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PROJECT REPORT ON GREEN BANKING

Bachelor of Commerce (Banking & Insurance)

Semester (V)
(2019-2020)

Submitted By
TORAKSHI GUPTA, 12

Project Guide
PROF. VINAY JADAV

Mithibai College of Arts, Chauhan Institute of Science

&Amruthben Jivanlal College of Commerce and
Economics

Bhaktivedanta Swami Marg, Gulmohar Road, Suvarna

Nagar, Vile Parle (W), Mumbai, Maharashtra 400056
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“GREEN BANKING”

Bachelor of Commerce (Banking & Insurance)

Semester (V)

Submitted
In Partial Fulfillment of the requirements
For the Award of Degree of
Bachelor of Commerce (Banking & Insurance)

By:
TORAKSHI GUPTA
Roll No.: 12

Mithibai College of Arts, Chauhan Institute of Science &

Amruthben Jivanlal College of Commerce and
Economics

Bhaktivedanta Swami Marg, Gulmohar Road, Suvarna

Nagar, Vile Parle (W), Mumbai, Maharashtra 400056
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ACKNOWLEDGEMENT
To list who all have helped me is difficult because they are so
numerous, and the depth is so enormous.

I would like to acknowledge the following as being idealistic channels

and fresh dimensions in the completion of this project.

I take this opportunity to thank Mithibai College for giving me chance

to do this project.

I would like to thank my Principal, Dr.Rajpal Shripat Hande for

providing the necessary facilities required for completion of this
project.

I take this opportunity to thank our Head of Department Mr. Mandar

Thakur, for his moral support and guidance.

I would also like to express my sincere gratitude towards my project

guide Asst. Prof. Mr. VINAY JADAV whose guidance and care
made the project successful.

Lastly, I would like to thank every person who directly or indirectly

helped me in the completion of the project especially my Parents and
Peers who supported me throughout my project.
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DECLARATION

I, TORAKSHI GUPTA, the student of T.Y.B.B.I. Semester V

(2019-2020) hereby declare that I have completed the project on
GREEN BANKING.

The information submitted is true and original to the best of my

knowledge.

_____________________
TORAKSHI GUPTA
Roll No.: (12)

Mithibai College of Arts, Chauhan Institute of Science &

Amruthben Jivanlal College of Commerce and Economics
Bhaktivedanta Swami Marg, Gulmohar Road, Suvarna Nagar, Vile
Parle (W), Mumbai, Maharashtra 400056
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CERTIFICATE

This is to certify that Ms. Torakshi Gupta, Roll No: (12) of Third
Year B.B.I., Semester V (2019-2020) has successfully completed the
project on
GREEN BANKING
under the guidance of Asst. Prof. Mr. VINAY JADAV.

Project Guide/ Internal Examiner Principal

(Asst. Prof. Mr. VINAY JADAV)

External Examiner
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INDEX
Introduction 7
Risks in Green Banking 15
Need for the study 17
Review of literature 18
Challenges 20
Objectives and Hypothesis 23
Methodology And Measurement 24
Research Design 25
Green banking In India 26
Data Findings And Analysis 38
Research Findings 44

Result Of Hypothesis testing 45

Conclusion 46
Bibliography 47
Annexure 49
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INTRODUCTION

Today, the way we are recklessly consuming resources on earth, the question arises what we
will leave for future generation. The concept of sustainable development that is taking care of
the need of present generation without compromising the needs of future generation, has
given rise to green marketing and then green banking. Green banking is different from
conventional banking as convention is based on the principal of security and profitability and
morality has a very little role. Green banking is a new concept that considers environmental
and socially responsible investing. Green banking is defined as promoting environmental-
friendly practices and reducing the carbon footprint from banking activities. In simple words,
green banking is a banking that benefits the environment. The green banking is also known as
ethical banking. The bank can minimal the use of paperwork by promoting paperless banking
through online banking. To initiate sustainable development, there is a need to promote green
banking practices so that we can tackle the problems like global warming, natural calamities,
and disaster. Bank is a financial institution that deals with masses and banks by adopting
green activities can influence the attitude of the customers towards the environment.

The concept and practice of green banking is new to India, but not in developed nations like
the USA. There is a need to focus on sustainable banking to protect the environment from
disaster. The performance of bank’s clients impact the performance of banks so there is a
need for appropriate environmental and social due diligence to reduce the chance of non-
performing assets, as legal environmental compliance failure can halt the client’s project and
result in NPA to the bank. Bank should take into consideration the ecological aspect in
lending apart from security and profitability. Various international protocols such as
UNEPFI, Equator Principles, and LEED certificates have been issued in order to facilitate
green banking, but Indian banks are still lagging behind. Various banks in India have
formulated strategies and initiated green banking practices to support environment-friendly
banking and reduce the carbon footprints of bank and customers. The banks in India also
started green banking practices such as online banking, mobile banking, Green channel
counters, e-statement, green loans, solar ATMs, etc. The issues of global warming should not
be only restricted to a debate but has to be dealt with going green. Thus, green banking is one
of the ways of going green. There is a need to involve key stakeholders and creating
awareness about environment-friendly banking.

There are many types and styles of institutions that finance clean energy and green
infrastructure projects. There are several key elements that distinguish green banks from
other financing institutions: a focus on commercially viable technologies, a dedicated source
of capital, a focus on leveraging private investment, and a relationship with government.
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Green banks focus on commercially viable technologies, as opposed to early-stage innovative

technologies, because they have been tested, have less associated “technology risk” and can
reliably produce revenue for project owners. Green banks are public-purpose entities with
leverage private investment in clean energy.

The banking industry influences economic growth and development, both in terms of quality
and quantity, leading to a change in the nature of economic growth. Therefore, banking sector
plays a crucial role in promoting environmentally sustainable and socially responsible
investment. Banks may not be the polluters themselves but they usually have a banking
relationship with some companies/investment projects that are polluters or could be in future.
Therefore, banking sector plays a crucial role in promoting environmentally sustainable and
socially responsible investment. Banks may not be the polluters themselves but they usually
have a banking relationship with some companies and their projects- polluters or could be in
future.

Banking sector is reckoned as environmental friendly in terms of emissions and pollutions.

