Corporate Social Responsibility in Banks
Corporate Social Responsibility in Banks
S.Kavitha[1]
Abstract
Corporate social responsibility stands for business contribution to sustainable development and covers company’s active participation in different fields, human rights, human resources, relations with clients, suppliers, and other stake holders, corporate governance, environment and contribution to community and society. The social responsible attitude is integral part of the identity of financial institutions like banks, and it is one of their distinctive features. The Reserve Bank of India has asked the banks to pay special attention towards integration of social and environmental concerns in their business operations. Many of the newly formed private and foreign banks are aware of the importance of such a step and therefore are having an active CSR department in their banks. This paper is an attempt to explain the concept of corporate social responsibility and the different CSR practices followed by banks in India.
Key Words: CSR – Corporate Social Responsibility, Friedman’s View, Carroll’s View, Discretionary Responsibility
Corporate Social Responsibility in Banks
S.Kavitha[2]
Introduction
Corporate social responsibility stands for business contribution to sustainable development and covers company’s active participation in different fields, human rights, human resources, relations with clients, suppliers, and other stake holders, corporate governance, environment and contribution to community and society. The concept of social responsibility proposes that a private corporation has responsibilities to society that extend beyond making profit. Social responsibility is the way of life for most business organizations. It enables all such activities ranging from providing safe products and service to giving a portion of company’s profit to welfare organization. The social responsible attitude is integral part of the identity of financial institutions like banks, and it is one of their
S.Kavitha[1]
Abstract
Corporate social responsibility stands for business contribution to sustainable development and covers company’s active participation in different fields, human rights, human resources, relations with clients, suppliers, and other stake holders, corporate governance, environment and contribution to community and society. The social responsible attitude is integral part of the identity of financial institutions like banks, and it is one of their distinctive features. The Reserve Bank of India has asked the banks to pay special attention towards integration of social and environmental concerns in their business operations. Many of the newly formed private and foreign banks are aware of the importance of such a step and therefore are having an active CSR department in their banks. This paper is an attempt to explain the concept of corporate social responsibility and the different CSR practices followed by banks in India.
Key Words: CSR – Corporate Social Responsibility, Friedman’s View, Carroll’s View, Discretionary Responsibility
Corporate Social Responsibility in Banks
S.Kavitha[2]
Introduction
Corporate social responsibility stands for business contribution to sustainable development and covers company’s active participation in different fields, human rights, human resources, relations with clients, suppliers, and other stake holders, corporate governance, environment and contribution to community and society. The concept of social responsibility proposes that a private corporation has responsibilities to society that extend beyond making profit. Social responsibility is the way of life for most business organizations. It enables all such activities ranging from providing safe products and service to giving a portion of company’s profit to welfare organization. The social responsible attitude is integral part of the identity of financial institutions like banks, and it is one of their
References: Sen, S., Bhattacharya, C.B., Korshun, D. (2006), "The role of corporate social responsibility in strengthening multiple stakeholder relationships: a field experiment", Journal of the Academy of Marketing Science, Vol. 34 pp.158-66. Bhattacharya, C.B., Sankar Sen and Daniel Korschun (2008), “Using Corporate Social Responsibility to Win the War for Talent,” MIT Sloan Management Review, 49 (2), 37-44; “The Good Company”, The Economist (2005-01-20). Retrieved on 2008-25-07 Financial Express, Wednesday, Oct 28, 2009 at 1541 hrs IST