exists for seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful participation at the
meeting. Majority decisions in the Board are carried out through detailed deliberations
and discussions and approved with unanimous consent of all the Board of Directors and
recorded as part of the minutes.

102
 During the period under review the Foundation has complied with the provisions of the
Act, Rules, Regulations, Guidelines, Standards, etc. as mentioned above.

We further report that during the audit period and till the date of this report, no major decisions,
specific actions/ events have occurred which has major bearing on the Foundation’s affairs in
pursuance of the above referred laws, rules, regulations, guidelines, standards etc.

Place: Mumbai
Date: 30th July, 2024 Signature:

Name of the Firm: M/s S N Kamath & Associates

CS S N Kamath, Proprietor
FCS No. 2840
CP No: 7078
UDIN: F002840F000853877
P.R. No.: 1120/2021

This Report is to be read with our letter of even date which is annexed as Annexure A and Forms
an integral part of this report.

SBI Foundation
103
Annual Report 2023-24
 Annexure A’

To,
The Members,
SBI Foundation
12th Floor, State Bank Bhavan,
Barrister Rajani Patel Marg,
Nariman Point, Mumbai- 400021

Subject: Secretarial Audit Report for the Financial Year 2023-24

Based on audit, our responsibility is to express an opinion on the compliance with the applicable
laws and maintenance of records by the Company. We conducted our audit in accordance with the
auditing standards CSAS 1 to CSAS 4 (“CSAS”) prescribed by the Institute of Company Secretaries
of India (“ICSI”). These standards require that the auditor complies with statutory and regulatory
requirements and plans and performs the audit to obtain reasonable assurance about compliance
with applicable laws and maintenance of records.

Due to the inherent limitations of an audit including internal, financial and operating controls,
there is an unavoidable risk that some misstatements or material non-compliances may not be
detected, even though the audit is properly planned and performed in accordance with the CSAS.
Our report of even date is to be read along with this letter:

1. Maintenance of secretarial record is the responsibility of the management of the Company.

Our responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and process as were appropriate to obtain reasonable
assurance about the correctness of the contents of the secretarial records. The verification
was done on test basis to ensure that correct facts are reflected in secretarial records. We
believe that the process and practices, we followed provide a reasonable basis for our
opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of
Accounts of the Company and for which we relied on the report of the Statutory Auditor.

4. Wherever required, we have obtained the Management Representation about the

compliance of laws, rules and regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations,
standards is the responsibility of management. Our examination was limited to the
verification of procedure on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company
nor of the efficacy or effectiveness with which the management has conducted the affairs
of the Company.

Place: Mumbai Signature:

Date: 30th July, 2024

Name of the Firm: M/s S N Kamath & Associates

CS S N Kamath, Proprietor
FCS No. 2840, CP No: 7078
UDIN: F002840F000853877
P.R. No.: 1120/2021

104
 ANNEXURE IV TO THE DIRECTORS’ REPORT FOR
FINANCIAL YEAR 2023-2024

Report of the Internal Committee in respect of Complaints received during

the year under the Prevention of Sexual Harassment at the Workplace Act,
2013 and Rules framed thereunder

Number of complaints of Sexual Harassment 03

received during the FY 2023-24
Number of complaints disposed off during 03
the FY 2023-24
Number of cases pending for more than 90 NIL
days
Number of awareness programmes or 03
workshops against the sexual harassment
conducted during FY 2023-24
Nature of action taken by SBI Foundation Respondent has been terminated.
(All the 3 complaints pertain to a single person,
who was not an employee of SBI Foundation.)

For and on behalf of the Board of Directors of SBI Foundation

Date: 05.09.2024 Sanjay Prakash Binod Kumar Mishra

Place: Mumbai Managing Director Nominee Director
DIN: 09692409 DIN: 10531002

SBI Foundation
105
Annual Report 2023-24
 C&AG REPORT

COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA

UNDER SECTION 143(6)(b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL
STATEMENTS OF SBI FOUNDATION FOR THE YEAR ENDED 31 MARCH 2024

The preparation of financial statements of SBI FOUNDATION for the year ended 31st March 2024
in accordance with the financial reporting framework prescribed under the Companies Act, 2013
(Act) is the responsibility of the management of the company. The statutory auditor appointed
by the Comptroller and Auditor General of India under section 139(5) of the Act is responsible for
expressing opinion on the financial statements under section 143 of the Act based on independent
audit in accordance with the standards on auditing prescribed under section 143(10) of the Act.
This is stated to have been done by them vide their Audit Report dated 18 April 2024.

I, on behalf of the Comptroller and Auditor General of India, have decided not to conduct a
supplementary audit of the financial statements of SBI FOUNDATION for the year ended 31
March 2024 under section 143(6)(a) of the Act. This supplementary audit has been carried out
independently without access to the working papers of the statutory auditors and company
personnel and a selective examination of some of the accounting records.

On the basis of my supplementary audit nothing significant has come to my knowledge which
would give rise to any comment upon or supplement to statutory auditors’ report under section
143(6)(b) of the Act.

For and on behalf of the Comptroller & Auditor General of India

Place : Mumbai (Guljari Lal)

29.08.2024 Director General of Audit (Shipping),
Mumbai

106
 INDEPENDENT AUDITOR’S REPORT

TO THE MEMBER of SBI-Foundation

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of SBI Foundation (“the Company”) having
CIN No. U85100MH2015NPL266051, which comprise the Balance Sheet as at 31st March, 2024, the
statement of Profit and Loss (including Other Comprehensive Income), statement of changes in
equity, statement of cash flow for the year ended as on 31st March, 2024, including a summary of
significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid standalone financial statements give the information required by the Companies Act, 2013
(“the act”) in the manner so required and give a true and fair view in conformity with the Accounting
Standards prescribed under section 133 of the Act read with the Companies (Accounting Standard)
Rules, 2015, as amended, (“AS”) and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2024, and. Its profit, total comprehensive income, its
cash flows and changes in equity for the year ended on 31st March, 2024.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013 (the ‘Act’). Our responsibilities under those Standards
are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial
Statements section of our report. We are independent of the Company in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions
of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on
the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the financial statements of the current year. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.

Other Matter

The financial statements of the Company for the year ended March, 31 2023. Included in these
financial statements, have been audited by the predecessor auditor who expressed an unmodified
opinion on those statements on April 29, 2024.

Other Information

The Company’s Management and Board of Directors are responsible for other information. The other
information comprises of the information included in the Company’s Directors report, but does not
include the standalone financial statements and our independent auditor’s report thereon.

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Other Information

The Company’s Management and Board of Directors are responsbible for other information. The
other information comprises of the information on included in the Company’s Directors report,
but does not include the standalone financial statements and our independent auditor’s report
thereon.

