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CSR Practices of Banking & Finance Companies in India with Special Reference to New Companies Act, 2013

Recently, India became the first country in the world to give due recognition to CSR concept in the company law through enactment of the New Companies Act, 2013. The present study analyzes the CSR activities undertaken by the topmost listed banking and finance companies in India in the light of recent CSR developments, with special reference to the New Companies Act, 2013. The key research techniques adopted are Content Analysis, Multiple Linear Regression Analysis and t-test. The study makes use of secondary data and encompasses three different regression models. The assumptions of multiple linear regression analysis have been duly tested. The paper investigates the relationship between CSR and various financial performance variables – Size, Profitability, Leverage and Growth. The sector-wise analysis across public and private sectors has also been carried out. The results propose that financial services companies with higher profitability have higher CSR spending but they confine their CSR activities to a limited domain. Also the study highlights the CSR areas which have not been focused upon by the Indian financial services companies and suggests companies to make concerted efforts in all dimensions of CSR.