Introductio

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Introductio 1
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CHAPTER-1
INTRODUCTION

1.1 CONCEPTUAL INTRODUCTION OF THE RESEARCH

Banking sector is one of the premier sectors in our country. It plays a very

important role in the growth of Indian economy. Like other sectors, banking sector

also has its responsibility to protect environment. To fulfill this responsibility, the

banking sector has adopted the concept of Green Banking. The concept of Green

banking is relatively a new concept. It is paperless banking, which not only

reduces the cost of banking activities, but also helps in environment sustainability.

It helps in reducing the use of paper, power and energy. (Gordon and Natarasa,

2006).

Green is becoming a symbol of Eco awareness in the world. According to

Indian Banks Association (IBA, 2014) “Green Bank is like a normal bank, which

considers all the social and environmental/ecological factors with an aim to protect

the environment and conserve natural resources”. It is also known as ethical bank or

sustainable bank. Its purpose is to perform banking activities but with an additional

plan towards taking care of earth’s ecology, environment, and natural resources

including biodiversity.

Green banking is making technological improvements, operational

improvements and changing client habits in the banking sector. It means to promote

environmental friendly practices and to reduce the carbon footprint from banking
operations. It is a smart and proactive way of thinking with a vision of future

sustainability.

During the past decade there has been a growing awareness of wide spread

environmental degradation facing current and future generations. Attention has

become so great that environmentalism has been identified as potentially - ‘the

biggest business issue of the 1990s’. Human did not come to harm the environment,

but the conflict arise when he wants to separate himself from the environment and

start taking use of technology. Technology has done a lot of good to the world, but

most bothering issue is damage caused to the environment. The threat to the

environment is global warming, ozone depletion, climate changes and water

pollution. On the global level, there is an increase in the awareness towards the

global warming and adverse climate conditions. As a result, interest increased

towards environment protection and sustainable development. Consumer is also

responsible for the environment pollution due to use of non-renewable energy which

causes harm to the environment. Sustainable development and saving of

environment are now recognized globally as overriding imperatives to protect our

earth from the activity inflicted on it by the human. The concept of green banking

will be mutually beneficial to the banks, industries and society. Not only green

banking is related to greening but will also improve the assets quality of the bank in

future. (Anderson and Sullivan , 1993)

Banking activities are not physically related to the environment, but the

external impact of their customer activities is substantial. Banks should promote

these products, process and technology which substantially reduce the carbon
footprint from the environment. Study by Hart & Ahuja (1996) shows a positive

correlation between environmental performance and financial performance. Initially,

banks were doing analysis of their financial performance only, but now it is a time to

do analysis of social and environmental performance as well. Green Banking is not

only a CSR activity of an organization, but also it is about making the society

habitable without any considerable damage.

There are two important frameworks that work for the sustainable

development in a particular market - first, the cost-efficient regulation and second,

economic instruments. In any country, Banking acts as the prime economic agent

influencing the overall industrial activity and hence, the economic growth. Financial

institutions such as Banks, Stock Exchanges and Micro Finance Institutions play a

pivotal role in shaping the economy and Therefore, it is essential for them to be

financially and ecologically practicable. The second criterion, however, is often

neglected and needs serious attention. The Concept of Green Banking can be

emphasized here which would not only help a financial institute to maintain

ecological balance but will also reduce its own operational cost. Etymologically,

Green signifies environment and Banking refers to cash transaction facility and

Therefore, Green Banking signifies performing the same banking functions with

consideration of environment as a whole. Alternatively, providing products and

services in such a manner that helps to reduce the carbon foot print and to up bring

the environment. (Kannabiran and Narayan, 2005).

If it is imagined that a typical bank performs 5000 transactions per day, and

if the same number of transactions are performed through online or paperless mode,
concerned bank will not only save paper but significant human time in buying bill

rolls, printing receipts and cleaning paper waste every day. In essence, online

banking can be more eco-friendly and sustainable in a small but significant way.

