Sustainable Development through Green Banking and CSR Practices of Bank of Baroda

Sustainable Development through Green Banking and CSR Practices of Bank of Baroda

Bhagyashree S. Borhade

Research Scholar

Savitribai Phule Pune University, Pune

Centre: Prof. Ramkrishna More College, Akurdi, Pune

brwakhare@gmail.com

Dr. Archana J. Mali

Research Guide

Prof. Ramkrishna More College,

Akurdi, Pune

archana.jagtap102@gmail.com

Dr. Prabodhini B. Wakhare

Assistant Professor

BJS College, Wagholi, Pune

psborhade@1992@gmail.com

Dr. Shivaji N. Borhade

Principal

Padmashri Manibhai Desai Mahavidyalaya,

Uruli Kanchan, Pune

drsnborhade@gmail.com

Abstract

Purpose

            The goal of this article is to investigate green banking and CSR practices, methods of adoption and the significance of practicing green banking and CSR for sustainable development.

Design/Methodology/Approach

            The current study work is conceptual in nature, drawing on a thorough literature assessment, bank’s website and literature reviews among other sources. Website of Bank of Baroda was accessed and reviewed to learn about various green banking and CSR practices at the national level as well as their contribution to sustainable development.

Findings

            Governments, businesses and individuals all play a role in building a more sustainable future. People must engage with financial institutions, particularly banks, which play an important role in this environment by facilitating the establishment of a strong and successful low-carbon economy. They should use more environmental data to offer credit and make investment decisions. The study will help them to proactively improve their environmental performance while also bringing long-term value to their business. Consequently, CSR and green banking have established themselves as standard operating procedures contributing to sustainable development that benefits banks, businesses and the environment at large.

Research Limitations/Implications

            This study is particularly useful for the banking industry in assessing the breadth of green banking and CRS initiatives in sustainable development. Green banking is still in its early stages in India, yet it has a significant impact on sustainable development. The study links green banking and CSR practices to sustainable development while also investigating green banking practices at India's primary public sector bank. It identified areas where bank might make progress toward greener and more sustainable development. It also assists bank in realising the significance of green initiatives and CSR practices in enhancing sustainability. Despite the significant contributions made by this study, many limitations must be addressed in future research. The current study was chosen for comfort, it was limited to the green banking and CSR practices of Bank of Baroda which limits the conclusion and interpretation of the data to some extent. Future research may include a study and comparison of the top green banks or the world's cleanest countries.

Originality/Value

            This study identifies the significance of green banking and CSR practices in sustainability. It also outlines the concept of green banking and CSR practices while defining certain methodologies and examining green banking and CSR initiatives by Bank of Baroda.

Keywords

            Green Banking, Corporate Social Responsibility, Sustainable Development, Environment friendly, India,