Our opinion on the standalone financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the
other information identified above when it becomes available and, in doing so, consider whether
the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or other-wise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of
this other information; we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone
Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these standalone financial statements that give a true and
fair view of the financial position, financial performance, including other comprehensive income,
cash flows and change in equity of the Company in accordance with the accounting principles
generally accepted in India, including the AS specified under section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free
from material misstatements, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors and Management are also responsible for overseeing the company’s
financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but
is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.

108
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the financial statements, due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are
also responsible for expressing our opinion on whether the Company has adequate internal
financial controls system in place and the operating effectiveness of such controls.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

 Conclude on the appropriateness of management’s use of the going concern basis of

accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.

 Evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

 Obtain sufficient appropriate audit evidence regarding the financial information of the
Company to express an opinion on the financial statements.

Materiality is the magnitude of misstatements in the standalone financial statements that,

individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in
evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in
the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor’s report

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unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required under the directions and sub-directions issued by Comptroller and Auditor
General of India (C & AG) in terms of Section 143(5) of the Companies Act, 2013 and on the
basis of such checks of the books of records of the Company as we considered appropriate
and according to the information and explanations given to us, we report that the Company
had not commenced business as enshrined in the Objects Clause of the Memorandum
of Association (MOA) of the Company as at 31st Match 2024, and as such compliance with
directions issued by the C & AG as required under Section 143(5) of the Act in respect of the
Company is not warranted for the year under review.

2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the
Central Government in terms of Section (11) of section 143 of the Act, are not applicable to
the company in terms of clause (iii) sub-para (2) of Paragraph 1 of the order.

3. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company
so far as it appears from our examination of those books;

(c) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and
Statement of Changes in Equity dealt with by this Report are in agreement with the books
of account,

(d) Except AS – 15 ‘Employees Benefits’ in our opinion, the aforesaid standalone financial
statements comply with the Accounting Standards prescribed under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rule, 2014;

(e) We have not received written representation from the director as on March 31, 2024 taken
on record by the Board of Directors, none of the directors is disqualified as on March 31,
2024. From being appointed as director in terms of provisions of sub-section (2) of section
164 of the Act are not applicable to the Company.

(f) With respect to the adequacy of the internal financial controls over financial reporting of
the Company and the operating effectiveness of such controls, refer to our separate Report
in “Annexure A”.

(g) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financial
position.

ii. The Company does not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses;

110
iii. There were no amounts which were required to be transferred to the Investor Education
and Protection Fund by the Company.

(h) (i) The management has represented that, to the best of its knowledge and belief, no funds
have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other persons or entities,
including foreign entities (“intermediaries”), with the understanding, whether recorded in
writing or otherwise, that the intermediary shall:

directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding party

Or provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries;

(ii) The management has represented that, to the best of its knowledge and belief, no funds
have been received by the company from any person or entities, including foreign entities
(“Funding Parties”, with the understanding, whether recorded in writing or otherwise, that
the Company shall:

directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever (“Ultimate Beneficiaries”) by or on behalf of the Funding party

Or provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries;

(iii) Based on such audit procedures as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the
representations under sub-clause (d)(i) and (d)(ii) contain any material misstatement; and

(i) During the year company has not declared any dividend in compliance to section 123 of the
Act.

(j) No remuneration has been paid by the company to its directors during the current financial
year in accordance with the provisions of section 197 of the Act.

(k) As per proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books
of account using accounting software which has a feature of recording audit trail (edit log)
facility is applicable to the Company with effect from April 1, 2023, and Based on examination
of records of the company has not used accounting software for maintaining its books of
accounts which has a features of recording audit trail (edit log) facility throughout the year.

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Annual Report 2023-24
 (l) Report on directions and sub-directions issued by the comptroller and Auditor General
of India (C & AG) under section 143(5) of the Act.

Sl.
Directions Remarks
No.
1 Whether the corporation has system No, the company is using licensed version
in place to process all the accounting of accounting software for maintaining
transaction through the IT system? if its books of account which does not
yes, the implications of processing of have feature of recording audit trail (edit
accounting transactions outside IT System log) facility and the same has operated
on the integrity of the accounts along with throughout the year for all relevant
the financial implications, if any, may be transactions recorded in the software.
stated. Therefore, we cannot comment upon
the whether the transactions have been
tempered during the year and preservation
of back-up by the company as per statutory
requirement of the Act.
2 Whether there is any restructuring of No, based on our examination of books of
exisiting loan or cases of waiver of write off accounts, the company has not lend any
of debts/loans/interest etc. made by lender money by way of borrowing. Therefore,
to the corporation due to the Corporation’s the question relating to restructuring of
inability to repay the loan? If yes, the existing loans or cases of waiver off debts/
financial impact may be stated. Whether loans/interest does not arise.
such cases are properly accounted for. (In
case lender is Government company, then
this direction is also applicable for statutory
auditor of lender company).
3 Whether funds (granted/subsidy etc.) The Company has not received any funds
received/receivable for specific scheme for specific scheme from central/state
from central/state Government or its Government or its agencies were properly
agencies were properly accounted for/ accounted for/utilized as per the terms and
utilized as per its terms and conditions List conditions.
the cases of deviation.

For, Ram Agarwal & Associates

Chartered Accountants
Firm Registration Number. 140954W

Place: Mumbai Arifa Gumani

Date: 18th April, 2024 Partner
Membership Number. 131971
UDIN: 24131971BKHWEC5049

112
 ANNEXURE-A

TO THE INDEPENDENT AUDITORS’ REPORT OF EVEN DATE ON THE

STANDALONE FINANCIAL STATEMENTS SBI FOUNDATION FOR THE PERIOD
ENDED 31ST MARCH 2024

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act’’)

(Referred to in paragraph 4(f) under ‘Report on Other Legal and Regulatory Requirements’
section of our report of even date)

We have audited the internal financial controls over financial reporting of SBI Foundation, having
CIN No, u85100MH2015NPL266051 (“the Company”) as of March 31st, 2024 in conjunction with
our audit of the standalone financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria established by the
Company considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India. These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, including adherence to company’s policies, the safeguarding of
its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over
financial reporting based on our audit. We conducted our audit in accordance with the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and
the Standards on Auditing, issued by ICAI the and deemed to be prescribed under Section 143(10)
of the Act, 2013, to the extent applicable to an audit of Internal Financial Controls and, both issued
by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls over financial reporting was
established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the
internal financial controls system over financial reporting and their operating effectiveness. Our
audit of internal financial controls over financial reporting included obtaining an understanding
of internal financial controls over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the standalone financial statements, whether
due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion on the Company’s internal financial controls system over financial reporting.

