Nepal Rastra Bank (NRB) has permitted banks and financial institutions to spend their Corporate Social Responsibility (CSR) funds on individuals and families affected by the recent Gen Z movement.
The central bank made this provision by amending the Institutional Social Responsibility Guidelines, 2081.
With this amendment, banks and financial institutions can now provide financial assistance to individuals injured during the movement as well as to the families of those who lost their lives.
The NRB has allowed such assistance to be recorded as CSR expenditure in their financial statements.
According to the provision, banks and financial institutions must allocate at least one percent of their net profit toward CSR activities.
Previously, the guidelines had limited CSR spending to specific areas, but the recent amendment has made it easier for banks to support those affected by the Gen Z movement.