Internal environmental impact of the banking sector such as use of energy, paper and water is
comparatively low and clean. Environmental impact of banks is not physically related to the
banking activities but with its customer’s activities. Therefore, environmental impact of
bank’s external activity is huge, though difficult to estimate. Environment management in the
banking business is considered likely to be risk management. It increases the enterprise value
and lowers loss ratio as higher quality loan portfolio results in higher earnings. Therefore
encouraging environmentally responsible investments and prudent lending should be one of
the responsibilities of the banking sector. Pravakar Sahoo and Bibhu Prasad Nayak (Indian
Economic Journal)- “Green Banking”- say an effort by the banks to make the industries grow
green and in the process restore the natural environment. This concept of “Green Banking”
would be mutually beneficial to the banks, industries and the economy. Green banking will
also ensure the greening of the industries but it will also facilitate in improving the asset
quality of the banks in future.

The development of extensive rules for environmental management like resource

conservation, clean water act, clean air act, toxic substance control act are also viewed as
potentially significant contributor to the recent increase in environmental liability for banking
institutions. Adoption of the above principles would offer significant benefits to financial
institutions, to consumers and also the stakeholders. There have been attempts to adopt
sustainable development strategies from various quarters at international level. Multilateral
agencies, international consortium, multilateral financial and development institutions have
been advocating for environmental standards and strategies to evaluate investment projects.
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In the recent years, the international organization for standardization (ISO) has issued series
of comprehensive guidelines for incorporating environmental protection and pollution
prevention objectives into industrial activity worldwide, known collectively as ISO 14000. It
will certainly give the much needed impetus for the banking industry to expand the use of
environmental information in their credit extension and investment decisions. The banking
operation targets a certain long-term rate of return on their credit and investment.
Nevertheless, every credit extension and investment carry the risk of non-payment and
reduction of value (in case of direct investment) due to environmental liabilities. Therefore, it
is of importance to the banking sector to follow certain environmental evaluation of the
projects before financing. There are studies showing positive correlation between
environmental performance and financial performance (Hamilton, 1995; Hart, 1995;
Blacconiere and Pattern, 1993). Thus, it is essential for the financial institutions in the present
to consider environmental performance in deciding whether to invest in companies or advise
the clients in doing so.
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Green banking
What is Green Banking?
“Green Banking” itself insinuates promoting environmental friendly banking practices and
reducing carbon footprint from banking activities. To add simplicity to this term, it is a form
of banking which ensures less utilization of natural resources and optimal reduction of
wastage of paper/ carbon footprint. Green banking is being practiced by all banks, which
consider all the social and environmental/ecological factors with an aim to protect the
environment and conserve natural resources. Green banking practices are also labelled as
“ethical banking” or a sustainable banking. The key idea behind this banking concept is to
enhance the conservation of earth's environment/ habitats/resources.

How can it be done?

1.Promoting the usage of online banking instead of branch banking.
2. Paying bills online.
3. Opening up CDs and money market accounts through online banking, instead of large
multi- branch banks.

Why is green banking important?

Until recently, green banking just seemed like an initiative and such environmental
concerns did not really seem to be relevant to a bank’s operations. Initially, a bank checking
their client’s environmental worthiness would have been considered as prying into a private
business. However, now the perception looks towards how this brings risks to their
business. Although the banking and financial institutions are not directly affected by the
environmental degradation, there are indirect costs to banks. Credit, legal and reputation
risks have constantly been haunting these banks unless such initiatives are taken.

Steps in green banking

1. Go online
Online banking is the thriving concept in young and corporate India. Online banking
helps in additional conservation of energy and natural resources. Online banking
includes:
a. Paying bills online
b. Remote deposit
c. online fund transfers
It helps in savings paper, energy, and expenditure of natural resources due to banking
activities. Customers can save money by avoiding late payments of fees and save time
by avoiding standing into queues and paying the bill.

2. Use green checking accounts

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Customers can check their account details through ATM machines provided in bank
kiosks or special touch screens in the branches of different banks. This can be called
green checking of account. Often usage of online banking services like online bill
payment, using debit cards for payments against payments, and online statements help
the environment against detritions. Banks should promote green checking by giving
some incentives to customers by giving higher rate of interests, waiver or discount in
fees etc.

3. Use green loans for home improvements

The Ministry of Non-renewable Resource in association with some nationalized and
scheduled commercial banks in India undertook an initiative to go green by allowing
low interest loans to the customers who would like to buy solar equipment; the rate of
interest is as low as 4% p.a. The new Green Home Loan Scheme from SBI, for
instance, supports environmental friendly residential projects and offers various
concessions. These loans are sanctioned for projects rated by the Indian Green
Building Council (IGBC) and offer several financial benefits –5 percent concessions
in margin, 0.25 percent concession in interest rate and processing fee waiver.

4. Power savings equipment

Banks directly contribute to controlling climate change and as an initial step they
intend to start a campaign to replace all fused GSL bulbs, in all owned premises
offices and residential. Banks have also initiated a feasibility study to make rain water
harvesting mandatory in all the Bank’s owned premises. In December 2009 Indusind
Bank inaugurated Mumbai’s first solar-powered ATM as part of its ‘Green Office
Project’ campaign titled ‘Hum aur Hariyali’.

5. Use green credit cards

Banks are promoting different schemes of using plastic money rather than currency
notes in order to save environment.

6. Use of solar and wind energy

Using solar and wind energy is one of the noble causes for going green. State Bank of
India (SBI) has become the first bank in the country to venture into generation of
green power by installing windmills for captive use. As part of its green banking
initiative, SBI has installed 10 windmills with an aggregate capacity of 15 MW in the
states of Tamil Nadu, Maharashtra and Gujarat.

7. Mobile banking
Mobile banking saves time and energy of the customers. It also helps in reducing use
of energy and paper of the bank. Most of the Indian banks have introduced this paper-
less facility. in order to be eco-friendly.
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How can the customers help?