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Annual Report 2023-24
Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
standalone financial statements for external purposes in accordance with generally accepted
accounting principles. A company’s internal financial control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of standalone financial statements in accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the
company’s assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including
the possibility of collusion or improper management override of controls, material misstatements
due to error or fraud may occur and not be detected. Also, projections of any evaluation of the
internal financial controls over financial reporting to future periods are subject to the risk that the
internal financial control over financial reporting may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has in all material respects, adequate internal financial control
systems over financial reporting. And based on selective verification of data made available
to us digitally, such internal financial control over financial reporting were generally operating
effectively however which required to be strengthen as at March 31st, 2024, based on the internal
financial controls with reference to standalone financial statements criteria established by the
Company considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the institute of Chartered
Accountants of India (the “Guidance Note”)

For, Ram Agarwal & Associates

Chartered Accountants
Firm Registration Number. 140954W

Place: Mumbai Arifa Gumani

Date: 18th April, 2024 Partner
Membership Number. 131971
UDIN: 24131971BKHWEC5049

114
 Action Taken Report (ATR)

Pursuant to Audit Committee Meeting held on 28th May, 2024 for the financial year 2023-24 below
are the points for which Specific clarification for the Board of the Directors are tabled hereunder:

1. Clarifications with respect to Audit Trail under Rule 11(g) of the companies (Audit and
Auditors) Rules, 2014 on the basis of Specific direction and sub-direction issued by the
Comptroller & Auditor General of India (CAG) to the Statutory Auditors of the company
to comment upon the same.

Discussion Minutes
From the Financial Year 2020-21 onwards CAG has issued specific direction and sub-direction to
the Statutory Auditor Under Section 143 (5) of the Companies Act, 2013 on the below matters

(i) Audit Trail

(ii) Restructuring of Existing loans

(iii) Funds received/receivable for Specific Schemes of from Central/State Government

However, During the Course of Audit it was noticed that company is using the leased licensed
version of Tally Software which does not have the features of recording of Audit Trail pursuant
to Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014.
Decision Action Taken
The company’s management has decided to In the current year of 2024-25, the company
purchase an accounting software package now purchased the licensed version of Tally,
that includes an audit trail feature. This feature which includes Audit Trail features, and
will record and track all changes made to the therefore, the company complies with the
dataset, including the creation, updating, and provisions of the Companies Act, 2013.
deletion of financial data.

For, Ram Agarwal & Associates

Chartered Accountants
Firm Registration Number. 140954W

Place: Mumbai Arifa Gumani

Date: 27-05-2024 Partner
Membership Number. 131971
UDIN: 24131971BKHWEC5049

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Annual Report 2023-24
 Notes to Financial statements
1. SIGNIFICANT ACCOUNTING POLICIES:

1.1. Corporate Information

SBI Foundation (“the Foundation” or“ the company”), is a not for profit company, incorporated
on 26th June, 2015, in state of Maharashtra , India, within the meaning of section 8 of the
Companies Act, 2013, (“the Act”). The Company is a group company of State Bank of India (the
largest public sector bank) in India.

The Company is also registered under section 12AA of the Income Tax Act , 1961 and it’s
registration number is 48099, w.e.f. 2nd Nov, 2015 and under section 80-G of the Income Tax
Act 1961, w.e.f. 2nd Feb, 2016.

The Company is involved in charitable activities.

1.2. Basis of preparation of statement

The financial statements of the company are prepared in accordance with generally accepted
accounting principles in India (Indian GAAP). The company has prepared theses financial
statements to comply in all material respects with accounting standards notified under the
relevant provisions of the Companies Act 2013 read with the rule as applicable there under.

The Company follows the mercantile system of accounting. Expenses and incomes are
recognized on accrual basis, except as otherwise stated in para (1.7). Accounting policies not
referred to otherwise are consistent with generally accepted accounting principles

1.3. Classification of assets and liabilities:

1.3.1. Assets

An asset is classified as current when it satisfies any of the following criteria:—

it is expected to be realised in, or is intended for service or consumption in, the company’s
normal operating cycle

it is held primarily for the purpose of being trade

it is expected to be realised within twelve months after the reporting date; or

it is cash or cash equivalent unless it is restricted from being exchanged or used to settle
a liability for at least twelve months after the reporting date.

All other assets are classified as non-current.

1.3.2. Liabilities:

A liability is classified as current when it satisfies any of the following criteria:—

it is expected to be settled in the company’s normal operating cycle;

it is held primarily for the purpose of being traded;

116
 it is due to be settled within twelve months after the reporting date; or

the company does not have an unconditional right to defer settlement of the liability
for at least twelve months after the reporting date. Terms of a liability that could, at the
option of the counterparty, result in its settlement by the issue of equity instruments do
not affect its classification.

All other liabilities shall be classified as non-current.

1.4. Operating Cycle:

An operating cycle is the time between the acquisition of assets for processing and their
realisation in cash or cash equivalents. Where the normal operating cycle cannot be identified,
it is assumed to have duration of twelve months.

1.5. Property, plant and equipment and Depreciation/Amortization:

1.5.1. Tangible Assets:

Tangible Assets are stated at acquisition cost, net of accumulated depreciation and accumulated
impairment losses, if any. Cost includes all incidental expenses related to acquisition and
installation.

Depreciation is provided on tangible asset over its useful life on written down value method
and in the manner specified in the Schedule II of the Act, subject to residual value of an assets,
if any, shall not be more than five percent of the cost.

Depreciation on additions to tangible assets is calculated on pro-rata basis from the date of
additions. Tangible Assets individually costing upto ` 5,000/- are fully depreciated in the year of
purchase.

1.5.2. Intangible Assets:

Intangible assets are stated as acquisition cost, net of amortization. Cost includes all incidental
expenses related to acquisition and installation.

Intangible assets being website development is amortized over its estimated useful life of 3
years on straight line method.

1.6. Revenue recognition

Revenue is recognized to the extent it is probable that the economic benefit will flow to the
company and revenue can be reliably measured. In addition, the following criteria are also
being met, before revenue is recognized:

Revenue includes receipts mainly of Grants and donation, which are accounted on receipts
basis. Similarly, Grant paid are also accounted on payment basis. Other items are accounted for
on mercantile basis.

Interest income on Fixed deposits and all other income and expenses are accounted for on
accrual basis.

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Annual Report 2023-24
 1.7. Use of estimates:

The preparation of financial statement requires management to make estimates and

assumptions that affect the reported amount of the assets and liabilities, the disclosure of
contingent assets and liabilities on the date of financial statements and reported amount
of revenues and expenses during the reporting period. Actual result may differ from those
estimates. Changes in estimates are reflected in the financial statements in the period in
which changes are made and, if material, their effects are disclosed in the notes to financial
statements.