Green banking is a transformation from traditional banking, new paradigm

often referred as modern banking, but it should not be confused with Online

Banking. Online Banking does support Green Banking but it is just one way out of

many possibilities. Green banking not only concise with the online banking, but it

also includes environment friendly banking, ethical banking, sustainable banking

and carbon foot print banking.

Green bank is not the separate bank or the branch. It is the same bank with a

different style of transactions (often electronic transactions) reducing use of paper,

manual efforts and time in order to uplift the environment as a whole. Green

banking brings under its fold bunch of benefits, as it challenges traditional practices

and encourages technological advancement with operational efficiency, changing

habits of the clients, making transactions less fallible, minimizing human errors and

hence reducing the overall banking cost. (Lianxi, 2004)

While considering environmental issues Green banking takes into the

account social factors. It keeps away excessive use of paper through the virtue of its

electronic transaction mode. However, it not only saves the paper but also involves

the environmental and ethical issues with it and Therefore, one should set a

demarcation between the terms green banking and electronic banking. The word

green banking can generously be used to denote ethical banking, paperless banking,

low carbon footprint banking and social responsibility banking which all constitute
ways of achieving green banking. Just like the Green Revolution in agriculture

Green Banking might come out as a new revolution.

Describing Green banking is a relatively easy task. It means promoting more

environment friendly applications and reducing carbon footprint for the banking

activities. This can be done in many ways like using the online banking services

instead of traditional banking services, paying bills online rather than standing in a

long queue and finding a local branch instead of stepping in to the main branch for

everyday banking needs. Going to the distant main branch will lead to more carbon

emission which depletes the environment, however, stepping to the nearest local

branch will lead to the biggest contribution to green initiatives. Green banking is

convenient and reliable service channel where we can play an active role in saving

the environment and live our life greener. The concept of Go green is pretty

demanding and it has initiated various intra-organization as well as the automated

channels where the main aim is to build awareness and find the alternative means of

energy and environment projects so as to protect the environment and live greener

life. Green banking is not just the tree panther; it also works on the platform for

daily operations within the organization with the aim to build awareness towards

saving the environment and practicing more environment friendly activities.

(Shergill and Li Bing, 2006).

Green banking not only promotes environmental sustainability but also the

social responsibility. Green Banking covers both internal and external aspects.

Internal in terms of its day by day working i.e. paperless banking which includes use

of newer technologies to save the paper and so the environment. Replacing daily
courier services with scans and electronic deliveries, electronic transfer of salary and

reimbursements, implementation of the online banking system, use of ATM’s for

cash withdrawals and deposits, e-statements of accounts, electronic fund transfer

through RTGS can lead to an increase in customer convenience, reduction in costs

incurred by the banks and an improvement in the banking performance. External

aspect of Green Banking includes change in the habit of its industrial customers to

protect and sustain the environment. An organization/company shall be awarded a

loan only when all the safety measures and standards related to environment are

followed. Before financing a project, banks consider whether it is environment

friendly and has any implications for the future. India is growing very rapidly and

the progress of India is mostly supported by the industrial sector. India is also one

among the countries where green house gas emissions are increasing rapidly. Delhi,

Chennai and Mumbai are among the ten most polluted cities of the world. The

Government has framed several regulations but has succeeded little in controlling

environmental detriment. Focusing on India, the major industries causing significant

amount of pollution include-

 Primary metallurgical industries

 Fertilizers and Pesticides/ Insecticides

 Chemicals/ Pharmaceuticals

 Textiles

 Paper and Pulp, etc.

These industries primarily depend on banks for their finance and Therefore,

the role of banks in curbing environmental damage becomes influential. Before

financing an industrial project, proper scrutiny from an environmental perspective is

quite essential. Small Industries Development Bank of India (SIDBI), one of the

principal lenders in the Micro, Small and Medium enterprises (MSME) sector has

committed itself in achieving sustainability by incorporating environmental and

social (E&S) aspects in its core business. The bank requires the firm/enterprise to

obtain a “No Objection Certificate” or “Consent to Establish” from the respective

state pollution control board, before the enterprise takes implementation of the

project. This is stipulated as a pre condition before sanctioning credit.

