The development process of CSR strategy in Indian |Banking Sector can be divided into 4 phases. During 1920’s the CSR activities in financial sectors are mainly motivated by charity and philanthropy which does not have a clear planning or message towards society. Between 1914 and 1960 the financial sectors become more concerned over ethical responsibilities and social development to become a good corporate citizen. During early stage of 1970’s the financial sectors become more concern over the legal responsibilities by following rules and regulations while carrying out business activities. After 1980 the Indian financial organisations combine CSR into a understandable and sustainable business Strategy.
Analysis of CSR Activities of Indian banking companies
At present banking sectors are under immense pressure from investors, share holders, NGO’s to perform the business in more on ethical and responsible way(Bhattacharya 2004).But in Indian Banking sectors CSR activities are considered to be on the lower side while comparing other countries and the government has not adopted any rules and regulations for carry out CSR.
The Reserve Bank of India who controls all banks of India sense that the CSR activities in both public sector and private sector banking are lacking while compare to other countries. In order to improve the CSR activities in Banking Sectors the RBI issued a notification on 2007, advising all banks to improve the CSR activities by helping the cause of sustainable development with full cooperation from boards. The RBI also advised all banks to combine the environmental and social concerns in their business activities which will have a positive effect on stake holders and society
Even though lot of Indian banks are still not considered CSR seriously, Some Public and private banks like SBI, SIDBI, Punjab National Bank, ICICI Bank, HDFC Bank, Union Banks, etc. are... [continues]
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