1.8. Cash flow statement

Cash flows are reported using indirect method as prescribed under Accounting Standard 3,
whereby cash flows from operating, investments and financial activities of the Company are
identified and reported.

1.9. Provisions and contingencies

A provision is recognized when the Company has a present obligation as a result of past events
and it is probable that an outflow of resources will be required to settle the obligation in respect
of which a reliable estimate can be made. Provision are not discounted to their present value
and determined based on the best estimate required to settle the obligation as at Balance
sheet date.

1.10. Impairment of Assets

Impairment loss, if any, is provided to the extent, the carrying amount of assets or cash
generating units exceed their recoverable amount.

Recoverable amount is higher of an asset’s net selling price and its value in use. Value in use, is
the present value of estimated future cash flows expected to arise from the continuing use of
an asset or cash generating unit and from its disposal at the end of its useful life.

Impairment losses recognised in prior years are reversed when there is an indication that the
impairment losses recognised no longer exist or have decreased. Such reversals are recognised
as an increase in carrying amounts of assets to the extent that it does not exceed the carrying
amounts that would have been determined (net of amortization or depreciation) had no
impairment loss been recognised in previous years.

1.11. Income tax

Current tax is provided as per the provision of Income Tax Act 1961 Tax expenses comprise of
current and deferred tax. Current income tax is measured at the amount expected to be paid
to the tax authorities in accordance with the Indian Income Tax Act, 1961. Deferred tax reflects
the impact of current year timing differences between book profit and taxable income for the
year and reversal of timing differences of earlier years.

The deferred tax for timing differences between the book profit and taxable income for the
year is accounted for using the tax rates and laws that have been substantially enacted as
of the Balance Sheet date. Deferred tax assets are recognized only to the extent that there is
reasonable certainty that sufficient future taxable income will be available against which such
deferred tax assets can be realized. If the company has carry forward unabsorbed depreciation
and tax losses, deferred tax assets are recognized only to the extent there is virtual certainty

118
supported by convincing evidence that sufficient taxable income will be available against
which such deferred tax asset can be realized.

Minimum Alternate Tax (MAT) credit is recognized as an asset only when and to the extent
there is convincing evidence that the company will pay normal income tax during the specified
period. In the year in which the MAT credit becomes eligible to be recognized as an asset in
accordance with the recommendations contained in guidance note issued by the Institute of
Chartered Accountants of India, the said asset is created by way of a credit to the Statement
of Profit and Loss and shown as MAT Credit entitlement. The company reviews the same at
each Balance Sheet date and write down the carrying amount of MAT credit entitlement to the
extent there is no longer convincing evidence to the effect that the company will pay normal
income-tax during specified period,

However in view of the income tax exemption on both, the capital as well as revenue receipts,
and subject to compliance with the provisions of the tax provisions, the company is not liable
to tax.

1.12. Earning Per Share

Basic earnings per share are calculated by dividing the surplus or deficit for the year after tax
by the weighted average number of equity shares outstanding during the year. The weighted
average number of equity shares outstanding during the period is adjusted for events, such as
issue of reduction of share capital.

For the purpose of calculating diluted earnings per share, the surplus or deficit for the year after
tax is computed by the weighted average number of equity shares outstanding during the year
after adjusting the effects of all dilutive potential equity shares.

1.13. Contingent Liabilities and commitments

The contingent liabilities and commitments are determined on the basis of available information
and are disclosed by way of notes to accounts.

1.14. Foreign Currency Transactions:

Transactions in Foreign Currencies are recorded at the exchange rates prevailing on the date of
transaction and in the case of outstanding at the Balance Sheet date are translated at exchange
rates prevailing on the Balance Sheet date. All gain / losses due to exchange rate differences are
accounted for in the statement of Income and Expenditure Account.

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 SBI FOUNDATION
BALANCE SHEET AS AT 31ST MARCH, 2024
(₹ in Lakhs)

As at 31st March, As at 31st March,

Particulars Notes
2024 2023

I. EQUITY AND LIABILITIES

(1). Shareholders' Funds
(a) Share Capital 2 400.00 400.00
(b) Reserves and Surplus 3 34,489.36 22,572.89

(2). Non-Current Liabilities

(a) Long Term Provisions 4 9.77 7.06

(3). Current liabilities

(a) Trade Payable 5 14.30 10.81
(b) Other current liabilities 6 46.56 11.20
TOTAL 34,959.99 23,001.95
II. ASSETS
(1). Non-current assets
(a) Property ,Plant and Equipment and Intangible Assets 7
(i) Property, plant and equipment 4.08 6.54
(ii) Intangible assets - 0.19
(b) Non-Current Investment 8 559.28 6,707.32
(2). Current assets
(a) Cash and cash equivalents 9 34,369.55 16,241.95
(b) Short Term Loans & Advances 10 16.24 27.68
(c) Other-current assets 11 10.83 18.28
TOTAL 34,959.99 23,001.95
Previous period figures have been regrouped / reclassified wherever considered
necessary. The accompanying notes form an integral part of the financial
statements 1 to 19
For Ram Agarwal & Associates For and on behalf of the Board of Directors of
Chartered Accountants SBI Foundation
FRN :

CA. Sanjay Prakash Binod Kumar Mishra

(PARTNER) (Managing Director) (Director)
Membership No. DIN:09692409 DIN:10531002
UDIN:

Sushil Kumar Verma

(Chief Financial Officer)

PLACE : MUMBAI PLACE : MUMBAI

DATED : DATED :

120
 SBI FOUNDATION
STATEMENT OF INCOME & EXPENDITURE ACCOUNT FOR THE PERIOD FROM 1ST APRIL 2023 TO MARCH 2024
(₹ in Lakhs)

For the Year ended For the Year ended 31st

Particulars Notes
31st March 2024 March 2023

I. Operational Income 12 34,248.71 21,934.08

II. Other income 13 9.00 0.38

III. TOTAL INCOME (I + II) 34,257.71 21,934.46

IV. Expenses:
(i) Grants towards Projects 14 21,711.73 9,300.89
(ii) Employee benefit expenses 15 283.94 154.82
(iii) Depreciation and amortization expense 3.86 0.91
(iv)Other expenses 16 339.95 207.25

V. TOTAL EXPENSES 22,339.48 9,663.87

VI.Surplus/(Deficit) before exceptional and extraordinary items and tax 11,918.23 12,270.59
(III - V)
VII.Exceptional items
Prior period expenses 17.3 1.76 4.90
Prior period Income

VIII.Surplus for the period from continuing operations (VI-VII) 11,916.47 12,265.69

