Corporate Social Responsibility of Banking Industry:

A case of Bangladesh
Abstract:
1. Introduction
2. Literature review
2.1 Concept, theories and prior literate of CSR
2.2 Banking Industry in Bangladesh
3. CSR practices in Banking Industry
4. Conclusion and Implication
1.2.2 Banking Industry in Bangladesh
The concept of banking materialized far back in history. The Jews in Jerusalem introduced a kind of banking in the
form of money lending before the birth of Christ. The word 'bank' was probably derived from the word 'bench' as
during ancient time Jews used to do money-lending business sitting on long benches. First modern banking was
introduced in 1668 in Stockholm as 'SvingssPis Bank' which opened up a new era of banking activities throughout
the European Mainland.In the South Asian region, early banking system was introduced by the Afghan traders
popularly known as Kabuliwallas. Muslim businessmen from Kabul, Afghanistan came to India and started money
lending business in exchange of interest sometime in 1312 A.D. They were known as 'Kabuliwallas' (Chowdhury,
2009).
In Bangladesh, the banking system at independence consisted of two branch offices of the former State Bank of
Pakistan and seventeen large commercial banks, two of which were controlled by Bangladeshi interests and three by
foreigners other than West Pakistanis. There were fourteen smaller commercial banks. Virtually all banking services
were concentrated in urban areas. The newly independent government immediately designated the Dhaka branch of
the State Bank of Pakistan as the central bank and renamed it the Bangladesh Bank. The bank was responsible for
regulating currency, controlling credit and monetary policy, and administering exchange control and the official
foreign exchange reserves. The Bangladesh government initially nationalized the entire domestic banking system
and proceeded to reorganize and rename the various banks. Foreign-owned banks were permitted to continue doing
business in Bangladesh. The insurance business was also nationalized and became a source of potential investment
funds. Cooperative credit systems and postal savings offices handled service to small individual and rural accounts.
The new banking system succeeded in establishing reasonably efficient procedures for managing credit and foreign
exchange. The primary function of the credit system throughout the 1970s was to finance trade and the public sector,
which together absorbed 75% of total advances(A.R Khan, Rahman and Islam, 2011).The government's
encouragement during the late 1970s and early 1980s of agricultural development and private industry brought
changes in lending strategies. Managed by the Bangladesh Krishi Bank, a specialized agricultural banking
institution, lending to farmers and fishermen dramatically expanded. The number of rural bank branches doubled
between 1977 and 1985, to more than 3,330. Denationalization and private industrial growth led the Bangladesh
Bank and the World Bank to focus their lending on the emerging private manufacturing sector. Scheduled bank
advances to private agriculture, as a percentage of sectoral GDP, rose from 2% in the year 1979 to 11% in the year
1987, while advances to private manufacturing rose from 13% to 53%(Siddique, Islam, 2001).The transformation of
finance priorities has brought with it problems in administration. No sound project-appraisal system was in place to
identify viable borrowers and projects. Lending institutions did not have adequate autonomy to choose borrowers
and projects and were often instructed by the political authorities. In addition, the incentive system for the banks
stressed disbursements rather than recoveries, and the accounting and debt collection systems were inadequate to
deal with the problems of loan recovery. It became more common for borrowers to default on loans than to repay
them; the lending system was simply disbursing grant assistance to private individuals who qualified for loans more
for political than for economic reasons. The rate of recovery on agricultural loans was only 27% in the year 1986,
and the rate on industrial loans was even worse. As a result of this poor showing, major donors applied pressure to
induce the government and banks to take firmer action to strengthen internal bank management and credit discipline.
As a consequence, recovery rates began to improve in 1987. The National Commission on Money, Credit, and
Banking recommended broad structural changes in Bangladesh's system of financial intermediation early in 1987,
many of which were built into a three-year compensatory financing facility signed by Bangladesh with the IMF
(International Monetary Fund) in February 1987(Iqbal, 2012).

