BANKING AND INSURANCE LAW

P.S.D.A.

RESEARCH PAPER
[CSR IN INDIAN BANKING SECTOR]

NAME: RAHUL NAIR

CLASS: 4-D
ENR. NO.: 16010303816
SUBMITTED TO: Mrs. SWATI BAJAJ

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ABSTRACT

 Indian banking has around 200 years of history and has undergone many transformations
since independence. But, Liberalization, Privatization and Globalization {LPG} and
Information Technology are currently changing the Indian banking radically. Reforms in
the Indian Banking Sector have thrown them out to more liberal and free market forces.
Now, the banks specially the  public sector banks are feeling more heat of the
competition; responsibilities of banks need to surpass “paternalism”. Due to heavy
competition in banking sector, CSR practices are the recent trend followed by different
banks to increase their goodwill in market. In India companies like TATA and BIRLA are
practicing the corporate social responsibility for decades, long before CSR become a
popular basis.

In the recent trend, many banks in India have created their individual brand in Corporate
Social responsibility (CSR) by contributing towards the society and involving in welfare
activities, the public and private sector banks concentrate on various activities like
health, eradicating hunger and poverty, education, empowering woman, environmental
sustainability, training, national heritage, disaster and relief management etc. to spend
the CSR amount. In spite of having such a Good glorious examples; CSR activities is not
so rosy particularly in financial sector there is an absence of provision regarding
compliance and reporting of CSR activities. RBI has also insisted upon taking measures
for sustainable development of economy through realizing the necessity of CSR. There is
very limited research work in the context of implementation of CSR practices in context
to developing country like India. This research paper discusses CSR practices in Indian
banking sector. Research paper also tries to find out the thrust areas of public and private
sector banks of India. It focuses on the limitations, issues and challenges of CSR
activities practices by private and public sector banks in India.

RESEARCH METHODOLOGY

The present study is based on only secondary data. This secondary data has been
collected from the websites of different banks and from reputed journals. First I have
explained the different areas focused by different commercial banks which have been
picked up randomly and it includes public as well as private banks which has been
collected from various  books, journals, newspaper, Government publication, websites,
etc.

OBJECTIVES OF THE STUDY

1. To study the status of CSR in Indian Banking Sector.

2. To analyze the Corporate Social Responsibility spending and activities in Public

Sector Banks.

3. To analyze the Corporate Social Responsibility spending and activities in Private

Sector Banks.

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4. To compare the CSR spending and initiatives between Public Sector Banks and Private
Sector Banks.

5. To explore new scopes and opportunities for CSR activities in Indian Banking Sector.

6. To analyze the perception of Bank Employees and Customers/beneficiaries on CSR

spending and activities.

LITERATURE REVIEW

Corporate Social Responsibility realizes that corporate firms has not only one
responsibility but also the economic and legal responsibilities. Holmes and Watts (1999)
defined CSR as the continuous commitment by business to behave in ethical manner and
contribute to the development of economy by improving the quality of life and society at
most. Some proponents argued that the companies make long term profits by performing
the CSR activities while others argued that CSR distracts from the economic role of
business.

The largest bank in India is State Bank of India and the regulator is the Reserve Bank of
India. The RBI in 2007 stated that the CSR involves the combination of social and
environmental concerns by the companies in their operations and also about the
interactions with their stake holders (Dhingra et al., 2014).If the company shows the
interest in the wellbeing, welfare (environment, health, education, secured working
environment) and fair treatment of its employees (fair rewards for their performance),
the morale and loyalty of the company increases thereby reducing the absenteeism and
employee turnover which indirectly increases the productivity and reduces the costs of
hiring, training and attracts the talents. When the company cares about its customers by
providing safe products or services that satisfies the need and demand will lead to earn
customer loyalty and trust which advantages company to increase its market share, add
to brand value and reputation of the company (Arpita Ghosh, 2013).