Earnings per equity share (of face value of Rs. 10 each): 17.6
(1) Basic 297.91 306.64
(2) Diluted 297.91 306.64
Based on materiality principle, depreciation will be provided at the year end.
Previous periods figure have been regrouped / reclassified wherever considered necessary.
The accompanying Notes form an integral part of the financial statements 1 to 19

For Ram Agarwal & Associates For and on behalf of the Board of Directors of
Chartered Accountants SBI Foundation
FRN :

CA. Sanjay Prakash Binod Kumar Mishra

(PARTNER) (Managing Director) (Director)
Membership No. DIN:09692409 DIN:10531002
UDIN:

Sushil Kumar Verma

(Chief Financial Officer)

PLACE : MUMBAI PLACE : MUMBAI

DATED : DATED :

SBI Foundation
121
Annual Report 2023-24
 SBI FOUNDATION
CASH FLOW STATEMENT FOR THE PERIOD ENDED FROM 1ST ARPIL 2023 TO 31ST MARCH 2024
(INDIRECT METHOD)
(₹ in Lakhs)

For the Year ended For the Year ended

Particulars
31st March 2024 31st March 2023

Cash flows from used in operating activities

Surplus/(deficit) extraordinary items and tax 11,916.47 12,265.69
Adjustments for reconcile surplus (deficit)
Adjustments to surplus (deficit)
Adjustments for depreciation and amortisation expenses 3.86 0.91
Adjustments for interest on TDS 0.01 1.96
Adjustments for Sundry Balances Written Back -
Adjustments for interest income (2,011.84) (917.25)
Total Adjustments for reconcile surplus (deficit) (2,007.96) (914.37)
Adjustments for working capital
Adjustments for decrease (increase) in other current assets 7.45 (16.03)
Adjustments for decrease (increase) in Non-Current Investments 6,148.03 (4,478.62)
Adjustments for decrease (increase) in short term loans & advances 11.44 335.07
Adjustments for Increase (decrease) in Long Term Provisions 2.72
Adjustments for Increase (decrease) in Trade Payables 3.49 -
Adjustments for Increase (decrease) in other current liabilities 35.36 18.59
Total adjustments for working capital 6,208.49 (4,140.99)
Total adjustments for reconcile surplus (deficit) 4,200.52 (5,055.36)
Net cash flows from (used in) in operating activities before extraordinary items 16,116.99 7,210.33
Net cash flows from (used in) in operating activities 16,116.99 7,210.33
Cash flows from used in investing activities - -
Purchase of intangible assets - -
Purchase of tangible assets (1.21) (6.59)
Interest received 2,011.84 917.25
Net cash flow from (used in) investing activities before extraordinary items - -
Net cash flow from (used in) investing activities 2,010.63 910.66
Cash flows from used in financing activities - -
Interest paid
Net cash flows from (used in) financing activities before extraordinary items (0.01) (1.96)
Net cash flows from (used in) financing activities (0.01) (1.96)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 18,127.61 8,119.03
Effect of exchange rate changes on cash and cash equivalents - -
Net increase (decrease) in cash and cash equivalents 18,127.61 8,119.03
Cash and cash equivalents cash flow statement at beginning of period 16,241.95 8,122.92
Cash and cash equivalents cash flow statement at end of period 34,369.55 16,241.95

-0 #REF!
Previous period figures have been regrouped / reclassified wherever considered necessary.

For Ram Agarwal & Associates For and on behalf of the Board of Directors of
Chartered Accountants SBI Foundation
FRN :

CA. Sanjay Prakash Binod Kumar Mishra

(PARTNER) (Managing Director) (Director)
Membership No. DIN:09692409 DIN:10531002
UDIN:

Sushil Kumar Verma

(Chief Financial Officer)

PLACE : MUMBAI PLACE : MUMBAI

DATED : DATED :

122
 SBI FOUNDATION
Notes forming part of the Financial Statements as at 31st March, 2024

As at 31st As at 31st March,

NOTE 2 : SHARE CAPITAL March, 2024 2023
(₹ in Lakhs) (₹ in Lakhs)

Authorised Capital
40,00,000 Equity Shares of Rs 10/- each 400.00 400.00

Issued, subscribed and fully paid-up shares

40,00,000 Equity Shares of Rs 10/- each fully paid 400.00 400.00
Total 400.00 400.00

(a) Terms/ rights attached to equity shares

The company has only one class of equity shares having par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The
company being established under section 8 of the Companies Act, 2013 cannot declare and pay dividend to its shareholders.

In the event of liquidation of the company, the holders of equity shares are not entitled to receive remaining assets of the capital of the company

(b) Reconciliation of Number of Shares outstanding as at the beginning and at the end of the period.
As at 31st As at 31st March,
Particulars March, 2024 2023
No. of shares No. of shares
Shares outstanding at the beginning of the year 40,00,000 40,00,000
Shares issued during the year - -
Shares bought back during the year - -
Shares outstanding at the end of the year 40,00,000 40,00,000

(c) Details of shareholders holding more than 5% shares in the company

As at 31st March, 2024 As at 31st March, 2023
Name of the shareholder
No. of Shares % of Holding No. of Shares % of Holding

State Bank of India (including through its

39.89 99.72% 39.89 99.72%
nominees)

Total Share 39.89 99.72% 39.89 99.72%

As per records of the company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial
interest, the above shareholding represents both legal and beneficial ownerships of shares.

(d) Shares held by the holding company :

Shares held by holding compay, State Bank of India 39.89 99.72% 39.89 99.72%

Shares held by subsidiaries / associates of holding

0.11 0.28% 0.11 0.28%
companies

SBI Foundation
123
Annual Report 2023-24
 SBI FOUNDATION
Notes forming part of the Financial Statements as at 31st March, 2024

e) Details of Shareholding of Promoters :

As at 31st March, 2024 As at 31st March, 2023
Name of the Promoter % Change during % Change during the
No. of Shares % of Holding No. of Shares % of Holding
the year year

State Bank of India (including through its

3988995 99.72% 0.00% 3988995 99.72% 0.00%
nominees)