Converting to an online savings account and mobile banking is the easiest way to go green
and help the environment. Green banking includes setting up direct deposit to receive your
paychecks, receiving electronic statements from banks and by paying bills online. All of
these steps can drastically reduce the amount of paper used by bank. Online banking and
mobile banking are also highly effective ways to keep track of financial transactions and to
avoid late payment fees. Many banks claim to be eco-friendly, but in fact do little to support
environment initiatives with the money you deposit with them.
1. Enquire the local bank exactly how they support the environment before assuming their
self-anointed "Green Bank" label is appropriate. Chances are good that there is a single bank
in the local market that is significantly more socially-conscious of their policies than their
competitors.
2. Finally, the more people who actively search for and support eco-friendly banks, the more
competition for deposits will increase and thus raise the awareness for green banking.

GREEN BANKING PRODUCTS AND SERVICES

• Retail banking
• Corporate investment banking
• Asset management
• Insurance

A. Retail Banking
1) Green Mortgages: This facility helps the individual customer to get a lower interest rate
green loan than market rate, who is ready to purchase new energy efficient homes. This
facility also allows them to invest in energy efficient appliances.

2) Green Home Equity Loans: Reduced rate home equity loans sometimes referred to a
second mortgages can help motivate households to install residential renewable energy
(Power or thermal), technologies.
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3) Green Commercial Building Loans: From the above study we conclude that, green
banking initiatives like solar ATM, banking environment policy, green loans, are not familiar
among the customers. Environment protection is the duty of every citizen, including
Attractive loans designs and arrangements have started to emerge for green commercial
building characterized by lower energy consumption reduced waste and less pollution than
traditional building.

4) Green Car Loans: With below market interest rate many green car loans encourage the
purchase of cars that demonstrate high fuel efficiency.

5) Green Cards: A broad family of green products includes debit and credit cards linked to
environmental activities. This green cards offered by large credit card companies offer to
make nongovermenent organizations donations equal to approximately One-half percent of
every purchase, balance transfer or cash advance made by the card owner.

B. Corporate Investment banking

1) Green Project finance: A number of banks are now ready to accept large scale renewable
energy project. For this they have to create service divisions also to help those companies
who under take large scale renewable energy system.

2) Green Securitization: A variety of environmental securitization techniques have begun to

emerge, including forest bond, eco securitization pilot program and green mortgage-backed
securities.

3) Green Venture Capital and Private Equity: While issuing finance through capital
market, we can see that, high consideration paid to environmental issues. In particular banks
can play a vital role in assisting with IPO for clean technology providers, carbon credit
developers, and other firms marketing environmental product and services.

4) Green Index: Some banks have currently developed index that fluctuate as future
environmental opportunities and challenges

C. Asset Management
1) Green Fiscal Fund: By purchasing shares in a green fund or investing money in a green
bank, citizens are exempted from paying capital gain tax and receive a discount on income
tax.
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2) Green Investment Fund: Sustainable investment funds have evolved through three
generations, where the complexity of assessing investment eligibility rises at easy level.
3) Carbon Fund: Collaboration between multi lateral development banks and private
financial institutions has led to the emergence of a variety of carbon funds to help finance
GHC emission reduction projects to curb climate changes.

D. Insurance
1) Green Insurance: This type of insurance typically encompasses two product areas:
• Insurance products with differentiate insurance premium on the basis of
environmentally related characteristic
• Those specially tailored for clean technology and emission reducing activities.

2) Carbon insurance: There are many risks inherent in emission reduction transaction, as
well as low carbon project assessment and development activities. In response some financial
institutions now offer insurance product to manage carbon credit price volatility.
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RISKS IN GREEN BANKING

Green banking is very important in mitigating the following risks involving in banks.

Credit Risk:
Due to climate change and global warming there will be direct as well as indirect costs to
banks. It has been observed that due to global warming there had been extreme weather
condition which affects the economic assets financed by the banks thus leading to high
incidence of credit default. Credit risk can also arise indirectly when banks lead to companies
whose businesses were affected due to changes in environmental regulation.

Legal risk:
Banks like other business entities face legal risk if they do not comply with relevant
environmental regulation. They also face risk of direct lender liability for cleanup cost for
damages in case they actually take possession of pollution causing assets.

Reputation Risk:
Due to increasing environmental awareness banks are prone for reputation risk if their direct
or indirect actions are viewed as socially and environmentally damaging. Reputation risks
emerge from the financing of environmentally objectionable projects.

STRATEGIES
Indian Banks can adopt green banking as business model for sustainable banking. Some of
following strategies little reflected in their banking business or must be adopted by banks.

Carbon Credit Business (CBS):

All Nations must reduce greenhouse gases emission and reduce carbon to protect our
environment. These emissions must be certified by Certified Emission Reductions commonly
known as carbon credit.

Green Banking Financial Products:

Banks can develop innovative green based products or may offer green loans on low rate of
interest. As Housing and Car loan segments constitute the main portfolio of all banks so they
adopt green loans facility.
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Paperless Banking:
All banks are shifting on CBS or ATM platform providing electronic banking products and
services. So there is a scope for banks to adopt paperless banking. Private and foreign banks
are using electronics for their office but in PSU banks are still using huge paper quantity.

Energy Consciousness
Banks have to install energy efficient equipment’s in their office. Banks have to transform
this green banking in hardware, waste management, energy efficient technology products.
Banks can donate energy saving equipment to schools and hospitals.

Mass Transportation System

Banks have to provide common transport for groups of officials posted at one office.

Social Responsibility Services

Indian banks can initiate various social responsibility services like tree plantation camps,
maintenance of parks and pollution checkup camps.

The Financial Times and International Finance Corporation (IFC) is a member of World
Bank Group launched Sustainable Finance Awards for institutions that are integrating social,
environmental and corporate governance into their business operations. Their awards
highlight the partnership between financial and non-financial companies in finding
commercially viable and innovative solutions to sustainability challenges. The five categories
of Sustainable Finance awards as per Financial Times are as follows
• Sustainable Bank of the Year
• Technology in Sustainable Finance
• Sustainable Investment of the Year
• Sustainable Investor of the Year
• Achievement in Inclusive Business
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Need for the Study

Green marketing has now evolved as one of the major area of interest for marketers as it may
provide competitive advantages. However it requires investment in terms of technology
enhancement, process modification, communicating benefits to customers etc. Many of the
companies in India have now started marketing themselves as green organizations due to
certain government regulations and shift in the preference of the consumers worldwide.
However, not much research with respect to green marketing has been done in India and there
is question about the awareness of green products among consumers. The attitude of Indian
consumers towards green products and the relationship between the attitude and behavior is
also questionable. As green marketing is different from the marketing in traditional way,
marketers need to know the factors that persuade the consumer to buy the green products.
This study aims to resolve the research question that what factors influence the consumer
persuasion to buy the green products or not.
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REVIEW OF LITERATURE

A general scanning of literature available in India from different published sources indicates
that very few detailed studies have been conducted in India in the field of Banking,
particularly in the field of Green Banking. However, many studies have been conducted
abroad, particularly in the western developed countries. But these are not very relevant in
Indian context.

