GREEN BANKING PRACTICES IN INDIAN BANKS

Abstract

Change is the need of hour for survival in all spheres .The world has seen much focus on economic progress and mankind has made giant steps in its journey through time. The side effects of the development process have, however, also been equally enormous loss of biodiversity, climatic change, environmental damage, etc. Banks are also not the exception for this. Banks can provide important leadership for the required economic renovation that will provide new opportunities for financing and investment policies as well as portfolio management for creation of a strong and successful low carbon economy. Green banking means combining operational improvements, technology and changing client habits in banking business. It is a win-win situation for all to bring benefits in an increasingly competitive marketplace. Adoption of greener banking practices will not only be useful for environment, but also benefit in greater operational efficiencies, a lower vulnerability to manual errors and fraud, and cost reductions in banking activities. Banks are already offering many of the services necessary for businesses to enjoy these benefits. This paper has made an attempt to highlight the major benefits, confronting challenges, strategic aspects of Green Banking. It has also presented the status of Indian banks as far as Green Banking adoption is concerned. It is found that there has not been much initiative in this regard by the banks in India, though they play an active role in Indias emerging economy. Banks should go green and play a pro -active role to take environmental and ecological aspects as part of their lending principle, which would force industries to go for mandated investment for environmental management, use of appropriate technologies and management systems. They must be more vocal about the inherent green value proposition. This paper tries to find out the ways to Go Green through 'Green Banking'.

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