HSBC has announced the launch of a 'Spirit of Mumbai initiative' following the bomb blasts in Mumbai on July 11, 2006. USD 525,000 (Rs 2.4 crores) has been set up with the aim of providing support to the city of Mumbai.

Every year HSBC Securities and Capital Markets (India) Private Limited (HSCI) designates one day as Charity Day where all its brokerage commissions accrued on that day are pledged to charity. Over the years, these donations have helped educational institutions in Mumbai, communities affected by the Gujarat earthquake and more recently, the tsunami. This year, HSCI held a fund-raising day, a week after the Mumbai blasts, on 18 July 2006 and received overwhelming support in this effort from their customers, allowing them to raise USD 263,000 (Rs. 1.2 crores) on a single day. This amount has been matched by HSBC Holdings, taking the amount to USD 525,000.

HSBC will identify NGO partners to help administer an initiative that will offer to provide education and livelihood learning to the children of the blast victims, help to improve the city's infrastructure and offer some livelihood training skills to the slum dwellers, who were the first to come to the aid of the victims on the day of the blasts.

Naina Lal Kidwai, CEO, HSBC India said, "We are grateful to our customers and to our Head office, HSBC Holdings plc for helping us raise monies for HSBC's Spirit of Mumbai initiative. We are now in the process of identifying appropriate NGOs who will assist us in this initiative, which will be closely monitored by us and will help in serving the best interests of the people of Mumbai. We are deeply engaged in this city and indeed in all the cities where we operate in India and this initiative will supplement our other education and environment projects across the country"