International Journal of Applied Research
Vol. 2, Issue 1, Part C (2016)
Essence of corporate social responsibility in select Indian commercial banks
Corporate social responsibility (CSR) is generally understood as a moral obligation that is supposed to be shown by organizations towards the society in lieu of profits generated through customers who are a part of the same society. Corporate responsibility is a fundamental element of business ethics and should be practiced by all entities, irrespective of its size. Corporate responsibility, in simple parlance means that each individual within a company is practicing personal and professional responsibility in a way that will benefit him and others. A company's involvement in corporate social responsibility attracts consumers and helps with sales. It is a concept whereby financial institutions not only consider their profitability and growth and also the interests of society and the environment by taking responsibility for the impact of their activities on stakeholders, employees, shareholders, customers, suppliers and civil society represented by NGOs. In developing country like India, banking sector plays a very important role in upgrading the economy of the country not only by lending money or increasing the liquidity in the country but also by imposing a new practice called corporate social responsibility. The Reserve Bank of India (RBI) has asked the banks to pay special attention towards integration of social and environmental concerns in their business operations. Stressing the need for CSR, the RBI pointed out that these initiatives by the banks are vital for sustainable development. This paper attempts to highlight the conceptual of CSR, the key thrust areas of CSR in respect to banking sector in India and CSR activities undertaken by select commercial Indian banks.
How to cite this article:
Dr. Sumee Dastidar. Essence of corporate social responsibility in select Indian commercial banks. Int J Appl Res 2016;2(1):164-169.