Category: Finance

Finance

HDFC Bank Releases First Standalone CSR Report, Spends ₹1,068 Crore in FY25

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

HDFC Bank, India’s largest private sector bank, has released its first-ever standalone annual Corporate Social Responsibility Report, marking a significant milestone in its decade-long journey of social impact through its umbrella initiative, Parivartan. The report highlights the Bank’s sustained commitment to inclusive and sustainable development across the country.

In FY 2024–25, HDFC Bank spent ₹1,068.03 crore on CSR initiatives, reflecting an increase of nearly ₹123 crore over the previous year. As of March 31, 2025, the Bank’s cumulative CSR investment stands at ₹6,176 crore. Over the past ten years, Parivartan has touched 10.56 crore lives across 28 states and eight Union Territories, with projects implemented in 102 of the 112 Aspirational Districts identified by the Government of India. The Bank has also extended its rural development initiatives to 298 border villages.

The CSR Report outlines HDFC Bank’s work across six core focus areas that address critical social and environmental needs. Its flagship Holistic Rural Development Programme follows an integrated, cluster-based approach to improve infrastructure, education, natural resource management, health and sanitation, positively impacting over 14.92 lakh households. In education, the Bank has strengthened access and quality through scholarships, digital learning and infrastructure, disbursing over 29,000 scholarships, setting up more than 2,600 SMART schools and establishing 930 community libraries.

Through skill training and livelihood enhancement programmes, HDFC Bank has enabled 7.2 lakh individuals, including youth and women, to secure sustainable livelihoods. Its healthcare and hygiene initiatives have expanded access to preventive care, maternal and child health services and hygiene awareness, benefiting over three lakh individuals through mobile clinics, cancer care support and maternal health initiatives. Financial literacy and inclusion efforts have empowered individuals with banking awareness and digital safety, with the Bank’s Vigil Aunty campaign on fraud awareness reaching over 21 lakh followers online.

The newest focus area under Parivartan, natural resource management, promotes sustainability through water conservation, afforestation, solar energy solutions and biodiversity conservation. To date, the Bank has created 14,520 water conservation structures and installed more than 69,000 solar lights, supporting long-term environmental stewardship.

Aligned with 10 of the 17 United Nations Sustainable Development Goals, HDFC Bank’s CSR initiatives reflect an integrated approach to development that balances economic progress with social equity and environmental responsibility. Commenting on the milestone, Kaizad Bharucha, Deputy Managing Director, HDFC Bank, said that Parivartan represents the Bank’s sustained effort to work alongside communities in unlocking their potential, guided by a philosophy of inclusive, locally relevant and future-focused development.

Finance

HDFC Bank Group Concludes HDFC Tech Innovators 2025, Honours 10 Winning Startups

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

HDFC Bank Group successfully concluded the fourth edition of HDFC Tech Innovators 2025, marking another milestone in its commitment to strengthening India’s startup ecosystem. The event honoured ten winning startups across six sectors and awarded two special recognitions to emerging women founders. This year’s edition saw remarkable national participation, with over 1,600 startups applying from more than 290 cities across the country, reflecting the rapid growth and expanding reach of India’s innovation landscape.

HDFC Tech Innovators 2025 was organised jointly by HDFC Bank, HDFC Capital and HDFC AMC, with active support from HDFC Life, HDFC Ergo, HDFC Securities and HDB Financial Services. The initiative was conceived as a platform to recognise early-stage startups and enable meaningful collaboration between founders and HDFC Group companies. In previous editions, the programme has helped identify high-potential ventures such as QNu Labs, a pioneer in quantum-safe cybersecurity, in which HDFC Bank subsequently invested. The Group also supports young ventures through Parivartan, its CSR arm, by partnering with leading incubators across India.

Speaking at the event, Ashish Parthasarthy, Group Head of Branch Banking, Payments, Treasury, Liability Products, Marketing, Virtual Channels and Infrastructure at HDFC Bank, highlighted the Group’s ongoing commitment to fostering India’s next generation of corporations. He emphasised that the bank’s StartUp BuildUp programme offers one-of-a-kind solutions, from customised current accounts to health cover, commercial cards and regulatory support for FDI and ODI transactions, designed to empower startups from the very beginning of their journey.