SBI capital Market ltd. 1001 0.025% 0.00% 1001 0.025% 0.00%

SBICAP Securities ltd. 1000 0.025% 0.00% 1000 0.025% 0.00%

SBICAP Trustee Company Ltd 1001 0.025% 0.00% 1001 0.025% 0.00%

SBICAP Ventures Ltd. 1000 0.025% 0.00% 1000 0.025% 0.00%

SBI DFHI Ltd. 1001 0.025% 0.00% 1001 0.025% 0.00%

SBI Mutual Fund Trustee company Pvt ltd. 1000 0.025% 0.00% 1000 0.025% 0.00%

SBI Global Factors Ltd 1000 0.025% 0.00% 1000 0.025% 0.00%

SBI Pension fund Pvt Ltd. 1000 0.025% 0.00% 1000 0.025% 0.00%

SBI SG Global Securities Services Pvt Ltd 1000 0.025% 0.00% 1000 0.025% 0.00%

SBI Cards and Payment services pvt Ltd. 1001 0.025% 0.00% 1001 0.025% 0.00%

SBI Funds Management (Pvt) Ltd. 1001 0.025% 0.00% 1001 0.025% 0.00%

Increase in shareholding (in %) 0.00% 0.00%

As at 31st March, As at 31st March,

NOTE 3 : RESERVES & SURPLUS
2024 2023
(₹ in Lakhs) (₹ in Lakhs)
Surplus in Income & Expenditure
Account
Balance b/d 22,572.89 10,307.19
Add: Surplus/(Deficit) for the period 11,916.47 12,265.69

Total 34,489.36 22,572.89

The accumulated balance of surplus under the head Reserves & Surplpus represents the unspent amount of grant/ other income received which will be allocated to
future projects (Comprising of Projects to be identified and Projects already identified awaiting sanctions and disbursal) and the same is undistributable to the
shareholders.

124
 SBI FOUNDATION
Notes forming part of the Financial Statements as at 31st March, 2024

As at 31st As at 31st March,

NOTE 4 : Long Term Provisions March, 2024 2023
(₹ in Lakhs) (₹ in Lakhs)
Provision for Gratuity 9.77 7.06

Total 9.77 7.06

"In the Current Year Company has made provisions on the basis of Income tax Act, 1961"

As at 31st As at 31st March,

NOTE 5 : Trade Payables March, 2024 2023
(₹ in Lakhs) (₹ in Lakhs)
total outstanding dues of micro enterprises and smallenterprises - -
total outstanding dues of creditors other than microenterprises and small enterprises 14.30 10.81
14.30 10.81

As at 31st As at 31st March,

NOTE 6 : OTHER CURRENT LIABILITIES March, 2024 2023
(₹ in Lakhs) (₹ in Lakhs)

Professional Fees Payable 1.20 0.08

Audit Fees Payable 0.43 0.43
Internal Audit Fees Payable 3.51 -
Limited review Fees payable 0.27 0.27
YFI Training Exps Payable 5.63 -
Statutory Dues Payable 8.25 9.13
Payable to Vendors 6.51 0.81
Salary Payable - 0.48
YFI Fellow Project Support Payable 0.45 -
Grant Refundable to donors 20.31
Total 46.56 11.20

SBI Foundation
125
Annual Report 2023-24
 SBI FOUNDATION
Notes forming part of the Financial Statements as at 31st March, 2024

NOTE 7 :- PROPERTY, PLANT AND EQUIPMENT

As at 31st March, 2024 (₹ in Lakhs)
GROSS BLOCK DEPRECIATION/AMORTISATION NET BLOCK
As at As at As at As at
As at Additions/ As at
Particulars 31st March, For the Period 31st March, 31st March, 31st March
1st April 2023 (Deductions) 1st April 2023
2024 2024 2024 2023
(Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.)
(a) Property, Plant and Equipment:
Own Assets:
(i) Furniture and Fixtures - Fire Proof Cabinet 1.19 - 1.19 0.99 0.05 1.04 0.15 0.20
(ii) Computers and data processing units - Laptop 0.85 - 0.85 0.78 0.05 0.82 0.03 0.08
(iii) Office Equipments 6.68 1.21 7.90 0.42 3.58 3.99 3.90 6.27
8.72 1.21 9.94 2.18 3.68 5.86 4.08 6.54
(b) Intangible Assets:
Online Grants Automation Module 0.94 - 0.94 0.76 0.19 0.94 - 0.19

GRAND TOTAL (a)+(b) 9.67 1.21 10.88 2.94 3.86 6.80 4.08 6.73

As at 31st March 2023 (₹ in Lakhs)

GROSS BLOCK DEPRECIATION/AMORTISATION NET BLOCK
As at As at As at As at
As at Additions/ As at
Particulars 31st March For the year 31st March 31st March 31st March
1st April 2022 (Deductions) 1st April 2022
2023 2023 2023 2022
(Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.) (Rs.)
(a) Property, Plant and Equipment:
Own Assets:
(i) Furniture and Fixtures - Fire Proof Cabinet 1.19 - 1.19 0.92 0.07 0.99 0.20 0.27
(ii) Computers and data processing units - Laptop 0.85 - 0.85 0.65 0.13 0.78 0.08 0.20
(iii) Camera 0.10 6.59 6.68 0.02 0.40 0.42 6.27 0.08
2.14 6.59 8.72 1.59 0.59 2.18 6.54 0.55
(b) Intangible Assets:
Online Grants Automation Module 0.94 - 0.94 0.44 0.31 0.76 0.19 0.50

GRAND TOTAL 3.08 6.59 9.67 2.03 0.91 2.94 6.73 1.05

126
 SBI FOUNDATION
Notes forming part of the Financial Statements as at 31st March, 2024
(₹ in Lakhs)
As at 31st March,
NOTE 8 : NON-CURRENT INVESTMENT As at 31st March, 2024
2023
Unaudited Audited

Group Gratuity Plan for Employees-SBILICNB0622FUND 10.73 7.32

Fixed deposits - -
Maturity More than 12 months 548.55 6,700.00
559.28 6,707.32

As at 31st March,
NOTE 9 : BANK BALANCE As at 31st March, 2024
2023

Current Account Balance with schedule bank 737.21 32.53

Fixed deposits - -
Fixed Deposit with SBI bank, Maturity less than 12 months 32,002.92 15,562.72
Interest Accrued on Bank Fixed Deposit 1,629.43 646.70
Total 34,369.55 16,241.95

As at 31st March,
NOTE 10 : SHORT TERM LOANS & ADVANCES As at 31st March, 2024
2023

Advance given to Vendors 16.24 27.68

Total 16.24 27.68

As at 31st March,
NOTE 11 : OTHER CURRENT ASSETS As at 31st March, 2024
2023
Prepaid Expenses 10.10 16.32
TDS Receivable 0.16 0.21
TCS Collected by Vendors 0.10 -
GST on RCM 0.47 1.76

Total 10.83 18.28

SBI Foundation
127
Annual Report 2023-24
 SBI FOUNDATION
Notes forming part of the Financial Statements as at 31st March, 2024
(₹ in Lakhs)
For the Year ended 31st For the Year ended 31st
NOTE 12 : OPERATIONAL INCOME
March 2024 March 2023

Grants or Donations received 32,237.68 21,017.22

Interest on Fixed Deposits 2,011.03 916.86

Total 34,248.71 21,934.08

For the Year ended 31st For the Year ended 31st
NOTE 13 : OTHER INCOME
March 2024 March 2023