There is an acceptance that CSR is not just a cost rather it is important for protecting the
company’s reputation and building the competitive edge. If CSR is integrated in the
overall business then the unexpected risk of adverse situations in the business can be
reduced. The government of India has also framed the voluntary guidelines for the
companies. The CSR over the last 4 years the trend has been towards separation of CSR
activities. It is observed that CSR is an integral part of the business and is impacted on
all aspects of organisation’s process such as Human Resources (HR), Corporate
Governance, accounting, Research and development, marketing etc. These aspects are
considered in the rating process (Siva Raju, 2014).There is a lack of adequate awareness
on CSR in our country.

The need for sustainable developmental efforts by financial institutions in India assumes
urgency and the banks can play a major role in this particular issue (RBI, 2008).Sharma
(2011) analysed that CSR practices and reporting in India with reference to banking

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sector are showing interest in integrating sustainability in business models but CSR
reporting practices are not satisfactory. Ventura and Vieira (2007) from their study
attempted to understand the changes in corporate social responsibility in the banking
organizations in Brazil and analysed that , in the past ten years only now the CSR actions
are structured (Eliza Sharma et al., 2013).There are conclusions from the review that
there is a long term profit by operating with the CRS, while it is also criticised that CSR
distract from economic role of the business (Pushpam et al., 2015).

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INTRODUCTION

Social Responsibility of business refers to what a business does over and above the
statutory requirement for the benefit of the society. The word ―responsibility‖
emphasizes that the business has some moral obligations towards the society. CSR, also
known as Sustainable Responsible Business (SRB), or Corporate Social Performance, is
a form of corporate self-regulation integrated into a business model.

Corporate Social Responsibility also called Corporate Conscience or Responsible

Business is a form of corporate self-regulation integrated into a business model. CSR is
defined as the voluntary activities undertaken by a company to operate in an economic,
social and environmentally sustainable manner. CSR policy functions as a self-regulatory
mechanism whereby a business monitors and ensures its active compliance with the
spirit of law, ethical standards and national or international norms.

Industrialization and commercialization of service sector have explored vivid avenues of

progress to a nation but at the flip side it has rooted the use of non-renewable energy
sources, global warming, greenhouse gas mission and rising levels of waste which have
harmful effects to the generation coming next. The growing concerns for sustainable
development, environmental performance, encompassing pollution control and
management of natural resources has given mass recognition to the concept of Corporate
Social Responsibility (CSR).

The integration of CSR principles in operating activities of business is very much

essential to ensure sustainable development of an economy. In the financial sector
several international initiatives like United Nations Environment Programme Finance
Initiative, Global Reporting Initiative, Equator Principles and Collavecchio Declaration
on Financial Institutions are underway to ensure the adoption of CSR practices in normal
business operations. These initiatives have favorably tuned up developed countries to
behave in a socially responsible way. But in developing nations, there is a lack of
focused and effective actions to the current need.

In addition to this a very limited research work has been done to investigate the CSR
practices in developing and emerging nations. In fact the academic publication on this
fiery issue is primarily western centric. Belal (2001) noted that most of the CSR studies
conducted so far were in the context of developed countries such as Western Europe, the
USA and Australia and we still know too little about practices in smaller and emerging
countries.

In recent years, a growing number of companies are adopting various corporate social
responsibility (CSR) initiatives -the voluntary incorporation of social and environmental
issues into a company’s business model and operations (European Commission 2001) –in
an attempt to meet the needs and expectations of a range of stakeholders, including but
not confined to the company‟s shareholders. Meanwhile, numerous information
intermediaries have been established to gather and make publicly available information

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about these CSR initiatives –what is termed as ―CSR ratings‖ or ―CSR scores‖ –thus
rating and ranking corporations across several dimensions of environmental, social, and
corporate governance performance. Not only information intermediaries, but also a
number of voluntary reporting standards have emerged to enable these information
intermediaries to standardize the way they disclose their CSR ratings.