Navneet Munot, MD & CEO of HDFC AMC, noted that innovation continues to reshape every aspect of human progress — spanning finance, healthcare, deep tech, space technology and frontier sciences. He reiterated that HDFC Bank Group sees itself as a long-term partner in India’s innovation journey. At HDFC AMC, the mission remains to channel the country’s entrepreneurial energy into wealth creation for millions of Indians. He described HDFC Tech Innovators as a celebration of the visionaries shaping the future.

Vipul Roongta, CEO of HDFC Capital, underscored how technology and innovation are transforming the built world and redefining every step of the value chain. He reaffirmed the company’s commitment to future-ready business models and emerging technology-led solutions that support India’s transformation in the years ahead.

This year, the initiative broadened its horizons by including Defence and Space Tech as a new sector, recognising the crucial role these domains play in nation-building. Two special awards were also introduced for women entrepreneurs, acknowledging their rising presence and impact within the country’s startup ecosystem.

The event also featured a panel discussion titled “Architects of India’s Startup Ecosystem,” which brought together leading voices from across government, industry and venture capital. Among the speakers were Sanjiv, Joint Secretary at DPIIT; Air Vice Marshal Dhananjay V. Khot (Retd.), Director–Strategy and Planning at IN-SPACe; Shashank Kumar, Founder and Managing Director of Razorpay; Gautam Mago, General Partner at A91 Partners; Vikram Gupta, Founder and Managing Partner of IvyCap Ventures; and Sunali Rohra, Senior Executive Vice President at HDFC Bank. Their perspectives added depth to the conversation on India’s evolving innovation landscape.

With its continued commitment to collaboration, investment and knowledge-sharing, the HDFC Bank Group reinforces its role as a key enabler for startups building India’s future. HDFC Tech Innovators 2025 stands as a testament to this vision, celebrating innovation, encouraging entrepreneurship and empowering the leaders of tomorrow.

Finance

GCCI Submits Pre-Budget Memorandum for Union Budget 2026-27

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

The Goa Chamber of Commerce & Industry has submitted its comprehensive Pre-Budget Memorandum for the Union Budget 2026–27, putting forward a wide range of recommendations to strengthen India’s tax and regulatory landscape. The Chamber emphasises that a simpler, more predictable and business-friendly system is essential for improving ease of doing business and sustaining long-term economic growth. The memorandum highlights the increasing complexity of TDS and TCS provisions, noting that over fifty withholding categories with varying thresholds and rates have created a heavy compliance burden for businesses and individuals. GCCI suggests consolidation of these provisions into fewer, standardised categories, coupled with a PAN-based reporting model, higher thresholds and lower deduction rates. It also proposes the introduction of a digital Tax Wallet to make payments and adjustments easier, much like the existing GST cash ledger.

The Chamber also stresses the need to incentivise compliant taxpayers. By prioritising faster processing of returns and refunds for those with strong compliance histories, and by reducing automated notices for such taxpayers, the government can reinforce a culture of voluntary compliance. GCCI also calls for renewed support for innovation, including reinstating the 200% weighted deduction for in-house R&D, especially vital for pharmaceutical, biotech and deep-tech industries where risk and gestation periods are high. To further boost investment and employment, particularly in Goa, GCCI urges the continuation of the 15% concessional corporate tax rate for new manufacturing units, extending eligibility until 2030.

Recognising the need for simpler tax return processes, GCCI recommends a fully integrated filing portal, dynamic ITR forms that activate relevant sections based on taxpayer inputs, extensive pre-filling using AIS/TIS data, and reduced duplication of information already submitted to agencies like GST or MCA. It also suggests creating dedicated annexures for special cases, including returns involving Goan residents governed by Section 10 (formerly Section 5A) under the Portuguese Civil Code, foreign asset disclosures, and corporate restructurings. The Chamber proposes that individual taxpayers should only fall under the 30% tax bracket beyond an annual income of ₹25 lakh and advocates for rationalising cesses and surcharges to create a clean, transparent rate structure. It also recommends extending Section 80TTA to include all types of deposit interest and raising the limit to ₹25,000, as well as allowing deductions for donations even under the new tax regime.

MSME reforms form a significant part of the memorandum, including the introduction of a Company Law and LLP Settlement Scheme for 2025, flexibility in presumptive taxation, presumptive options for LLPs, tax neutrality for LLP reorganisations and more practical deadlines for filing returns. GCCI stresses that the current ITR due dates for non-audit cases create challenges due to late population of TDS and SFT data, and therefore recommends fixing 31 August as the final deadline. It also calls for allowing carry-forward of losses even in belated or updated returns, reducing additional tax on updated returns and extending the filing window to all permissible reassessment years.

