Kathmandu: Banks and financial institutions are now permitted to allocate their Corporate Social Responsibility (CSR) budgets to support those affected by the Gen Z demonstrations that occurred on September 8-9.
According to National News Agency Nepal, the Nepal Rastra Bank (NRB) has facilitated this by introducing the second amendment to the CSR Guidelines for Banks and Financial Institutions – 2081 BS. This amendment enables CSR funds to be utilized to assist the injured and the families of those who lost their lives, who are referred to as “martyrs,” during the demonstrations.
Under the CSR policy, banks and financial institutions are mandated to allocate one percent of their net profit for social welfare initiatives. Following the amendment, the CSR budget may be used to cover medical expenses for injured individuals from underprivileged backgrounds who are receiving treatment in government hospitals.
Additionally, the CSR budget can be used to enhance the income-generating capacity of martyr families who lack direct employment. This will be achieved through skills enhancement training provided by institutions under the Government of Nepal and approved by the government.