Green Banking Trends: Customer Knowledge and Awareness in India

Abstract

Global warming is increasing; therefore, Change is the law of nature. The changes like the environmental and climatic conditions, are one of the most complicated issues faced by the growing society. The survival of the fittest contributes to the idea of adaptation to the changes in society. Today’s business is all about being green, and companies use this as a key strategy to expand its market and impact society. Even the top companies like Amazon to apple are moving in a great way towards green. The economic development lies in the palms of the banks being the financial organizations.Green banking means a financial institution, typically public or quasi-public, that uses innovative financing techniques and market development tools in partnership with the private sector to accelerate deployment of clean energy technologies. Green banks use public funds to leverage private investment in clean energy technologies that, despite being commercially viable, have struggled to establish a widespread presence in consumer markets. Green banks seek to reduce energy costs for ratepayers, stimulate private sector investment and economic activity, and expedite the transition to a low-carbon economy. Adoption of green banking practices will not only be useful for the environment but also benefit in greater operational efficiencies, minimum errors and frauds, and cost reductions in banking activities. The present paper aims to highlightIndian initiatives and adoption by various banks towards green banking in India. Further, an attempt has been made to highlight the major benefits, confronting challenges of Green Banking.