Addressing litigative issues, GCCI highlights problems such as delays in refund issuance for AY 2025–26, lack of clarity around CSR deductions and inconsistent treatment of employees’ PF/ESIC contributions. It appeals for statutory timelines for CIT(A) decisions, clearer internal SOPs for refund scrutiny, parity in interest computation on refunds and payments, and amendments to ensure interest on delayed TDS deposits is calculated only for the actual period of delay. For co-operative societies, GCCI urges CBDT to issue a circular clarifying that interest earned on deposits with co-operative banks qualifies for deduction under Section 80P(2)(d), helping resolve long-standing disputes and preventing unnecessary litigation.

Through these recommendations, GCCI aims to strengthen investor confidence, reduce administrative friction, support innovation, and boost economic activity across sectors, especially MSMEs, manufacturing and high-value industries. The memorandum reflects the Chamber’s vision for a more transparent, efficient and growth-oriented policy environment as India prepares for the Union Budget 2026–27.

Finance

Bank of Baroda Engages 3.65 Lakh Farmers, Sanctions Rs 5,636 Crore in 8th ‘Baroda Kisan Pakhwada’

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral

Bank of Baroda, one of India’s leading public sector banks, has successfully concluded the 8th edition of its flagship rural outreach programme, ‘Baroda Kisan Pakhwada,’ held from 3rd to 15th November 2025. Over the course of the fortnight, the bank engaged with more than 3.65 lakh farmers across the country and sanctioned agricultural loans totaling over ₹5,636 crore. This year, the initiative was themed “Towards Atmanirbharta,” reflecting the bank’s commitment to supporting financial inclusion and empowering India’s farming community.

The programme featured a variety of on-ground activities including Kisan Melas, Kisan Meets, choupals, credit camps, and financial literacy sessions. Farmers were provided with guidance on modern agricultural equipment, drone technology, and financing options for Farmer Producer Organizations (FPOs) and Self Help Groups (SHGs), with several receiving loan sanction letters on the spot.

Baroda Kisan Pakhwada also highlighted the bank’s innovative digital offerings designed to make access to credit faster and more convenient. These included the Digital Baroda Kisan Credit Card, integrated with the RBIH digital land records system, and the Digital Gold Loan, available on the bank’s digital lending platform. These solutions demonstrate the bank’s commitment to making financial services more accessible, simplifying processes, and supporting the agricultural sector’s growth and self-reliance.

Speaking on the completion of the programme, Shri Lal Singh, Executive Director of Bank of Baroda, said, “The 8th edition of Baroda Kisan Pakhwada reflects our continued commitment to serve India’s farmers with solutions that are accessible, reliable, and increasingly digital. Whether through our Digital BKCC, Digital Gold Loan, or our on-ground outreach programmes, the aim is to strengthen our engagement and support by making credit simpler and more empowering for every farmer we reach. We remain deeply committed to supporting the agricultural community and contributing to their progress and self-reliance.”

Through initiatives like Baroda Kisan Pakhwada, Bank of Baroda continues to play a pivotal role in enhancing financial literacy, promoting digital adoption, and providing crucial financial support to farmers across India, reaffirming its position as a trusted partner in rural development and agricultural growth.

Finance

RBI Launches Offline ‘Digi Rupee’: Money Transfers Now Possible Without Internet

allycaralgoa

In a major leap toward digital financial inclusion, the Reserve Bank of India (RBI) has announced the launch of an offline feature for its Central Bank Digital Currency (CBDC), popularly known as the ‘Digi Rupee’.

The offline functionality allows users to transfer money without internet connectivity, a development aimed at empowering citizens in rural, remote, and low-connectivity areas across the country.

According to the RBI, this innovation will make digital payments more accessible, ensuring that even those without reliable network coverage can participate in India’s growing digital economy.

The offline Digi Rupee can be used for peer-to-peer (P2P) and person-to-merchant (P2M) transactions, just like digital wallets, but backed directly by the central bank — making it secure, instant, and cost-efficient.

Experts believe that the move could significantly boost the adoption of digital transactions and support the government’s broader Digital India mission.

The initiative also underscores RBI’s ongoing efforts to enhance financial inclusion and build a resilient payment ecosystem that reaches every citizen, regardless of connectivity.

With this step, India joins a small group of countries exploring offline digital currency technology, marking another milestone in its transformation into a digitally empowered economy.