CSR PRACTICES IN INDIAN BANKING SECTOR

Now-a-days CSR has been assuming greater importance in the corporate world including
financial institutions and banking sector. Banks and other financial institutions start
promoting environment friendly and socially responsible lending and investment
practices. RBI (2007) has also directed Indian banks to undertake CSR initiatives for
sustainable development and also asked banks to begin non-financial reporting which is
related to activities in the era of environmental, social and economic accounting. It has
been observed from karmayog’s CSR ratings that most of the Indian public sector banks
do not mention recent CSR activities on their annual reports or on the websites.

The financial institutions do not take adequate steps for updating the recent activities in
CSR .CSR has been assuming greater importance in the corporate world, including the
banking sector. To highlight the role of banks in CSR, the RBI circulated a notice on 20 th
December , 2007 for all the scheduled commercial banks in India. Recently financial
institutions adopt an integrated approach between customer satisfaction and CSR in a
broader way. RBI also instructs the banks to integrate their business operation along with
social and environmental aspects.

The major key areas of CSR like, children welfare, community welfare, education,
environment, healthcare, poverty eradication, rural development, vocational training,
women empowerment, protection to girl child etc., In recent years an attempt has been
initiated to ensure socially responsible behavior of banking sector in a more organized
manner.

The CSR in Indian Banking Sector is aimed towards addressing the financial inclusion,
providing financial services to the unbanked or untapped areas of the country, the socio-
economic development of the country by focusing on the activities like, poverty
eradication, health and medical care, rural area development, self employment training
and financial literacy trainings, infrastructure development, education, and
environmental Protection etc. RBI also insisted upon taking measures for sustainable
development of economy through realizing the dire necessity of CSR. Reserve Bank of
India (2007) stated that CSR entails the integration of social and environmental concerns
by companies in their business operations and also in interactions with their
stakeholders. The major thrust areas for CSR practice in Indian banks are common in
public sector and private sector banks. These areas include children welfare, community
welfare, education, environment, healthcare, poverty eradication, rural development,
vocational training, women's empowerment, protection to girl child and employment.

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DIFFERENT KEY AREAS

The major key areas of CSR like, children welfare, community welfare, education,
environment, healthcare, poverty eradication, rural development, vocational training,
women empowerment, protection to girl child, and employment.

Education: Almost all the banks in India have given due importance to education. Some
of the banks have donated money whereas some have helped the schools in other
different facilities such as Allahabad Bank is providing fans in each classroom and
staffroom in Primary Schools and helping schools in providing the drinking water to
children. The bank have incurred Rs. 26.68 lacs in financial year 2014-15.

Rural Development: Similarly like education most of the banks of India have invested
in Rural Development. Some of them are educating rural people by Financial Literary
Centers whereas some of them have given financial help to villages. Union Bank of
India’s Adarsh Gram is the example of Rural development.

Children And Women: For the encoragement of women empowerment or girl child
many government and non-government organisations are working in India. GOI has
introduced “beti padhao, beti bachao” similarly banks are giving scholarships for girls’
education. Allahabad bank has distributed 1861 scholarships belonging to BPL families
in financial year 2014-15, the disbursment amounted to Rs.55.83 lac. (Source: Annual
Report Allahabad Bank 2014-15)

Social Community Welfare: This category includes the welfare activities for society
welfareas whole. In this category all the welfare activities can be included like Axis
Bank work for Armed Forces vetrans and union bank of india’s Union Social Foundation.
In this category they talk about the different social issues to be taken care of in India.

Health: Health is the last category where different banks offer various health facilities to
the deprived people. Axis bank have started health and trauma care centres in different
areas. Bank of india also have different schemes like Ambulances to Hospitals catering
to economically challenged sections of the society, rural areas, etc. ultra-modern medical
equipment’s to Family Planning Centres and other hospitals. Wheel chairs to physically
challenged sportspersons and others. Gensets for running equipments in hospitals for the
Cancer patients.

