A Study on Significance of Green Banking for Sustainable Banking and Economic Development in India
Keywords:Green Banking, Sustainable Development, Sustainable Banking, Economic Development, Globalised Economy, Environmental Policies
The sustainable services sector has the potential to play a mediating role between the promotion of economic development and the safeguarding of the environmental banking. Because this type of banking seeks to encourage environmentally responsible and socially responsible investment, it is sometimes referred to as “Green Banking.” Allowing markets to function within an appropriate framework that is comprised of cost-efficient rules and economic tools is the most effective method for achieving sustainable development. Financial institutions, such as the banking sector, are examples of one of the key economic factors that have a significant influence on total industrial activity and economic development. Because of the globalization of the economy, businesses and industries are at risk of being targeted by strict environmental rules, harsh legal actions, or consumer boycotts. Because the industrial sector is one of the key stakeholders in the banking sector, it is possible for it to be exposed to credit risk as well as liability risk. Green activities by banks include “internal environment management, environmental financing/product ecology, environmental disclosure and reporting, creating and implementing principles and supporting other stakeholders”. This paper examines the significance of green banking, provides examples from other countries’ experiences, and focuses on the most essential takeaways for sustainable banking and economic development in India. In addition to this, an effort has been made to catalogue viable alternatives for green banking.
Bhardwaj BR, Malhotra A. Green Banking Strategies: Sustainability through Corporate Entrepreneurship. Greener Journal of Business & Management studies 2014; 4(4): 180-191.
Nath V, Nayak N, Goel A. Green Banking Practices- A Review. International Journal of Research in Business Management 2014; 2(4): 45-62.
Bahl S. The role of green banking in sustainable growth. International Journal of Marketing, Financial Services and Management Research 2012; 1(2): 27-35.
Bailey AA. Consumer Awareness and Use of a Product Review Websites. Journal of Interactive Advertising 2005; 7(1): 78-81.
How to Cite
Copyright (c) 2022 Ravinder Nath Goswami
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.