This section reviews empirical literature on Green Banking conducted in country as well as
abroad in chronological order. Jeucken and Bouma (1999) in their study identified four stages
or attitudes of banking toward sustainability. The first stage is defensive banking, in which
bank is non-active and tries to delay or oppose the new legislation as it may damage the
interest of banks directly or indirectly. The Second stage is preventive banking in which bank
has to comply with legislation to avoid any constraint on its activities. The third stage is
offensive banking in which banks are concerned about internal as well as external activities.
The final stage is sustainable banking, which is, a win-win solution. Banks under this stage
looks for highest sustainable rate of return not for highest financial rate of return. Getzner and
Kra¨uter (2004) in their research paper tested the respondents' willingness to invest in green
shares. Authors found education, income, environmental awareness and the expected profit
are the main explanatory variables.

The study by Bhardwaj and Malhotra (2014) linked the performance of bank with the green
banking adoption. They found a positive relationship between adoption of green banking and
bank profitability. On the other hand, similar study by Rajput, Arora, and Khanna (2014)
found no relationship between green banking initiatives and bank’s profitability.
Sudhalakshmi and Chinnadorai (2014) studied the green banking adoption status of Indian
banks. Their study showed that not many initiatives have been taken by banks in India as far
as green banking is concerned. They concluded that banks have to play a proactive role in
order to take environmental and ecological aspect as a part of their lending process, which
would force industries to go for mandated investment for environmental management.

Similarly, Ahmed (2012) discussed the contemporary green banking initiatives taken
globally and more specifically in Bangladesh. He gave policy recommendation which
included giving rewards to the banks for positive green banking initiatives by developing
green index rating and building awareness amongst the stakeholder such as Competitors,
Corporate Consumer, and non-Corporate Consumer, employee, employee union and
Government Regulatory Organization. At policy level, Choudhury et al. (2014) advocated for
the necessity of stakeholder's influences in green banking practice and recommends some
indication for Government, the whole banking sector and for the business community.
Bahl (2012) suggested RBI and Indian government should play a proactive and formulate
green banking policy, guidelines & financial incentives for effective green banking. Nath,
Nayak, and Goel(2014) conducted a study on green banking practices and recommended for
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change in routine operations of banks by adoption of paperless banking, online banking, and
mobile banking, and mass transportation system, green cards made up of recycled plastic.
They carried out SWOC analysis wherein, they explained time and cost saving as the major
strength, lack of infrastructure, computer illiteracy are the major weakness, opportunities that
are available is people are becoming tech-savvy and environmentally conscious, but the
major challenge is internet connectivity and moreover no banking practices are not fully
secured.(world finance conference).

Kalloch and Bachman (2011) highlighted the online and small community banks are seen as
greener than large banks. One big criticism of large banks is that they finance
environmentally detrimental endeavors. Papastergiou and Blanas (2011) conducted study on
“Sustainable Green Banking: The Case of Greece and approached the area in an integrated
and innovative way. According to their finding, they identified 50% banks were in defensive
phase, 40% in preventive, and 10% in offensive stage. KO et al. (2014) in their research
paper found that there is a significant positive relationship between green concern and
internet use. Their study shows that “bank's customers are more concerned about
environmental problems and they are willing to go green, following other people who are
making green efforts”. Green concern as a construct of social influence dimension
significantly influence use of internet banking.

The study also indicated word of mouth communication from friends and family
significantly influences the internet usage. Similarly, Singh and Singh (2012) in their paper
expressed society's growing concern about the natural environment, the business organization
are also modifying their working in order to increase greenery. Rajput, Khanna and Kaur
(2014) in their study endeavors made by SBI, the market leader in Educational Loans, Auto
Loans, and the no.1 home loan, on the road of green banking and sustainable development.
The Bank has also been an active participant in wildlife conservation projects like ‘Save the
Tiger'. State Bank of India has become a signatory investor to the Carbon Disclosure Project
(CDP) to disclose its carbon footprints.
Ahmed, Zayed and Harun (2014) in their study applied factor analysis and finding revealed
that six factors namely six factors namely economic factor, policy guideline, loan demand,
stakeholder pressure, environmental interest, and legal factor were the major factors behind
the green banking adoption in Bangladesh. Verma (2012) in his study explained the evolution
of green banking in India, and highlight that now banks are incorporating green banking
practices in CSR as a main activity. However, his study concluded that only few banks in
India adopted green banking and there is lack of awareness among the bank staff and
customers.
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Challenges of Green Banking

Green banking may sound promising and have manifold benefits, but banks adopting these
green strategies also face challenges. Firstly, there may be high operational cost as a green
bank requires talented skilled staff to offer proper services to customers. Qualified loan
officers are required additional expertise in dealing with green business and customers.
Secondly, a green bank may face reputational risk if it is involved in those projects which are
damaging to the environment. In addition, Green Banking may lead to diversification
problems as those banks tend to limit their business transaction to those business entities that
pass the screening process. Thus, with a limited number of customers they will have a smaller
base to support them. Another challenge of green banking is the start-up phase. This is due to
the fact that many banks in green business are very new and are in start-up phase.
Furthermore, credit risk may arise due to lending to those customers whose businesses are
affected by the cost of pollution, change in environmental regulation and new emission level
requirements. There is high probability of customers defaulting as a result of uncalculated
expenses for capital investment in loss of market share, production facilities and third party
claims.