Financial Literacy: As per the Reserve Bank of India, Financial literacy is providing
familiarity with and understanding of financial market products, especially rewards and
risks, in order to make informed choices. It is the ability to know, monitor, and
effectively use financial resources to enhance the well-being and economic security of
oneself, one's family, and one's business. Financial literacy has assumed greater
importance in the recent years, as financial markets have become increasingly complex
and as there is information asymmetry between markets and the common person, leading
to the latter finding it increasingly difficult to make informed choices. In India, the need

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for financial literacy is even greater considering the low levels of literacy and the large
section of the population, which still remains out of the formal financial set-up. Credit
Counselling can be defined as counselling that explores the possibility of repaying debts
outside bankruptcy and educates the debtor about credit, budgeting, and financial
management. In view of the above two points the RBI has initiated a scheme for setting
up of Financial Literacy and Credit Counselling (FLCC) Centres by the banks. Certain
banks have not just opened the FLCC centres but have also taken other measures to
promote finance education among people.

Farmer’s Welfare: Indian economy has always been an agriculture based economy.
Although the contribution of agriculture to the GDP of the country has decreased in past
years, a large portion of population still depends upon agriculture for its survival.
However, the agriculture sector is still in a meagre state. Due to the poor economic
health of agriculture sector, India observes a large number of cases of suicide among the
farmers.

It has been felt that there is an urgent requirement to promote investments in this sector
and welfare of the farmers. Some of the major activities done by the banks under the
farmer’s welfare are as follows: Agriculture Debt Waiver & Debt Relief Scheme, Loan
for Solar Water Heating Systems at concessional rate, Rural Extension Education
Programmes enabling farmers & entrepreneurs to improve their productivity/production,
Establishment of Farmers clubs, Farmers’ Training Centres (FTCs), Special credit cards
for farmers, Agriculture knowledge sharing Programs, National insurance programs for
agriculture Financing rural godowns and cold storages/warehouses, Debt Swap Schemes,
Setting up agriculture clusters for better farming, Commodity finance against pledge of
warehouse receipts of agro commodities.

MAJOR CONTRIBUTIONS OF DIFFERENT BANKS TOWARDS SOCIETY

Axis bank: At Axis Bank, Corporate Social Responsibility & sustainability are not mere
obligations but are vital pillars of our continual success for present and future. The
bank’s philosophy on CSR & sustainability stems from their strong belief in doing good
for the organization by doing good for the society. The result is a positive cycle of
company growth & community development which leads to prosperity that endures.

Focus areas: Education, Vocational Education & Training, Livelihood Enhancement &
Rural Development, Medical Relief & Trauma Care, Environment Sustainability
Sanitation, Humanitarian Relief, Armed Forces, Vaterans Capacity, Building of
Personnel & NGO Partners.

Union bank of India: Union Bank of India has developed CSR initiatives in place. The
focus is on the rural sector is through village knowledge centers and farmers’ clubs etc.
we also have schemes for the girl child, where we take care of education expenses.
Initiatives are in place in other areas such as providing drinking water for schools,
providing bus shelters etc.

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Focus Areas: Farmers’ Clubs, Union Mitr, Village Knowledge Centre Union, Adarsh
Gram, Union Bank Social Foundation.

IndusInd Bank: At IndusInd Bank they say “we are commited to run our business in a
way that generates value for our customers, clients, shareholders and employees. We
have strived to assume our social responsibilities and the importance of ourimpact on the
environment in relation conservation and climate change”

Major initiatives: India’s First network of Solar ATMs, Financial support for charitable
institutions like ‘Support’, Green Champions Program, Financial Literacy Promoting Art,
Culture & Sports, Protecting bio diversity.

Allahabad Bank: Bank has worked in different areas of CSR. They call their CSR
Activities as Social Banking. The bank has opened 18 Financial Literacy Centers and
many more social works.

Major focus areas: Financial Literacy Centers, Provision of different facilities in schools,
Social welfare of common people, Women empowerment, Welfare of girl child, Green
marketing.

HDFC Bank: At HDFC Bank, CSR is all about developing a business model that not
only creates economic value but also contributes to a healthy ecosystem and strong
communities. Our endeavor is to evolve and develop appropriate business processes and
strategies to achieve a common goal which contributes to greater good.

Major Initiatives: Sustainable Livelihood, Sanitation, Education, Skilling, Community

initiatives Go Green.