 State-owned commercial Bank

Bangladesh becomes independent after long nine months war. Before the liberation, most of the banking company
were owned by the then west Pakistanis. So, the then Government of Bangladesh nationalized all the banks
operating in Bangladesh except foreign Banks (incorporated in abroad). All these banks were grouped into
commercial banks through merger process. Among the six commercial banks, two banks named Pubali bank and
Uttara bank were shifted to private sector in the month of January, 1985 and another bank Rupali bank was
incorporated as public limited company with effect from December, 1986. The rest three banks named Sonali bank,
Agrani bank and Janata bank were also transferred as public limited company in 2007.
In a report of IMF, it has been stated that the initial focus on state-led banking imitate the Governments lively quest
of industrial policies to inspire growth. SCBs were considered as the proper means of generating savings that could
facilitate industrial finance to the sectors of the economy with the best growth prospects. SCBs major drawback is
the lack of corporate governance and undue political pressure even in loan disbursements without proper analyzing
the prospects of the borrower. Despite recently some measures have been undertaken but this legacy is still visible in
high NPL ratios and frail solvency. The Government of Bangladesh has indicated its desire to divest off the state
owned banks, and took an initiative in late 2008 to make them limited liability companies(Anwarul Islam, 2012).
The Ministry of Finance, in consultation with the SEC and BB allowed the banks to move their accumulated losses
into capital surpluses based on the notion of Goodwill. The accumulated losses were converted in a Goodwill asset
that will be amortized out of future profits. This accounting treatment is questionable and concerns remain regarding
the true financial condition of these banks.
Specialized Bank/Development Financial Institutions (DFIs)
After liberation, two specialized bank operating in Bangladesh were also nationalized and renamed as Bangladesh
Krishi Bank and Bangladesh Shilpa Bank. But Bangladesh Krishi bank was divided in 1987 and renamed as
RajshahiKrishiUnnayan Bank (RAKUB) for Razshahi Division to promote agricultural development in that region
and Bangladesh Krishi bank for the rest of part of the country. In 1988, another specialized bank name Bank of
Small Industries and Commerce Bangladesh Ltd. (BASIC) was established as private bank to promote small and
medium entrepreneurship. In 1993, the then Government of Bangladesh took the control of BASIC and was declared
it as a specialized bank. Bangladesh Shilpa Bank was merged with Bangladesh ShilpaRinSangsta (BSRS) in 2010
and renamed as Bangladesh Development Bank Limited(International Monetary Fund country report, February
2010).
Private Commercial Bank
Local private commercial bank started operation in the decades of 1980's. We can categorize local private bank in
the following manner:
First generation bank: Those established in the decades of 1980s.
Second generation bank: These banks started operation in 1990 to 1995.
Third generation bank: After 1998, these banks are established.
PCBs dominate the banking sector of Bangladesh. More than 50% of total deposits and assets are covered by the
PCBs. The performance of PCBs is much better than SCBs and DFIs in all respects. Client service innovation and
banking service automation is one of the major reasons for their domination over the SCBs and PCBs. Among the
three generation of PCBs, third generation banks are more innovative and provide better client services through
automation whereas first generation banks are little bit in backward position though they are continuously improving
their condition to compete in the market. Bangladeshs PCBs have quickly occupied market share at the expense of
the state-owned commercial banks (SCB) and presently grasp more than 59% of total deposits whereas it is only
28% for the SCBs and PCBs assets coverage is 58% whereas it is only 29% in SCBs.
Foreign Commercial Banks (FCBs)
Before liberation, there were few FCBs operating in the country which were incorporated in abroad. Among those
foreign banks, Standard chartered Grindlays Bank was merged with Standard Chartered Bank in 2003 and then
American Express Bank further merged with Standard Chartered Bank in 2005. Credit Agricole Indosuez bank was
renamed as Commercial Bank of Ceylon Ltd. in 2003(Al Imran Sharker and Amitabh Shaha, 2011). Foreign

Commercial Banks suffered for lack of wide spread branch network. Their operation is basically limited to capital
city and some other municipal city corporation area.
1.2.1 Structure of Financial Systems in Bangladesh
Financial System is the set of well organized institutional set up which helps to transfer excess funds from surplus
unit to deficit unit. The financial system in Bangladesh includes Bangladesh Bank (the Central Bank), scheduled
banks, non-bank financial institutions like leasing etc, Microfinance institutions (MFIs), insurance companies, cooperative banks, credit rating agencies and stock exchange. Banking sector occupies the lion portion share of
financial system in Bangladesh. Bangladesh bank is authorized for regulating and supervising financial institutions
in Bangladesh. Despite in recent years, many non-bank financial institution has been established, still the financial
system of Bangladesh is mainly banking sector based. After the independence, banking industry in Bangladesh
started its journey with 6 Nationalizedcommercialized banks, 2 State owned Specialized banks and 3 Foreign Banks.
In the 1980's banking industry achieved significant expansion with the entrance of private banks. Now, banks in
Bangladesh are primarily of two types:

Scheduled Banks: The banks which get license to operate under Bank Company Act, 1991 (Amended in
2003) are termed as Scheduled Banks.

