CSR in Banking

It is high time that India becomes proactive on Sustainable Development. Awareness of terms like Sustainable Development and Corporate Social Responsibility is relatively low in India vis-a-vis the rest of the world. Global warming and climate change are particularly important in the context of sustainable development, especially for developing countries. The role of financial institutions in sustainable development is very crucial as they finance the economic and developmental activities of the world.

Now the RBI has taken initiatives for creating awareness. They have told banks to undertake CSR initiatives for sustainable development. Accordingly, banks are supposed to give an account of their intangible assets (non-financial reports) and place them in public domain. Non-financial reporting is a system of reporting by organisations on their environmental, social and economic accounting activities.