Bank of India: Bank of India believes that it is its foremost duty to contribute towards
impacting the lives of various stakeholders like customers, employees, shareholders,
communities and environment in a positive manner through all aspects of its operations,
thereby serving the interest of the society at large. Bank of India has a policy to give
back a part of what it has received from the environment and society and is contributing /
participating on a sustainable basis in activities and projects for facilitating the same.

Major initiatives: Solar street lights and Hand pump sets in Rural areas. Rain water
harvesting mechanism / equipments agriculture / drinking water / development of the
area. Ambulances to Hospitals catering to economically challenged sections of the
society, Ultra-modern medical equipments to Family Planning Centres and other
hospitals. Wheel chairs to physically challenged sportspersons and others. Gensets for
running equipments in hospitals for the Cancer patients. Construction of classrooms for
the economically challenged students of the society. Support to orphaned / blind students
requirements. Vehicles for institutions providing food / mid-day meal to government
/local bodies schools catering to poorer sections of the society.

RECENT CSR DEVELOPMENTS IN INDIA

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New Companies Act, 2013

As per Section 135 of the Act, every company having net worth of Rs. 500 crore or more, or
turnover of Rs. 1000 crore or more, or a net profit of Rs. 5 crore or more, shall spend at least
2% of the average net profits made during the 3 immediately preceding years, or in case of
failure, specify the reasons thereof. The average profits are to be calculated in accordance
with Section 198 of the Companies Act, 2013. The provisions are applicable w.e.f. April 1,
2014.

Activities Eligible for CSR Expenditure

The Ministry of Corporate Affairs (MCA) notified the CSR activities which may be
undertaken by the companies, including promotion of education, health care, environmental
sustainability, protection of natural heritage, sports, contribution to Prime Minister's National
Relief Fund, technology incubators, rural development projects, etc. But this does not include
any amount spent solely for the benefit of employees of the company (MCA, 2014, February
28). The activities mentioned in Schedule VII should be interpreted liberally and cover a
broad range of activities capturing the true spirit of the regulation.

Securities and Exchange Board of India (SEBI)

The SEBI requires specified listed companies to submit Business Responsibility Reports
(BRRs) as a part of their Annual Reports mentioning the activities undertaken by them in the
environmental, social and governance spheres. The said provision is mandatory for the top
100 listed companies at BSE or NSE based on market capitalization. In case similar
sustainability reports are being submitted to foreign entities as per internationally recognized
framework, a separate report need not be prepared but it has to be mapped with the principles
of the National Voluntary Guidelines (NVG) on Social, Environmental & Economic
Responsibilities of Business which were issued by the MCA in July 2011. The said
provisions have been made applicable with effect from financial year ending on or after
December 31, 2012 (SEBI, 2012, August 13).

Reserve Bank of India (RBI)

The Reserve Bank of India issued a circular dated December 20, 2007 to all the scheduled
commercial banks (excluding Regional Rural banks – RRBs) emphasizing on he role of
banks in CSR, Sustainable Development and Non-Financial Reporting. In the light of global
warming, climate change and lack of adequate awareness in the developing countries like
India, the RBI advised the banks to prepare a pertinent action plan in consultation with the
Board and to make concerted efforts towards attaining the goals of sustainable development.
The RBI also suggested banks to disclose the details about the sustainability goals and targets
achieved till date to the stakeholders and public along with their annual reports (RBI, 2007,
December 20).

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ISSUES, CHALLENGES AND RECOMMENDATIONS

ISSUES 

Why CSR is needed? Is government is unable to cope up with the increasing social
responsibilities of the society? Why the corporate firms should do the charity by
sacrificing their  profit ratio? etc. Like such many issues and challenges are arising in
front of the world. Some of the main issues why CSR is necessary are discussed below:-
1. Due to liberalization, Privatization and Globalization i.e. {LPG}, the government had
reduced the restriction and regulation, due to which the social and environment objective
is lacking behind.

