Need of the Hour: Awareness on Green Banking Products

Abstract

Human beings for their self-centeredness, warmth, and leisure in their life, have chosen the avenue of globalization, technological advancement, and industrialization. The price that they are paying for this avenue is the catastrophe of biodiversity, climatic changes, global warming, depleting resources, melting of glaciers, and the catastrophe of greenery. Hence environmental sustainability and sustainable development have turned into a crucial agenda in the global association. India is a rapidly flourishing nation which is backed by the industrial sectors, yet it is exposed terribly to climatic change and global warming. Due to this alarming plight, the banking sectors who are the chief financial supporter of industries that cause pollution have taken a small start: Going Green. This has given push up to the conception of green banking and it has given birth to green banking products. The green banking products target cutback of carbon impression, resource-efficient economies, and ward off wastage of the accessible limited resources. It is focused upon moving towards banking practices that are non-hazardous to the environment and aids to conserve it. These green banking products initiatives have recently kick-started in a handful of banks across the country. Fueling of green products is required at a quick pace than anticipated, as they have a close association with other sectors that forms the country’s economy. This paper skates through the Need of the Hour and the awareness on Green Banking Products.