 Dematerialization: Dematerialization or Demat is the move from physical

certificates to electronic book keeping. It deals with personalization and

book-keeping process in real time and reduces need for paper report. This

practice will help the bank in reducing the habit of the customer as well as

the bank. The customer will get more habitual to online bank statements

rather than the paper statements and the employees will get habitual with the

efficient use of the paper by using it on both side and promoting the

customer for using the online banking rather than the traditional banking.

(Singh, 2009).

 Alternative material: There has been research on alternative materials for

paper and plastic currency, i.e. debit/credit cards. Such materials must have a

low carbon footprint and environmentally degradable qualities. Poly Lactic

Acid [PLA; chemical name (C3H4O2)n] is a starch-based plastic substitute

which can be manufactured using corn starch, tapioca ¼lkcwnkuk½ roots

or sugarcane. PLA is bio-degradable polyester which can be recycled back to

its initial resin over and over again without loss of quality. PLA is also

carbon neutral and non-toxic if incinerated. These qualities all put it streets

ahead in
 the green stakes when compared with materials such as PET, bio PVC or

recycled PVC used by many other card manufacturers. In 2010, PLA had the

second highest consumption volume of any bio-plastic in the world. The Bio

Sourced card is also compatible with magistrate and smartcard (with Dams

modules) technology. In addition, dual interface PLA cards are being

developed and were due for launch in 2013.

Dematerialization

End of Life Alternative Material

Green Factory

Figure-1.1: Dematerialization alternative material green factory end of life

(Source: http://www.ready.it/gemalto/files/fs_green_banking.pdf)

1.2 BENEFITS OF GREEN BANKING

 As the word ‘Green’ implies environment friendly or Eco friendly,

Therefore, green banking avoids much use of paper and allows more work

through online/electronically, so that we get green credit cards and green

loans. Less paperwork means less cutting of trees.

 Making the business pro-active/aware about environment and social

responsibility, enabling them to do an environment friendly business

practice.
 Green banks adopt and implement environmental standards for lending that

would enable eco-friendly business practices which would benefit our future

generations.

 When an individual or a firm awarded with a loan, the interest of that loan is

comparatively less with normal banks because green banks give more

importance to environment friendly factors-ecological gains. Natural resources

conservation is also one of the underlying principles in a green bank while

assessing capital/operating loans to extracting/industrial business sector.

1.3 TOOLS OF GREEN BANKING

 Online Banking: A few years back, an initiative was taken to make India

digital, but the step to move forward was very small. Demonetization

followed by changing rupee notes 500 and 1000 is a little step towards

digitization which affected the whole India. Chandigarh in Punjab is declared

as the digital city, similar steps are taken for the other metros to makeover

India as an ‘Online India’. Awareness campaigns and promotional steps are

taken to make awareness towards the use of plastic money or E-Money

rather than paper money. (Shergill and Li Bing, 2006).

 Green Checking Account: Customers can check their statements through

ATM or online rather than standing in a long queue at the bank branch.

Banks should provide the incentive scheme to the customers for using and

promoting up of online services, use of ATM, DEBIT CARD and CREDIT

CARD, or in waiver of fees for promoting 'go online'.

 Using Green Loan for Home Improvement: The Ministry of non

renewable resources with the help of various Private and Public Banks took
 the initiative in the Go Green project, providing loans at low interest rates to

the customers who would like to purchase solar equipments. For instance, if

we are looking for the major home improvement projects study, if it is

beneficial in eco-friendly manner in any ways, SBI will provide loan for the

residential projects with various offers or concessions. IGBC (Indian Green

Building Council) provides financial benefits of 5% concession in margin

and 0.25% concession in interest rate and waiver in processing fees.