Non-Scheduled Banks: The banks which are established for special and definite objective and operate
under the acts that are enacted for meeting up those objectives, are termed as Non-Scheduled Banks. These
banks cannot perform all functions of scheduled banks.

FCBs; 9; 19%

SOCBs; 4; 9%
SDBs; 4; 9%

Islami Shariah based PCBs; 7; 15%

SOCBs

SDBs

Conventional PCBs

Islami Shariah based PCBs

FCBs

Conventional PCBs; 23; 49%

Figure 1.1:Categorization of Banking Institutions (BIs)

There are 47 scheduled banks in Bangladesh who operate under full control and supervision of Bangladesh Bank
which is empowered to do so through Bangladesh Bank Order, 1972 and Bank Company Act, 1991. Scheduled
Banks are classified into following types:

State Owned Commercial Banks (SOCBs): There are 4 SOCBs which are fully or majorly owned by the
Government of Bangladesh.

Specialized Banks (SDBs):4 specialized banks are now operating which were established for specific
objectives like agricultural or industrial development. These banks are also fully or majorly owned by the
Government of Bangladesh.

Private Commercial Banks (PCBs): There are 30 private commercial banks which are majorly owned by
the private entities. PCBs can be categorized into two groups:

Conventional PCBs:23 conventional PCBs are now operating in the industry. They perform the
banking functions in conventional fashion i.e interest based operations.

IslamiShariah based PCBs: There are 7 IslamiShariah based PCBs in Bangladesh and they
execute banking activities according to IslamiShariah based principles i.e. Profit-Loss Sharing
(PLS) mode. .

Foreign Commercial Banks (FCBs): 9 FCBs are operating in Bangladesh as the branches of the banks
which are incorporated in abroad.
Other than these, Bangladesh Bank has approved license applications of 9 new banks.

Bangladesh Bank
Bangladesh Bank, the central bank and main regulatory body for the country's financial system and monetary
system, was established in Dhaka as an independent organization according to the Bangladesh Bank Order, 1972
(P.O. No. 127 of 1972) with was effective from 16th December, 1971. The Bank has ten physical branches in
Bangladesh, in Mymensing, Motijheel, Sadarghat, Barisal, Khulna, Sylhet, Bogra, Rajshahi, Rangpur and
Chittagong, each headed by a General Manager. The headquarters are housed in BangladeshBankBuilding
in Motijheel, which has two general managers. Total manpower stood at 4951 (officials 3961, subordinate staff 990)
as on November 30, 2012 (Bangladesh Bank Website).Bangladesh Bank is basically responsible for all the core
functions that are done by all the monetary and financial sector regulators. Besides the core functions, Bangladesh
Bank is also responsible for some other supporting functions. The functions of Bangladesh Bank are to formulate
and implement monetary and credit policies, to regulate and supervise and monitor financial intermediaries like
banks and non-bank financial institutions, currency issuance and circulation across the country, payment system
management, holder and manager of FX reserve of the country, bankers to the Government, to prevent money
laundering, to implement Foreign exchange regulation Act and to preserve all credit information. Besides these
functions, Bangladesh Bank is also responsible for asset classification, loan concentration, setting up single
borrower exposure limit, licensing to the new bank and branch, impose penalty for non-compliances, intervention in
the management for assistance if any bank face difficulties, prepare guidelines and issuance directives regarding
banking operation, guidelines for core risk management, publication of different economic review etc. Bangladesh
bank monitors the performance of all schedule banks operating in the country through CAMELS rating system. The
ratio used in CAMELS rating system reflects the performance. Based on this CAMELS rating performance analysis,
Bangladesh Bank undertakes necessary initiatives. For this purpose, Bangladesh Bank depends mostly on historic
data. Bangladesh Bank also introduced the risk based inspection system for the supervision of schedule banks. In a
report of IMF 2010, it is stated that the supervision of commercial banks is still compliance based to see whether
policy and procedures are followed for which it has to primarily rely on checklist and it lacks proper forwardlooking qualitative judgment.
Economic Contribution of the Banking sector
Economic development of the country is determined by the contribution of various economic sectors. Growth in
every industry triggers the ultimate development for any countrys economy. Like agriculture, manufacturing,
power, transport, trade service and other industries, banking sector also has contribution to the economic growth. In
fact, banking sector contributes to all other industries of the economy and vertebrates the strength of the economy.
Statistics shows that in mid 80s banking and insurance contributed 1.69% of GDP and gradually the figure was
increasing. The maximum contribution was 2.09% of GDP in the year 1993 and it was 2.00% in 1996-97. Average
growth rate of this contribution was 1.51% of GDP, which shows a positive trend. Again, the sector makes a positive
impact on the economic development by generating employment. In the year 1980 total number of employees in this
sector was 59,235 but within 15 years of time the figure shoot approximately double to 101,444. The average growth
rate of employment generation was 3.76% (1980-1995). Countries like Bangladesh have a burden of its
unemployment, whereas banking sector still keep certain impact on employment generation. Branches of the banks
were also growing significantly. Increasing branches indicate a wide service provider to the population of
Bangladesh. Overall growth rate of the bank branches was 2.11% (1980-1995). But before 1990 the rate was 3.00%
and after 1990 it was 0.92%. In early 80s for the first time Government of Bangladesh (GOB) allowed private sector
to operate commercial banks. At that time number of bank branches was growing rapidly. In the early 90s this
growth rate was reduced, which may be because of the saturation stage. Individuals and business organizations used
to deposit their savings in the bank and borrow money from it. More the bank branches more people can be covered