Interest Income 0.81 0.38

Training income 8.08 -
Miscellaneous Income 0.11 -
Total 9.00 0.38

For the Year ended 31st For the Year ended 31st
NOTE 14 : GRANTS TOWARDS PROJECTS
March 2024 March 2023

Health 6,650.97 2,947.13

Education 2,266.77 1,257.45
Rural Development 4,528.60 2,086.75
Environment 3,087.74 803.72
Sports 676.35 252.86
Livelihood & Entrepreneurship 2,329.22 814.65
Women Empowerment 291.44 51.83
D&I 1,818.82 949.61
Miscellaneous 61.21 136.89
Perservation of Heritage 0.60 -

Total 21,711.73 9,300.89

Note :Grants given during the year 21,914.01 (PY: Rs. 10,108.59/-) & Project Refund received during the year Rs. 202.29/-
(PY: Rs. 807.69/-)

128
 For the Year ended 31st For the Year ended 31st
NOTE 15 : EMPLOYEE BENEFIT EXPENSES
March 2024 March 2023

Salaries 258.13 137.98

Staff Welfare 23.05 9.70
Gratuity Expenses 2.72 7.06
Labour Welfare Fund 0.04 0.08

Total 283.94 154.82

For the Year ended 31st For the Year ended 31st
NOTE 16 : OTHER EXPENSES
March 2024 March 2023

Advertisement and Sponsorship - 5.00

Payment to auditors: -
-Audit Fees 0.47 0.47
-Limited review Fees 1.18 1.18
Misc Exp 2.78 1.76
Printing & Stationery 4.12 1.20
Travelling & Conveyance Expenses 50.97 24.51
ROC Form Fees 0.49 0.30
Company Profession Tax 0.03 0.03
Directors Sitting Fees 4.30 3.00
Honorarium 5.56 2.23
Professional Fees 42.66 35.12
Internal Audit Fees 9.15 5.87
Marketing & Campaign Expenses 40.51 42.72
Telephone and Internet Exps 3.22 1.22
Bank Charges 0.02 0.11
PF & PT Late Fees 0.00 0.07
CSR Expenditure (refer note 17.12) 134.00 62.00
CSR Award Participation Fee 0.89 2.29
Website Maintenance 11.70 16.09
Postage and Courier Charges 0.10 -
Workshop and Training Expenses 0.22 -
GST Expenses written off 1.91 -
Interest on Statutory Dues 0.01 1.96
Software Expenses 0.76 0.12
Impact Assessment 24.90

Total 339.95 207.25

The income of the foundation is exempt from income tax subject to utilisation of funds as the it is a
charitable trust registered under section 12A of the Income Tax Act, 1961.

SBI Foundation
129
Annual Report 2023-24
 SBI FOUNDATION
Notes forming part of the Financial Statements as at 31st March, 2024

NOTE 17 (₹ in Lakhs)
17.1. Commitments
(to the extent not provided for)
Capital commitment in relation to sanctioned projects as at 31st March, 2024 was Rs 27,595.35 (PY: Rs. 21,019.78)

17.2. The Managing director and administrative staff are on secondment from State Bank of India (the holding company) and their remuneration
is in accordance with the service rules of the State Bank of India. The remuneration paid to them is charged in the books of account of the holding
company only.

17.3. Prior period expenses

For the period from 1st
Prior period expenses comprises of: 1st April 2022 to March 2023
April 2023 to March 2024
Professional fees -
GST Expense of Previous Years 1.76 4.90
1.76 4.90

17.4. In the opinion of the board of directors, all the Current Assets, are, approximately of the value of stated as realizable on the ordinary course
of business and the provision of all known liabilities are adequate.

17.5. Disclosure under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act)
(a) As required to be disclosed under MSMED Act and to the extent such parties are identified on the basis of information available with the
Company , there are no Micro enterprises or Small Scale enterprises to whom the company owes any due which are outstanding for more then 45
days as at 31st March 2024 .

(b) The information required under note no. 6. FA (a) to ( e ) as per the general instruction for preparation of balance sheet is nil or not applicable

17.6 Earning per share (EPS):

For the period from 1st
Particulars 1st April 2022 to March 2023
April 2023 to March 2024
(a) Net Surplus/(Deficit) After Tax as disclosed in Statement of
11,916 12,266
Income and Expenditure
(b) Weighted average number of Equity and diluted shares
40 40
outstanding during the year
(c ) Basic and Diluted earning per share of ` 10/- each = (a/b) 297.91 306.64

17.7. Related Parties transactions:

(a) List of related parties
(i) Holding and fellow subsidiariry companies and other companies where the directors have influence:
Name of the related party: Country Nature of Relationship
1.State Bank of India (SBI) India Parent Company
2. SBI CAP Markets Ltd India Fellow subsidiary
3. SBI General Insurance Co. Ltd India Fellow subsidiary
4. SBICAP Securities Ltd India Fellow subsidiary
5. SBI DFHI Ltd India Fellow subsidiary
6. SBICAP Trustee Co. Ltd India Fellow subsidiary
7. SBISG Global Securities Services Pvt Ltd India Fellow subsidiary
8. SBI Payment Services Pvt ltd India Fellow subsidiary
9. SBI Fund Management Co Ltd India Fellow subsidiary
10. SBI Global Factors Ltd India Fellow subsidiary
11. SBICAP Venture Ltd India Fellow subsidiary
12. SBI Pension Fund Pvt. Ltd. India Fellow subsidiary
13. SBI Mutual Fund India Fellow subsidiary
14. SBI Cards and Payment Services Ltd India Fellow subsidiary
15.Indian Institute of Banking & Finance India Directors of SBI associated with IIBF

130
 (ii) Key Managerial Persons
(a) Direcors
Particulars Designation
Chairman and Nominee Chairman w.e.f. 7th October 2020
1. Dinesh Kumar Khara
Director Nominee director w.e.f. 17th June 2016
2. Sanjay Prakash Managing Director w.e.f. 28th July, 2022

(b) Executive Officers

Particulars Designation
w.e.f. 1st July 2020, retired w.e.f. 31st
1. Parmeshwar Ram Chief Financial Officer
January 2024
w.e.f. 31st May 2021, transferred w.e.f. 1st
2. Lalit Mohan President & COO
July, 2023
3. Jagannath Sahoo President & COO w.e.f. 28th June 2023
4. Sushil Kumar Verma Chief Financial Officer w.e.f. 01st February 2024

Since no loans or advances are granted to related parties during the reporting period, disclosures that are required to be made as per the amendments in
Schedule III of Companues Act, 2013 where Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as
defined under Companies Act, 2013,) either severally or jointly are not provided,

