Bank chairmen and managing directors would deposit CSR funds at Ganabhaban on various occasions or in response to disasters. The deposed Prime Minister Sheikh Hasina would accept those checks with a smile.

According to information from the Bangladesh Bank, in the past ten years, banks in the country have spent nearly BDT 75 billion in the CSR sector. About 70 percent of this expenditure has been deposited into the Prime Minister's Relief Fund. This money has also been used for activities such as celebrating Mujib Year, producing films, and commemorating the birthdays and death anniversaries of the Sheikh Hasina family members. Specifically for the celebration of Mujib Year, BDT 2.27 billion was donated to the Sheikh Mujibur Rahman Memorial Trust. Funds from CSR were also spent on producing a feature film based on Mujib's biography.

CSR (Corporate Social Responsibility) is a type of business etiquette or practice that incorporates the responsibilities of businesses towards society into a set of norms. It was introduced to mitigate various environmental adverse impacts from business activities and reduce existing grievances, inequalities, and poverty among different segments of society. CSR spending is regarded as one of the key responsibilities of corporate entities worldwide. The Bangladesh Bank issued its first circular in 2008, providing guidelines for banks to spend in the CSR sector. Since then, multiple circulars have been issued to establish regulations.

In a circular issued by the central bank on January 9, 2022, banks and financial institutions were instructed to allocate 30 percent of their total CSR expenditure to education, 30 percent to health, 20 percent to climate change mitigation and adaptation, and 20 percent to other areas (income-generating activities, disaster management, infrastructure development, sports and culture, and others). A subsequent circular issued on November 29 of the same year stated that 5 percent of total CSR spending must be donated to the Prime Minister's Education Assistance Trust Fund.

Despite these guidelines from the central bank, banks have not complied. Although 30 percent of CSR expenditure was supposed to be allocated to education, only 17.65 percent went to this sector last year. While 31.26 percent was spent on health, only 6.94 percent was directed toward environmental and climate-related initiatives. Conversely, despite a maximum allocation of 20 percent for other areas, 44.15 percent was spent on them.

During the Awami League's tenure, the Bangladesh Association of Banks (BAB) regularly donated blankets to the Prime Minister's Relief Fund during the winter using CSR funds. However, a record of how many blankets the organization has donated to the relief fund so far has not been obtained. Sources indicate that the amount of blankets donated to the Prime Minister's Relief Fund during this time would be at least four million pieces. However, in most cases, banks have submitted checks instead of actual blankets. No information is available on how many blankets were purchased with this money and where they were distributed. In addition to celebrating Mujib Year, banks have regularly allocated CSR funds for the Prime Minister's Ashrayan Project for the homeless. Furthermore, money has been contributed to the relief fund in response to floods, major fires, or other disasters.

The Bangladesh Association of Banks (BAB) annually organizes events three to four times to deposit money into the Prime Minister's Relief Fund. Md Nazrul Islam Mazumder served as chairman of this organization for 17 consecutive years and was also the chairman of Exim Bank PLC.

AK Azad, a current executive committee member of BAB and chairman of Shahjalal Islami Bank, told Bonik Barta, "What has happened under BAB's name until now has been nothing but extortion. The organization has been run according to the wishes of the former chairman. It had to be given whenever money was asked for, and the amount was also predetermined."

Noting that banks have become much more conscious about spending CSR funds in the changed circumstances, AK Azad said, "Since the new committee took over, we have already donated to the Prime Minister's Relief Fund for areas affected by the floods. We will think about how to spend CSR funds more constructively for the betterment of society. Many people have been killed and injured in the anti-discrimination student movement. Banks will allocate CSR funds for the welfare of these affected families according to their capacity."

Former BAB chairman Md. Nazrul Islam Mazumder was arrested on October 1 and is currently in jail. Before his arrest, when asked about this issue, he told Bonik Barta, "Even when Khaleda Zia was Prime Minister, we contributed money to the relief fund. During the state of emergency in 2007-08, banks also donated money to relief funds for various needs and disaster moments. Over time, there may have been some fluctuations in this regard."

Fifteen years ago, a significant portion of banks' CSR expenditures was dedicated to education, with most funds allocated to student scholarships. However, after 2009, a major shift occurred. Gradually, the "Prime Minister's Relief Fund" became the primary category for CSR spending. The amount spent by banks in this area has also increased steadily.

A review of data from Bangladesh Bank reveals that in 2015, the CSR expenditure of the country's banks was BDT 5.27 billion. This spending decreased to BDT 4.97 billion in 2016 but rose to BDT 7.44 billion the following year. In 2018, it reached BDT 9.05 billion; in 2019, it was BDT 6.48 billion. The expenditures continued to increase with BDT 9.68 billion in 2020 and BDT 7.59 billion in 2021. In 2022, for the first time, the CSR spending of the banking sector exceeded BDT 10 billion, totaling BDT 11.43 billion. In 2023, banks spent BDT 9.24 billion; in the first six months of this year (January-June), they spent BDT 3.09 billion in this sector. From 2015 until June of this year, banks have spent approximately BDT 74.24 billion on CSR. Sources indicate that during Sheikh Hasina's 15-year tenure, this expenditure has surpassed BDT 100 billion.

A report from Bangladesh Bank outlines how banks allocated their CSR expenditures last year. It states that in 2023, banks donated BDT 690 million to the "Prime Minister's Relief and Welfare Fund" to distribute blankets to the cold-stricken and impoverished population. They spent BDT 149 million on sports and culture. This funding was provided for various initiatives, including the production of a full-length film on the biography of Bangabandhu Sheikh Mujibur Rahman through the "Bangabandhu Sheikh Mujibur Rahman Memorial Trust," organizing an under-16 tournament by Sheikh Russell National Children and Youth Council, and supporting the Bangladesh Olympic Association for the celebration of the Sheikh Kamal Second Bangladesh Youth Games and the "Bangabandhu Sheikh Mujib Marathon-2024."

Additionally, CSR funds were used for distributing food to the poor and marginalized communities on National Mourning Day, marking the anniversary of Sheikh Mujibur Rahman's death. In the education sector, funds were allocated for scholarships for students at various levels, educational materials, infrastructure development, and donations to the Prime Minister's Education Assistance Trust. Much of the health sector expenditure was directed towards constructing Begum Fazilatunnesa Medical College Hospital. The report also mentions that a part of the expenditure for environmental and climate initiatives was contributed to the "Prime Minister's Ashrayan Project-2."

Following the student-led uprising on August 5, there was a leadership change at the Bangladesh Association of Banks (BAB). The senior vice-chairman is Mohammad Abdul Mannan, the chairman of the restructured board of First Security Islami Bank. Before 2016, he served as the managing director (MD) of Islami Bank Bangladesh, the highest CSR spender among the country’s banks. Abdul Mannan told Bonik Barta that when asked about CSR, “CSR is complementary to zakat. Its principle is that wealth should flow downward; in other words, the rich have a right to the wealth of the poor. Zakat or CSR has emerged to ensure that the poor receive that right. However, how banks and large corporations in Bangladesh spend money in this sector is largely superficial. Commenting on what has been done with CSR funds over the last 15 years is meaningless.”

He added, “On behalf of Islami Bank, we established a Sadaqah Fund in 1984, which later became known as the Islami Bank Foundation. Under this foundation, 19 hospitals operate nationwide, where many helpless and impoverished people receive free medical treatment. During my tenure as MD, I signed vouchers for countless people who could not pay their medical bills. Therefore, I believe that bank CSR should focus on each branch. This funding should provide clean drinking water, establish sanitary toilets, set up free primary schools, and initiate efforts to uplift the poor and vulnerable.”