Green Banking at International Level

In the mid-1990s, the United Nation Environment Programme (UNEP) introduced what is
presently recognized as the UNEP Finance initiative (UNEPFI). The goal is to incorporate the
ecological and social dimensions into the evaluation of financial performance and risk
associated with the financial sector. Around 34 International banks follow the codes of
conduct of the UNEP in relation to the Environmental Reporting, environmental management
system, environmental policies and environmental risk assessment to diminish environmental
impact both internally and externally. In 2002, a global alliance of Non-governmental
organisations (NGOs) shaped a system termed “Bank Tract” to promote sustainable finance
in the business sector. This alliance constitutes of six principal commitments namely
responsibility, accountability, transparency, sustainable market, sustainability, no-harm, and
governance. A minority group of banks together with the International Finance Corporation
(IFC) convened to initiate the procedure of planning the common guidelines in October 2002
and developed the guidelines June 2003 known as “Equator Principles”. The guidelines have
turned into a typical benchmark of project finance that incorporates environmental social
issues in project finance. Similarly, World Bank E&S Norms, Carbon Disclosure Project,
Comprehensive Environmental Response, Compensation, and Liability Act of 1980
(CERCLA), ISO 14000 and so on, are other guidelines for Green Banking.
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Role of Reserve Bank of India in promoting Green Banking

To highlight the CSR of banks, the RBI circulated a notice on December 20, 2007 to all
scheduled commercial banks titled ‘Corporate Social Responsibility, Sustainable
Development and Non-Financial Reporting- Role of Banks.’ The RBI also followed many
international initiatives like United Nations Environment Program Finance Initiative (UNEP-
FI), Global Reporting Initiative, IFC, the Equator Principles and Declaration of Financial
Institutions. The UNEP-FI is part of UNEP for which around 200 business concerns across
the world are signatories to promote economic development, environmental protection and
sustainable development. The Equator Principles (initially Greenwich Principles) were first
announced by ten international banks from Europe, North America and Australia in June
2003 and aimed to ensure that the projects financed by banks and financial institutions are
socially responsible and reflect sound environmental management practices. These principles
are based on the Performance Standards on Social and Environmental Sustainability of the
IFC, a member of World Bank Group (Bansal & Bansal, 2011).

On October 28, 2011 RBI issued a letter to all Non-Banking Financial Corporations i.e.
NBFCs titled “Implementation of Green Initiative of the Government” asking them to take
steps for better utilization of their resources and better delivery of services. This can be done
by increasing the use of electronic payment systems, elimination of post-dated cheques and
gradual phase-out cheques in their day to day transactions.

The Way Forward For Indian Banking Sector

Today, when a person gets a savings account opened in a bank, most of the banks provide
three passwords- one for transacting from ATM, another for Online-Banking and the third for
Phone Banking. It is a clear indication of the extent of use of technology by banks paving
way for India to become the ‘THUMB ECONOMY’. Green banking is not merely
environmental protection but customer delight saving customers’ time, energy and money.
People are making use of wide variety of services through their debit card or credit card viz.
online booking, making bill payments, online shopping, downloading banking transactions as
well as credit card transactions, verifying bank balances, money transfer, opening and closing
accounts, balancing a cheque book, tracking recent account activity, etc. The banks are
therefore heading towards an IT enabled Customer Relationship Banking. The initiative of
green banking is mutually beneficial for the banks, industries and the economy. Moreover, it
will ensure improvised asset quality of banks in future. As according to the Happy Planet
Index, India stood on 90 position in 2006 and 35 in 2009; and India’s commitment to cut its
carbon intensity by 20 to 25 per cent by 2020 from 2005 levels, provides tremendous
opportunities for banks. Here, the concept of 3Cs and 3Ps will be worth mentioning as
necessary factors for sustainable growth. The 3Cs stand for- Cost, Control and Customer
Service and 3Ps stand for- People, Planet and Profit. Green banking optimizes costs, reduces
the risk, enhance bank reputations and contribute to the common good of environmental
sustainability. So, it serves both the commercial objective of the bank as well as its social
responsibility. Risk is one factor which is inevitable from banking system. Risk can be
avoided by maximizing the use of opportunities in the following areas:
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1. Carbon credit business- carbon credit is a certificate showing that a government or

company has paid to have a certain amount of carbon dioxide removed from the
environment. A carbon credit is a generic term for any tradable certificate or permit
representing the right to emit one tonne of carbon dioxide or the mass of another
greenhouse gas. Many companies sell carbon credits to commercial and individual
customers who are interested in lowering their carbon footprints on a voluntary basis.
2. Green financial products and services like green loans, green retail banking, energy-
efficient mortgages, green credit cards, corporate and investment banking, etc.
3. Carbon footprint reduction such as green buildings, paperless banking.
4. Core Banking Solutions (CBS) - It is a strategic approach intended to allow banks to
improve operations, reduce costs, and be prepared for growth. An overall service-
oriented-architecture (SOA) helps banks reduce the risk that can result from manual data
entry and out-of-date information, increases management information and review, and
avoids the potential disruption to business caused by replacing entire systems.
5. Business Process Re-engineering (BPR) - It is basically rethinking and radically
redesigning an organization's existing resources. Reengineering starts with an assessment
of the organization's mission, strategic goals, and customer needs.
6. Integrated IT environment- The banks need to provide an appropriate and up-to-date IT
environment which free from security issues. For this, the banks need to implement
higher levels of security and authentication such as passwords and biometric readers, or
PINs and longer passwords, involving access to customer information or the movement
of funds to other parties. In addition banks need to organize awareness campaigns to
provide customers with more education and awareness of security risks and procedures.
7. Evolution of Centre of Excellence (CoE) to meet the problems of quick technology
obsolescence.
8. Creation of dedicated pool of Human Resources- The banks need to manage the issue of
employing skilled personnel, training the existing employees and helping the overall
growth of individuals.
9. Thin computing and e-waste management- There are ways of managing the e-waste like
reuse, recycling and repairing. Banks can take help from companies that provide services
of e-waste management viz. E-Parisaraa Private Limited, Earth Sense Recycle Private
Limited and Trishyiraya Recycling India Private Limited.
10. Creation of environmental, social, or ethical investment funds- This concept relates to
green financing. Such investment funds can be offered that may be environment friendly
and reduce carbon credit.

