Abstract
Sustainability is not a mere buzzword in the banking industry now but rather a key concept that will shape the direction of the industry in the years to come (World Finance, 2019). Thus, the study aims to ascertain various sustainable banking practices at a domestic and global levels. It also intends to identify the existing framework developed for assessing the performance of sustainable banking practices. The study makes use of exploratory and descriptive research design and is based on primary (in-depth interviews) and secondary sources of data collection. The dimensions of sustainable banking have been identified as environmental, social and governance (ESG). The research further highlights that sustainability issues focused by banks primarily involve “environmental” and “social” considerations, however, the “governance” aspect has not yet been considered by many. Moreover, the study reveals that there are no guidelines specified by the Reserve Bank of India (RBI) for sustainable banking practices in India to date. The insights gained from the study would enrich the existing literature on sustainable banking. The findings would also help in developing a new framework for assessing the performance of sustainable banking practices
Highlights
Sustainability is increasingly being acknowledged as central to the growth of an economy
The findings further suggested that corporate social responsibility (CSR) practices undertaken by the banks produce mutual prosperity for the responsible firm as well as the host country
Keeping in view the research questions raised and the research gap identified, the present study aims to achieve the following research objectives: 1) To explore various dimensions related to sustainable banking
Summary
Sustainability is increasingly being acknowledged as central to the growth of an economy. Every economy considers environmental protection and social justice to be its core so banks and financial institutions should create a sustainable environment that can help reap substantial benefits. Several research questions (RQ) are raised, for example: RQ1: What does sustainable banking include? RQ4: Is there any framework for assessing the performance of these sustainable banking practices? In the light of the research questions raised, the current study is conducted to explore the different dimensions of sustainable banking, to identify the existing framework for the assessment of sustainable banking practices performance, and to identify the sustainable banking practices adopted by the Indian banking sector.
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