(Szymanski and Hise, 2000)

 Power saving equipments: Banks are also contributing directly in

controlling Climate Change, as an initial step, they started a campaign to

replace all fused GSL bulbs in all residential and bank-owned premises.

Banks can also make a feasibility study step to make rain water harvesting

mandatory in all bank 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’.

 Use Green Credit Cards: Some of the banks introduced Green Credit Card.

The benefit of using a green credit card is that banks will donate the funds to

non-profit organization which helps in protecting the environment, the more

you spend on credit cards will directly be a worthwhile cause of environment

protection.

 Save Paper: Banks are taking step to save the papers; various steps are taken

to save the paper, save the tree mission. Banks are purchasing recycled paper

products with the highest postconsumer waste content possible. This includes

monthly statements, brochures, ATM receipts, annual reports, newsletters,

 copy paper, envelopes etc. the one more step can be taken is whenever

available and possible, use vegetable-based inks instead of less

environmental friendly oil-based inks.

 Use of Solar and Wind Energy: As green banking is sustainable banking

so using solar and wind energy is one of the noble cause for going green.

State Bank of India (SBI) has become the first bank in the country to take the

initiative of green banking by installing the windmill. As part of its green

banking initiative, SBI has installed 10 windmills with an aggregate capacity

of 15 MW in the states of Gujarat, Maharashtra and Tamil Nadu.

 Mobile Banking: Mobile Banking is becoming more trending with the

emergence of Digitalization. On one hand, Mobile banking is tricky but on

the other hand, it is great to have the ability to check balances, transfer funds

or pay bills from your phone. It saves both time and energy of the customers;

it also helps in reducing use of energy and paper of the bank. ICICI Bank has

introduced 24x7 online bank branches and all the public and private sector

banks providing the facility mobile banking and phone banking.

1.4 GREEN BANKING ‘A BANKER’S PERSPECTIVE’

Go Green practices becoming more popular nowadays due to the

environment friendly practices. As banking is not an easy task, every bank has to

work closely with the government, NGO’S, Consumers and business communities to

achieve the goals. Do we think that all the banks are working ethically towards the

environment, not fairly? Somehow or the other there is a question mark with the

growing needs of the customer, banks have to work around the clock, demanding

more employees, working in the well equipped office with more computers,
increased electricity demand which was often created the burning of coal in

environment. (Maymand M. and Mahmaoudi., 2005).

With the change in the currency, the cash free banking system have emerged

and are beneficial to the consumer, employees, industries and economy as a whole.

It is not only helpful in reducing overall transaction cost to consumer but also ease

the deposits, withdrawal and increase the trading practices.

Country like India is lacking infrastructural facilities, technology, education

and awareness which is preventing the acceptance of green banking practice. It is the

prime time when India should take some major steps to adhere the concept of green

banking practices like EIA (Environmental impact assessment), ARS (Annual

Reporting System) and EMA (Environmental Management Audit). Many Bank

employees are still not aware of the green banking practices.

These are the few banks which are taking initiative towards Green Banking. As per

the RBI Guidelines all the banks have to work for green banking:

1. State Bank of India-Green with home loans

2. Punjab National Bank with Green Streak

3. ICICI Bank: 50% concession on car Loans for environmental friendly

vehicles

4. Standard chartered Bank

5. Yes Bank

6. IDBI Bank

7. Central Bank of India

8. Axis Bank
1.5 PROBLEM DISCUSSION

An educated citizen in the real sense is one who perceives the call of the

hour and mends his ways and means accordingly. The world is rapidly changing in

the era of technology. Things are becoming electronic and virtual. From physical

money to plastic money and now electronic money (e.g. bitcoin) there are numerous

options available and one has to be savvy which one to opt. The unquenchable

demand of the human race has increased the environmental carbon level so much in

recent century that we need to seriously think and amend our lifestyle. Banking is

the need of every individual who earns and Therefore, it touches everyone in the

world. An ultimate solution to the entire banking related problem specifically in

today’s scenario is green banking. Green banking means promoting environmental-

friendly practices and reducing carbon footprint from banking activities. There is a

wide range of applications available that help performing banking transaction in an

eco-friendly way. Gone are the days of long queues and tons of papers which used to

define typical branch of a bank. A bank is now just a click away on internet 24X7.