2. Now days the stakeholder and specially customer and Shareholder are very much
interested to know the company financial position and how the funds are utilized for the
society.

3. Investors are putting pressure on the banks to fulfill the ethical issues.

4. Many Acts are coming up to protect the interest of the stakeholder. The banks have to
ensure that all stakeholders’ interest is protected.

5. KYC- “Know Your Customer” is the latest issues in banks, similarly the customers are
interest to know the banks matter and how the ethics and values are followed.

A CSR project can begin in response to a crisis or publicity issue. The motivation for
practicing CSR can be vary between the philanthropy or charity or ethical or notion of
corporate citizenship. The thrust area focus is on poverty alleviation, tackling
unemployment, Women’s empowerment and education.

CHALLENGES

Is practicing CSR is such an easy task? Why still many companies are not involved in
CSR practice? Why in India CSR is not famous? etc. Like this there are many Challenges
in front of India related to CSR. Some of the main CSR challenges are as follows:-

1. There is very little or no knowledge to the local community related to the CSR
practice is the biggest challenge in front of India. Very little or no efforts are taken to
spread the awareness related to CSR practice by the Indian Banks.

2. There are no clear guidelines from RBI related to CSR in banks, No clear cut polices
are applied related to the accounts maintained on CSR.

3. Many banks are working on the same thrust area. There are no links between the
banks. So there is a possibility of duplication of works in same area.

4. The banking sectors are concentrating only on rural areas, many thrust area of urban
sector are neglected.

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5. There is no proper co-ordination between the NGO’s, and the bank sector. There is
non-availability of well organized non-government organization in remote areas, which
will help to promote the CSR activities.

RECOMMENDATION AND SUGGESTION

1. There is a need for spreading CSR awareness in the community. This awareness
among the stakeholders will lead to the highlight of good work done by the corporate and
banks.

2. The partnership of corporate, government and NGO’s should be done properly.

3. While doing the CSR, the geographical areas should be selected properly. So that the
duplication of the work is avoided.

4. Not only the large corporate but the medium and small scale enterprises should also
play their role to increase the CSR practice.

5. Clear cut guidelines and policies related to CSR should be made by RBI, so that all
banks followed it without any omission.

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CONCLUSION

The analysis of CSR spending of Indian banks reveals that the banking sector has
increased the CSR spending after the companies act, 2013 (after mandate). There is
increase in number of banks in CSR spent, 2% the average of net profit from 2013 to
2016. There were 18 banks not disclosed the CSR spent in 2013 which has been
decreased to 14 banks in 2016 which shows the transparency in spending for CSR
activities. The average of CSR spent in 2016 is INR 29.19crores and 2013 is INR
16.65crores which is 10 crores more after the mandate. The new act has increased CSR
activities with pre-defined objectives, monitoring and evaluation plan.

Banks are usually judged from the point of view of their financial performance but this
study has explored a new dimension for analysing the performance of banks. It could be
inferred from the study that certain banks like ICICI bank, HDFC bank and State Bank
of India which are top performers in terms of profitability and growth are not at the top
in CSR activities. This study might valuable for commercial banks to understand their
own position among the overall banking sector and also it is important for policymakers
to judge the banking performance from the angle of corporate social responsibility.

Though the Indian banks are making efforts in the CSR areas but still there is a
requirement of more emphasis on CSR. There are some banks which are not even
meeting the regulatory requirement of Priority sector lending and rural branch expansion.
Even after the RBI’s guidelines for financial literacy programs the banks have not take
substantial steps in this direction. The RBI may be more stringent in enforcing such
regulatory requirements. The banks have focused on the community welfare and farmers’
welfare programs but the efforts for women welfare and education are not sizeable.
Moreover, the public sector banks have overall highest contribution in CSR activities.
Private sector banks and foreign banks are still lagging in this area. These days the
banking industry in India is giving due importance to the Social Responsibility and they
try to cater all the important areas to be focused like health, education, sanitation, etc. In
a nutshell, it can be said that the state of mind of the Indian entrepreneurs towards CSR
is changing due to tough competition in an international level.

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