SBI Foundation commits Rs 3 mn grant to eight select social ventures

SBI Foundation, the CSR arm of State Bank of India (SBI) on Sunday committed Rs 30 lakh as a grant to 8 ventures who work at the grassroot level to bring change in the lives of rural population.

The selection for the grant is done on the basis of projects submitted by fellows of SBI Youth for India programme, and depending on the assessment, grant is pledged during 'SBI YFI Sahyog - The Pitch Fest', SBI Foundation CEO and Managing Director Sanjay Prakash told PTI.

Four top winning ideas are given support of Rs 6 lakh each while four runners-up are given Rs 1.5 lakh each, he said after the selection process on Sunday.

Last year, he said, the Foundation had given a grant of Rs 20 lakh to selected few social enterprises both under non-profit and for-profit ventures by the SBI Youth for India (YFI) Alumni.

Under SBI YFI programme started in 2011, he said, around 100 professionals or fresh graduates are selected as fellows, who join hands and foster change with rural communities and NGO