Movie tickets or education loan, recharging mobile or transferring funds, reserving

train seats or sending gifts online without carrying the burden of adding more to the

carbon level of the environment is now possible.

Green banking is a proactive way of future sustainability, but banks in India

are running behind their counterparts from developed economies. They have started

adopting green practices, but their impact on the environment is still catching up.
 Stead (2007) had analyzed the black marks of banks. Number of banks had

promised about investing in green businesses and dropping their greenhouse

emissions, but growing business in the banking sector meant more employees

working in the well lit offices around the clock on more computers, demanding more

electricity, which was often created by burning coal and more air travel which were

the key sources of global warming.

Green banking is fast, cost-effective, time saving, secure, reliable and

Therefore, the need of the era. Green Banking helps to create effective and far-

reaching market-based solutions to address a range of environmental problems,

including climate change, deforestation, air quality issues and biodiversity loss,

while at the same time identifying and securing opportunities that benefit customers.

Many Indian banks like SBI, ICICI, HDFC and Axis have started to realize the

importance and they are taking up various GREEN BANKING initiatives: like

promoting E-banking activities, spreading awareness and educating people in the

respective field. Therefore, it creates a need to study the issues and challenges

prevailing in adopting concept of Green banking in India.

1.6 PURPOSE OF THE STUDY

Green Banking has created a buzz in the financial world. It banks on social

and environmental impacts, preservation of environment, reliability, cost-

effectiveness and time saving. Although a new phenomenon, several countries have

successfully adopted it in their routine financial activities.

Green banking comes in many forms. It means promoting environment

friendly practices for sustainable growth and reduces the carbon footprint from the
banking industry. Using online banking instead of branch banking, paying bills

online instead of mailing them and opening online bank account are few step

forward in this direction. Green banking is comparatively new to the financial world.

Green banking is a step to change client habits in the banking sector for the

sustainable development in future. Online banking is the easiest way to green

banking. It is paperless banking which will reduce the cost of banking activities. In

December 2007, RBI issued a circular (RBI 2007-2008, 1216) highlighting the

importances for bank to act with responsibility and contribute to sustainable

development so that the impact of global warming can be reduce with the help of

banking industry. Green banking means to promote environment friendly practices

and to reduce the carbon footprint from banking operation.

Figure-1.2: Depicting Time for Green Banking

(Source- www.greeneconomies.com)

Banks, in India, have started various green banking initiatives. These

initiatives bring easiness to the customers and also help the banks in reducing their

cost of services. It is not possible to evaluate green banking initiatives taken by all
the banks in state of Rajasthan. Therefore, the current research study is focused to

evaluate the perception and opinion of bank employees and customers of Selected

Public and Private Sector Banks and to Comparatively Study on Issues and

Challenges regarding Green Banking in aforementioned banks.

1.7 BUSINESS MANAGEMENT IMPLICATION OF THE STUDY

The Value of a “green” business strives to have a positive impact on the

environment and community. It develops and practices business strategies that go

beyond minimal regulation and demonstrate commitment to a healthy and

sustainable future. A green business adopts principles, policies, and practices that

improve the quality of life for its customers and employees.

 Being Green: Companies have strengthened their commitment to

sustainability as the benefits become more apparent (and the alternatives more

untenable). Just as natural resources are becoming scarce and costly;

customers, employees and investors are increasingly environmental-conscious.