India is the world’s sixth largest and second fastest growing country in terms of producing
green house gases. A major hindrance in implementation of green initiatives by banks exists
due to absence of policies and regulations. In this regard, the RBI and Indian government can
play a proactive role by formulating green policy guidelines. The RBI or any other regulatory
authority can recognize and reward the environment conscious providers of green loans on an
annual basis. Green rating agencies can be set up to rate the green loans, green funds,
financial instruments, etc. Tax concessions can be allowed to those making green
investments. Lastly, green insurance wherein cover for different kinds of environmental risk
can be provided. With larger customer-base, Indian banks can unleash the potentiality of
emerging technology powered by CBS and offering new best practices for sustainable growth
and development.
 23

Research objectives

• To investigate the level of awareness of Indian consumers about green products and
practices.
• To measure the green values of the customers.
• To investigate the preferences of Indian consumers about green products.
• To understand the issues and challenges of green marketing practices.

Hypotheses

Based on the literature reviewed and the conceptual model following hypotheses were
generated to be verified with statistical analysis:

H01: People are not concerned about the green values.

H02: People are concerned about the green values.
 24

METHODOLOGY AND MEASUREMENT

The unit of analysis in this study is the consumer level. Questionnaire survey was applied in
this study to collect information from the consumers (refer appendix A for questionnaire).
Information collected through consumer survey is utilized for further analysis and
verification of hypotheses. consumers were asked to fill the questionnaire for pretesting and
to identify the ambiguity in terms, meanings and issues. Therefore the questionnaire had a
high level of content validity. After the pretest, the sample elements were selected as per
convenience and were asked to return the filled questionnaires within 1 week.
 25

RESEARCH DESIGN

1. RESEARCH METHOD
Survey through questionnaire method and secondary data from various banks in India.

2. RESEARCH TYPE
Explanatory research using primary data and secondary data.

3. RESEARCH SAMPLE SIZE

Around 40 people were surveyed.

4. DATA COLLECTION AND METHODOLOGY

The researcher asked various people to get a better understanding of their preferences on
green banking products and services.
The findings are supported by the responses and insights from the sample surveyed.
 26

GREEN BANKING IN INDIA

GREEN BANKING AND HOW SBI IMPLEMENTED IT

State Bank of India (SBI) has richly merited its status as the flagship of Indian banking. In
several fields, the bank has pioneered innovative process and adds significantly to the
escalation of the Indian economy, while recuperating its own unbroken record of profitability
over the years. It is the market leader in Educational Loans, Auto Loans and the No. 1 home
loan. Bank has vast domestic network. It has numerous rewards and recognitions in various
banking and Corporate Social Responsibility (CSR) initiatives to its credit. Prominent CSR
activities being distribution of lakhs of electric fans and ongoing distribution of water filters
in schools in India, financing Save The Girl Child projects, and promoting ‘Green Banking’
by changing traditional paper banking to card based banking and installation of Windmills.
The bank has also been an active participant in wildlife conservation projects like ‘Save the
Tiger’.
The green channel counter- The bank had launched 'Green Channel Counter'(GCC)
facility on State Bank Day 01.07.2010), at 57 select branches of the bank spread across
the country. This was an innovative step taken by the bank towards changing the
traditional way of paper based banking in a limited way, to card based ‘Green Banking’
focusing on reduction in paper usage as well as saving transaction time. This is a
pioneering concept which would save both paper and time resources.
Wind mills- State Bank of India (SBI) has become the first bank in the country to
venture into production of green power by installing windmills for captive use. As part
of its green banking initiative, SBI has installed 10 windmills with an aggregate
capacity of 15 MW in the states of Tamil Nadu, Maharashtra and Gujarat. SBI has
planned to install an additional 20 MW capacity of windmills in Gujarat soon and aims
to touch 100 MW power generations through windmills within five years. The total cost
of installation of a windmill of 1.5 MW is around Rs. 10 crore. The operation cost is
close to zero. The bank is also supporting the green initiatives of its clients and is
offering them finance on priority and at concessionary rates of interest. The bank has
launched a loan product called 'Carbon Credit Plus' to finance the future CER
receivables of CDM projects.
SBI goes “GREEN” with home loans-
1. Green Housing Loan is for customers who are buying properties in green projects
which reduce carbon emissions and promote renewable energy.
2. Special feature: 5% discount on the margin money, 0.25% concession on interest
rate and waiver of processing fees for customers going in for the green projects.
3. Maximum term – 25 years (up to a maximum age of 70)
4. Quantum of loan – Minimum loan amount of Rs 5 lakh
 27

5. Rate of Interest- The bank provides the loans in two categories fixed and floating.
For loans above 75 Lakh the interest rate will be only floating rate based on SBAR.
6. Documentation – Salaried individuals need to show income related documents along
with 6 months bank statement, for self - employed and business persons; the
documentation includes last 3 years income tax returns and profit and loss statement of
the business activity. The customer has to also provide signature identification from
current banker.
7. Fees: The bank charges a fixed fees based on the quantum of loan. Rs 1000 for loans
below 5 lakh, Rs 2000 for 5-10 Lakh, Rs 5000 for 10-20 lakh, Rs 7000 for 20-50 lakh
By launching ‘Green Homes’, the country’s largest bank wants to support rated
environment friendly residential projects by offering concessions - reduced margin,
softer interest rate, and zero processing fee - on home loans to discerning buyers. A
‘Green Building/ Home’, according to the IGBC, is one that uses less energy, water and
natural resources, creates less waste and is healthier for the people living inside
compared to a standard building.
 28

Punjab National Bank and its green streak

Green initiatives taken by the bank includes promotion of rain water harvesting, reduction in
usage of paper by using e -mail for inter -office communications, reduced power
consumption through various energy conservation measures and conducting tree plantation
drives. The bank also promotes the green initiative in the following ways: 1. Conducting
electricity audit of offices as an energy conservation initiative. 2. Emphasizing on green
buildings 3. Adopting simple green practices such as energy efficient lights, printing on both
sides of paper, purchasing composite fax machines, immediate repair of water leakage etc. 4.
In 2010-2011 Bank sanctioned a wind energy projects with aggregate limit of Rs.185.81
crore. 5. Guideline for providing finance to units producing clean energy such as solar
energy, wing energy and hydel energy on merits of each case which helps in containing
Green House Gases emission leading to clean environment.
 29

Performance and sustainability of the bank- The bank has made a net profit of Rs.4747.67
Crores in 2013. While PNB has been consolidating its asset book quite well in the last couple
of quarters and they have started picking up in the last quarter itself. Q3 2013 had been pretty
good for them but in Q4 they surprised us negatively as far as fresh slippages are concerned
PNB had surprised us a little more negatively than what was estimated. The bank’s profit and
loss statement comparative study is in Table below.