(b) Transactions with related parties during the year

For the period from 1st
Nature of transactions 1st April 2022 to March 2023
April 2023 to March 2024
A. Donations (CSR Contribution) received:
1. State Bank of India 30,157.50 19,501.67
2. SBI CAP Markets Ltd - 4.65
3. SBI General Insurance Co. Ltd 125.00 222.65
4. SBI Cap Securities Ltd 44.80 218.59
5. SBI DFHI Ltd 665.21 7.22
6. SBISG Global Securities Services Pvt Ltd 218.00 136.69
7. SBI Payment Services Pvt Ltd 138.04 22.62
8.SBI Fund Management Co Ltd 280.44 453.07
9.SBI Global Factors Ltd - -
10. SBI CAP Venture Ltd 115.00 61.02
11. SBI Pension Fund Pvt. Ltd. - 51.51
12. Indian Institute of Banking & Finance 120.07 148.78
13. SBI Cap Trustee Co. Ltd. 51.00 -

Total (A) 31,915.06 20,828.45

Note: The SBI Founadation receives grants from State Bank of India & other Fellow subsidiaries for CSR activities. As per the requirements of
spending on CSR activities by the company as per section 135 of the Companies Act 2013 read with Schedule VII to the Act an unspent amount of
Rs. 2,04,86,517/- has been returned to these group of companies.

B. Fees paid for training employees with SBI:

State Bank of India: - -

C. Interest received on fixed deposits from

State Bank of India: (38,424) 916.86

D. Fixed deposits made during the year with

State Bank of India: 37,415.83 29,915.47

E. Fixed deposits matured during the year with

State Bank of India: 27,127.07 17,931.97

SBI Foundation
131
Annual Report 2023-24
F. Current Accounts maintained with:
State Bank of India:
Amounts deposited during the year 57,050.96 41,856.71
Amounts withdrawn during the year 56,346.28 41,826.77

G. Charges paid for utilisation of facilities at State Bank

Academy, Gurugram, SBILD Jakur & State Bank Institute of Rural
Banking
State Bank of India 32.36 18.64

c) Balances at the year end with: For the period from 1st
1st April 2022 to March 2023
April 2023 to March 2024
State Bank of India:
On current account 737.21 32.53
On fixed deposits 32,551.48 22,262.72
Accrued Interest on Fixed Deposits 1,629.43 646.70

17.8. Employee Retirement Benefits

The major employees are on the pay-roll of the Foundation. The senior management is on deputation from the holding company and their costs
are accounted for by the holding company.

The company has obtained PF Registration and complying with the provisions of the Provident fund and Employee state Insurance and gratuity.
Accordingly, expenditure in respect of the same is accounted for.

17.9 Segment Reporting:

Since the company is operating in only one segment, segment reporting is not applicable as per AS 17

17.10. The company being eligible for the income tax benefit, no provision for tax is made.

st
The Company has no carry forward losses as per Income Tax Act, 1961. No deferred tax is recognized for the year 31 March 2024 considering the
materiality and prudence.

17.11. The Company has accumulated funds u/s 11(2) of the Income Tax Act 1961 ("the IT Act") for a period of five years with corresponding
investments in securities as per Section 11(5) the IT Act appropriately, as per decision of Board of Directors and therefore there is no tax liability
at the year end. Accordingly no provision for tax is considered necessary.

17.12. CSR Expenditure under section 135

For the period from 1st
Particulars 1st April 2022 to March 2023
April 2023 to March 2024

(a) The Gross amount required to be spent by the company during

133.79 61.05
the year

(b) The Details of the amount spent during the year on CSR activities
(expenditure in cash) :
(i) Construction / acquisition of any asset - -
(ii) On purpose other than (i) above 134.00 62.00

(c) Out of above:

(i) no expenditure has been made through related party.
(ii) no expenditure has been incurred otherwise than cash.

17.13. Expenditure in foreign currency - -

132
17.14. Earnings in foreign currency - -

17.15. Ratio Analysis (Refer Annexure -1 )

17.16 The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards
notified under the Companies Act, 1956 (now Companies Act, 2013). Accordingly, the Company has complied with the Accounting Standards as
applicable to a Small and Medium Sized Company.

17.17. The figures have been rounded off to the nearest rupee. Previous period figures have been regrouped / reclassified wherever necessary to
correspond with the current year’s classification / disclosure.

17.18. There is no litigations pending against the company.

17.19. Since the income of the foundation is exempt from tax, there is no tax liability & consequently, no Deferred Tax Assets have been provided
for

As per our Attached report of even date

For Ram Agarwal & Associates For and on behalf of the Board of Directors of
Chartered Accountants SBI Foundation
FRN :

CA. Sanjay Prakash Binod Kumar Mishra

(PARTNER) (Managing Director) (Director)
Membership No. DIN:09692409 DIN:10531002
UDIN:

Sushil Kumar Verma

(Chief Financial officer)

PLACE : MUMBAI PLACE : MUMBAI

DATED : DATED :

SBI Foundation
133
Annual Report 2023-24
Note 18
Trade Payables Ageing Schedule
(₹ in Lakhs)
For the Year Ended 31st, March, 2024
Outstanding for following periods from due date of More than 3
Less than 1 year 1-2 years 2-3 years
payment years
Undisputed Dues - MSME - - - -
Undisputed Dues - Others 14.30 - - -
Disputed Dues - MSME - - - -
Disputed Dues - Others - - - -
Total 14.30 - - -

(₹ in Lakhs)
For the Year Ended 31st, March, 2023
Outstanding for following periods from due date of More than 3
Less than 1 year 1-2 years 2-3 years
payment years
Undisputed Dues - MSME - - - -
Undisputed Dues - Others 10.81 - - -
Disputed Dues - MSME - - - -
Disputed Dues - Others - - - -
Total 10.81 - - -

134
Note 19
No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:
(₹ in Lakhs)

For the Year ended For the Year ended 31st

Particulars 31st March 2024 March 2023
(a) Crypto Currency or Virtual Currency NIL NIL
(b) Benami Property held under Benami Transactions (Prohibition) Act, 1988 (45 of 1988) NA NA
(c) Registration of charges or satisfaction with Registrar of Companies NA NA
(d) Relating to borrowed funds:
i. Wilful defaulter NIL NIL
ii. Utilisation of borrowed funds & share premium NA NA
iii. Borrowings obtained on the basis of security of current assets NIL NIL
iv. Discrepancy in utilisation of borrowings NIL NIL
v. Current maturity of long term borrowings NIL NIL

There are no long-term contracts (including derivative contract) that are outstanding at the year end.

SBI Foundation
135
Annual Report 2023-24
NOTES
NOTES
NOTES
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