SUSTAINABLE DEVELOPMENT THROUGH CORPORATE SOCIAL RESPONSIBILITY: A STUDY OF SELECTED INDIAN BANKS
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Abstract
CSR is what business does over and above its statutory obligations. Society and business are complimentary to each other in their goal of sustainable development. One cannot thrive without the other. Hence, business has a moral responsibility to contribute in enhancing larger social good. In the recent years CSR in India has moved from a voluntary activity to a compulsory activity required by law. It came as no surprise that included in the revision of the Companies Act 2013, the first revision in some 60 years, some major sustainability measures were included. The act defines CSR as activities that promote poverty reduction, education, health, environmental sustainability, gender equality, and vocational skills development. The study shows that Indian banks are making efforts in sustainable development through CSR 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.
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