Bank of Baroda
According to the annual report of BOB (2013), they had taken various green banking
initiatives such as: - 1. While financing a commercial project, BOB is giving preference to
environmentally friendly green projects such as windmills, biomass and solar power projects
which help in earning the carbon credits. 2. The organization had made considerable changes
in their lending policy, i.e. it is compulsory for industries to obtain ‘No Objection Certificate’
from the Pollution Control Board and also they are not extending any finance to
environmental hazardous industries which are using ozone depletion substances such as
halos-1211, 1301, 2402 used in foam products, cholorofluoro carbon CFC 11, 12,113,
solvents in cleaning and aerosol products. 3. The bank had taken several technological
initiatives such as compliance with e-business guidelines, use of internet banking, mobile
 30

banking to promote paperless banking and also increasing the installation of ATM’s in most
of uncovered areas to reduce the petrol or diesel consumption in travelling and helps in
maintaining a clean environment. 4. As a part of green initiative, they had made changes to
desktop virtualization; backup consolidation and server virtualization improve data center
operational efficiency.
Performance and sustainability of the bank- The kind of numbers that BoB has delivered
in the recent years has been appreciated throughout. On the margin front bank had some dip
and net interest income (NII) was also little lower than estimated, but the other operating
income was significant during the year. The profit and loss comparative is below.

ICICI Bank
1. ICICI Bank is offering 50% concession on processing fee on car models to those
customers who use more environmental friendly vehicle.
2. If customer purchases home in Leadership in Energy and Environmental Design then
they have to pay reduced processing fee under ICICI Home Finance.
 31

3. ICICI Bank is working on and looking forward to partnership with National &
International Green organization & NGOs.
4. Communication on Online bill pay, Online funds transfer and subscribing to e –
statements in order to migrate the customers to “paperless and commute free
banking”.

Performance and analysis

ICICI Bank it is expected to cross Rs 1625 crore in profit making. Analysts give thumbs-
up to ICICI Bank post Q3 earnings. The comparative table showing the rise in profit is
below.
 32

Standard Chartered Bank

Standard Chartered Bank always try to minimize their direct impact on the environment
and set stringent targets for reducing consumption of energy, air travel, water and paper.
Their green banking initiatives include:
1. Use of LED signboards.
2. Construction of green terraces in office buildings.
3. “Green Zone” paper recycling initiative to recycle 100 tons of paper annually.
4. Water conservation efforts like the waterless urinals & auto closure taps.
5. Use of Wind energy that reduces Carbon footprint by 134tons/year and a 12%
reduction in power cost.
6. Launching an innovative new program Statement for life- that helps redirect paper
saving to donate books to the girls enrolled in their Goal programme, when customers
sign up for E – Statements.

Yes Bank
Yes Bank is a first Indian signatory to the carbon disclosure project and has documented
its carbon footprint. It is also the first Indian Bank from the Private sector to become
signatory to UNEP statements by financial institutions on the environment and
sustainable development.
Yes Bank also advocated a proactive response to climate change from its peers in the
banking community, industries and society as well. SIB is the Bank’s specialized
Investment Advisory for Sustainable Ventures commanding expertise in the areas of:
1. Alternate Energy and Environment Advisory
2. Social Enterprises and Rural Advisory
The team is one of the few specialized Investment Banking divisions actively
involved in supporting initiatives on Renewable Energy, Clean Technology and Socially
Sustainable Sectors (broadly defined as Healthcare, Education, Livelihood Creation,
Water and Sanitation, etc.). Performance and analysis Though Yes Bank has provided
some outstanding initiatives, the net profit for the year 2013 has been calculated to
1617.78 cr. The performance of the bank has been relatively low. Its profit and loss
comparative study is below.
 33

IDBI Bank
IDBI Bank took a step towards green initiative in corporate governance in which the bank
send all the documents relating to General meeting notices/other notices, Annual report
etc. to their shareholders in electronic form. IDBI Bank has an exclusive team working on
Clean Development Mechanism (CDM) advisory services.
It also implemented a refinance scheme for energy saving projects for Micro, Small and
Medium Enterprises. Performance and analysis Public sector lender IDBI Bank's third
quarter net profit dropped 75 percent to Rs 104 crore compared to same quarter last year,
dented by a steep fall in non-interest income and slow growth in net interest income. Net
 34

interest income, the difference between interest earned and interest expended, grew from
5.3 percent to Rs 1,488.4 crore during October-December period. Other income or non-
interest income fell from 39 percent yearon-year to Rs 532 crore in the quarter gone by.

Central Bank of India

Central Bank of India launched “Go Green” Campaign for its customers with a purpose to
promote Green Banking which is Paperless and Queue less Banking and also promotes use of
recyclable products for banks stationery using TYVEK materials. In this, customers are
motivated to opt for E statements, use internet banking and use e-Voucher machine for
transactions.
 35

Performance and analysis of Central Bank of India

The operating profit of the Bank increased to 3173 crore from 2815 crore in 2011-12
registering a growth of12.72% Y-o-Y whereas the Net profit of the Bank increased to 1015
crore from 533 crore in 2011-12 registering a marvelous growth of 90.43%.

Axis Bank Ltd

AXIS bank implemented several initiatives in green banking such as:- 1. In August 2011, the
bank had initiated the process of collecting all the dry waste generated from the corporate
office and thirty four branch offices in Mumbai, and recycles it to notepads, notebooks and
envelopes. 2. Till date, more than 1,00,000 kg of paper has been recycled and converted to
12,000 notebooks, notepads and envelopes which are used at corporate office and branches of
the bank; 3. The corporate office of the bank, located in Mumbai, is designed and constructed
as a Platinum LEED certified ‘Green Building’; 4. Carpooling has been initiated by a bank to
reduce carbon footprint; 5. They are also encouraging their customers to use e-Statements and
other electronic communications to reduce paper consumption; 6. Annual reports are being
sent through emails; 7. The organization had initiated Independent ATM Deployment (IAD)
model in which ten solar based, ATM has been set up in Coimbatore circle.
Performance and analysis
The net profit has been calculated as Rs 6217.67 cr and it has a whopping 20.05% growth
rate from the previous year. The Bank has continued to focus on the quality of growth and
displayed healthy growth in key balance sheet parameters for the year ended 31st March,
2014.
 36

OVERALL LOOK AT THE PROFITABILITY AND PERFORMANCE

OF BANKS
Public sector banks- Banks include both public sector banks and private sector banks.
Public sector banks are those where majority stake (more than 50%) is held by the
government and public sector banks are those where majority stake is held by the private
shareholders.