Championing sustainability allows businesses to align deeply with their

missions and engage customers on a more meaningful level. According to a

2011 study by MIT, sustainability is now a permanent part of 70% of

corporate agendas. Most companies now also consider green practices to be

vital to remaining competitive and many affirm that these practices are

contributing to profits. Some of the reasons for going green include:

 Reduced Risk: Environmental degradation threatens the ecosystem services

that allow our economy to function and companies are beginning to take

notice. PepsiCo, for instance, is investing in sustainable solutions to water

scarcity while Siemens is abandoning investment in dirty energy

sources for
 the renewable that will power the future. As investors and partners become

more knowledgeable about green strategies that improve the bottom line,

climate-responsive business practices are becoming the norm.

 Green Product Demand. Demand for environmental-friendly services and

products continue to grow. According to a survey conducted by Cohn &

Wolfe, a majority of consumers in all countries say that it is very or

somewhat important that companies are environment-friendly and 35% are

willing to spend a little more for green products.

 Consumer Engagement. Community involvement is an important

cornerstone for many companies, and green practices enhance public image,

community relations and goodwill. According to a report by D S Simon

Productions, "media initiatives with a corporate social responsibility focus

generates 35%-50% more positive media coverage on television, radio, web

and social media than comparable programs without the CSR hook".

 Attracting Talent. Environmental-conscious business practices help attract

and retain the best employees by increasing employee satisfaction and pride

in the workplace. According to a Monster TRAK poll on green employment,

92% of young professionals would be more inclined to work for an

environment-friendly company. Engagement programs that empower

employees by giving them easy ways to support causes they care about, such

as the Earth Share @ Work giving program, are also proven morale boosters.

 Attracting Investors. Socially and environmentally responsible assets rose

more than 324% from 1995 to 2007, signaling a growing interest in

sustainability among investors. Investors are also shifting from a "do no

 harm" approach to a "do more good" approach that will benefit companies

committed to the health of the communities they operate in.

 Saving Money. Nowadays, most of the commercial lending process in

different parts of the world scrutinizes projects with a set of tools by

incorporating environmental concerns in their day-to-day business. The

financial institutions should encourage projects which take care of following

points while financing them viz., (a) sustainable development and use of

natural resources (b) protection of human health, bio-diversity, occupational

health and safety, efficient production, delivery and use of energy

(c) pollution prevention and waste minimization, pollution controls (liquid

effluents and air emissions) and solid and chemical waste management and

(d) there should be a third party expert to draw a plan for the environment

management plan. They should keep above aspects in mind while financing

any projects.

(i) Analyzing the project in terms of scale, nature and the magnitude of

environmental impact. The project should be weighed on the basis of

potential positive and negative environmental influences and then

compared with the “without project situation”. There should be an

Environmental Impact Assessment (EIA) of each project

recommending the measures needed to prevent, minimize and

mitigate the environmental negative impact before financing the

projects.

(ii) While investing or funding the projects, the financial institutions

should assess the sensitive issues like vulnerable groups, involuntary

 displacement etc. The projects should be evaluated in terms of

environmentally significant areas including wetlands, forests,

grasslands and other natural habitats.

(iii) Banking institutions need to evaluate the value of real property and

the potential environmental liability associated with the real property.

Therefore, the banks should have the right to inspect the property or

to have an environmental audit performed through the life of the loan.

(iv) Banks also need to monitor post transaction for the ideal

environmental risk management program (Rutherford, 1994) during

the project implementation and operation. There should be physical

inspections of production, resources, training and support,

environmental liability, audit programs etc.

(v) The next round of evaluation includes loan structuring, credit

approval, credit review and loan management. Further banks have

annual audits, quarterly environmental compliance certificate from

the independent third party and also from the government.

(vi) Further, the banks can introduce green bank loans and products like-

(a) Investing in environmental projects (recycling, farming,

technology, waste, etc) for example reduced rate of interest on loans

to homeowners who install a solar energy system, (b) Providing

option for customers to invest in environment friendly banking

products and (c) Investing in resources that combine ecological

concerns and social concerns.

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