A Study of Financial Literacy Through CSR: SBI

This study delves into the Corporate Social Responsibility (CSR) initiatives of the State Bank of India (SBI) in advancing financial literacy. Financial literacy, or the capacity to save, budget, incur debt, and invest, is still a developing world challenge, particularly in countries like India where vast populations remain unbanked. Analyzing this, CSR has evolved into a key driver of financial inclusion and social progress, especially since the Companies Act (2013) made CSR contributions obligatory for qualifying companies. The paper also describes how SBI, the country's largest public sector bank, has incorporated financial literacy as a part of its CSR strategy. The CSR spending of SBI over the last eight years has reflected consistency, expansion, and effective use of resources. Though earlier years indicate overspending over sanctioned budgets—evidencing flexibility and responsiveness—the more recent years demonstrate controlled planning with full utilization of sanctioned funds. Schemes like Financial Literacy Centers (FLCs), Digital Literacy Programs, Gram Seva projects, and collaborations with NGOs indicate the bank's multifaceted approach towards mitigating social issues, especially in rural and semi-urban areas. The results show that SBI considers CSR not just a compliance obligation but a vision for sustainable inclusive growth. The bank's proactiveness even in non-budget years emphasizes its strong commitment to social responsibility. Nevertheless, the core research gap continues to exist since most studies, including this one, are based on secondary data from reports and publications. Lack of primary data restricts the measurement of behavior outcomes and long-term impact on beneficiaries. The research concludes that SBI has emerged as a socially responsible banking leader with CSR initiatives that have a significant contribution to financial literacy, sustainability, and inclusive growth. The recommendations are to increase financial literacy outreach, make digital financial inclusion a top priority, enhance monitoring and impact assessments, align CSR with Sustainable Development Goals, and develop community-led projects. Future research needs to include direct stakeholder input for assessing the efficacy and scalability of CSR-led financial literacy interventions.