Conclusion
Banks and Financial institutions play a major role to make our planet a better place to live in.
Green bank and environmentally responsible banks do not only improve their own standards
but also affect socially responsible behaviour of other business. Green banking helps in
saving the energy and water consumption and also appraises banks in the eyes of
environment supporting customers.
As far as green banking is concerned Indian banks are far behind their counterparts from
developed countries. If Indian banks desire to enter global markets, it is important that they
recognize their environmental and social responsibilities. But, today, many Indian banks are
 37

making efforts to “Go Green” through offering various green products and services to their
customers and taking initiatives in their day to day business operations for the environmental
concerns.
These include- Online banking, mobile banking, ATMs, Electronic fund transfers, Green
mortgages, Green credit card, use of solar and wind energy, recycling of paper, Green
buildings etc. But still there is a long way to go. Indian banks need to set their near term and
long term green goals, develop their green strategies and execute their greening activities in a
phased manner. This concept of “Green Banking” will be mutually beneficial to the banks,
industries and the economy. Not only “Green Banking” will ensure the greening of the
industries but it will also facilitate in improving the asset quality of the banks in future.
 38

DATA FINDINGS AND ANALYSIS

The concern for environmental sustainability by the banks has given rise to concept of Green
Banking. So in order to know whether the consumers are aware of the products and services
related to Green Banking, a questionnaire was given to them. After getting the appropriate
data, the findings and analysis are as follows:
39
40
41
42
43
 44

RESEARCH FINDINGS

1 40 people were asked to fill a questionnaire related to green banking.

2 Out of all the people surveyed, 52.5% people were of the age 35 and above, 25% people
between the age group 20-25, 20% people between the age group 10-20 and 2.5% of people
between the age 25-35.
3 68.4% people are aware of green banking, 23.7% people are not aware of green banking and
7.9% people are not sure about this term.
4 Some of the green banking services were listed from which people were asked to choose the
services they are aware of, they were allowed to choose more than 1 option. The list of the
services along with the percentage of people chose them are as follows
• Online savings account- 65.7%
• Paperless statement- 77.1%
• Net banking- 80%
• Online bill payment- 77.1%
• Green car loans- 20%
• Green home equity loans- 14.3%
5 90% of the people prefer paying the bills online whereas only 10% of the people don’t prefer
to pay the bills online.
6 Regarding the online payments, security is an issue for 35.7% of the people, security is not
an issue for 42.9% of the people and 21.4% of the people are not sure about it.
7 80% of the people are confident enough in handling automated transactions on their own
whereas 20% are not.
8 80% of the people think that banks should become paperless while the 20% people think that
banks should not be completely paperless.
9 100% of the people think that using e-banking service is more prestigious than queuing at the
bank halls.
10 60% of the people say that their bank gives intensive advertisements and demonstrate how to
use green banking services while 40% of the people say that their bank doesn’t provide with
such a facility.
11 100% of the people think that green banking is really helpful for the betterment of
environment.
 45

RESULT OF HYPOTHESIS TESTING

H01: This hypothesis said that people are not concerned about the green values but this has
been proved wrong in this research. People are surely concerned about the green values.
100% of the people said that green banking is really helpful for the betterment of
environment.

H02: This hypothesis said that people are concerned about the green values and this has been
proved right in this research. 80% people said that all banks should become paperless and
100% of the people said that green banking is really helpful for the betterment of
environment.
 46

CONCLUSION

Green banking refers to the initiatives taken by banks to encourage environment-friendly

investment. Green banking as a concept is a proactive and smart way of thinking towards
future sustainability. It is very important for the banks to be pro-active and accelerate the
rate of the growth of the economy. As there is a continuous change in the environmental
factors leading the banks face intense competition in the global market. Banks needs to
apply morality of sustainability and responsibility to their business model, strategy and
formulation for products and services, operations and financing activities and become
stronger. By adopting the environmental factors in their lending activities banks can recover
the return from their investments and make the polluting industries become environment-
friendly. These are the major information about Green Banking in India.
 47

BIBLIOGRAPHY

1. https://escholarship.org/uc/item/5mc39217

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4. https://www.researchgate.net/publication/289556565_Green_banking_in_India

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loans_tbl1_289556565

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0180721&param3=Avast%20Secure%20Browser|76.0.1632.101&param4=12|IN|1.17.4.
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cmlkA2Y5TzdzbVpBUl91Q21XZFZJSEdjeUEEbl9yc2x0AzAEbl9zdWdnAzAEb3JpZ
2luA2luLnNlYXJjaC55YWhvby5jb20EcG9zAzAEcHFzdHIDBHBxc3RybAMwBHFzd
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athy.pdf
 48

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s
 49

ANNEXURE: QUESTIONNAIRE

1. Name
________

2. Gender
o Female’
o Male
o Prefer Not To say

3. Age
o 10-20
o 20-25
o 25-35
o 35 and above

4. Are you aware of the term “Green Banking”?

o Yes
o No
o Maybe

5. What all Green Banking Services are known to you?

o Online savings account
o Paperless Statement
o Net banking
o Online Bill Payment
o Green Car loans
o Green home equity loans

6. Do you prefer paying bills online?

o Yes
o No

7. Is Security an issue for you?

o Yes
o No
o Maybe
 50

8. Are you confident enough in handling automated transactions on your own?

o Yes
o No

9. Do you believe that all banks should become paperless?

o Yes
o No

10. Do you think using e-Banking service is more prestigious than queuing at the bank
halls?
o Yes
o No

11. Does your bank give intensive advertisements and demonstrate how to use green
banking services?
o Yes
o No

12. Do you think Green Banking is really helpful for the betterment of environment?
o Yes
o No