to avail them in banking services. Average population per branch was 19,875 during the period from 1984 to 1995.
Because of the higher population growth rate (2.22%), in spite of increasing branches, the population per branch was
also increasing (Chu V. Nguyen, Anisul M. Islam, Muhammad Mahmud Ali, 2011).
Commercial banks are one of the profit making organizations, they are also making money by investing their
deposits to the profitable venture through lending to the entrepreneurs. Commercial banks earn money from interest
for loan and commissions and service charges for the services and it incur expenditure as well. Average profit per
taka of expenditure was 0.10. Before 1991 this figure was quite good, but after 1991 the ratio was negative up to
1993. Maximum figure was in the year 1982 that was 0.23 and minimum was -0.04 in the year 1991. Recently the
ratio became 0.07 in the year 1995. During 1991 to 1993 net profit was negative i.e. commercial banks spent more
than earning but again they improved the situation by reducing their expenditure compared to income. The banks
generated the income by the positive efforts of their employees. Efficient employees can earn more which observed
a positive impact to profit generation. Income per employee can be one of the indicators of commercial banks'
performance. Average income per employee from 1980 to 1995 was Tk. 227,046, i.e. per employees contribution to
income was more than Tk. 2 lacs. The ratio was increasing significantly with the average growth rate of 12%, to Tk.
371,297 in the year 1995 (Sharif RayhanSiddique, A F M Mafizul Islam, 2001).
A country leads itself to the economic development by investing and producing more in the local area. Investment
can be ensured through increased savings rate. Commercial banks are performing well and contributing to the
economic development of the country. The average profitability of all banks collectively was 0.09% during 1980 to
1995, which means profit Tk. 0.09 earned by utilizing assets of Tk. 100 (Sajid, Siddiqui, 2012). Moreover, the
deposits when mobilized in financing different loans, the profit earning is not the only factor as the concerns getting
finances gets adequate opportunities and funds to develop their respective business. Financing in RMG sectors and
export oriented organization significantly boosted the economys growth.
On the other hand, the international payment methods are all associated through banking channels which further
reinforces the performance of the economy; Growth in SME financing also equally contributed to development of
different industries while consumer financing improved the living standards. In every aspect of profit, banking
sector contributes to national economy as well as to the individual organization.
CSR Contributions of Banks
The banking sector is in a leading position in discharging Corporate Social Responsibility (CSR) in the country and
the CSR practices by banks have become an integral part of their business in recent years. CSR ensures trade-off
between economic and social goals of the efficient utilization of scarce resources. The banking sector can, in the
course of their intermediation role, contribute a lot in this regard. CSR practices by banks not only improve their
own standards but also catalyze the socially responsible behavior of other businesses. Banking industry itself can
also be benefited from the positive effects of CSR on the society as a whole, particularly on its clients. So, the role
of banks for pursuing appropriate CSR practices in the society, especially in a developing country like ours, need to
be duly emphasized. In developed countries, there are various incentives and regulatory bindings to promote socially
responsible behavior of business and a good number of financial institutions are responding positively towards the
society through philanthropy, community investment, employee empowerment, equitable social practice,
safeguarding environment and doing social and environmental reporting. However, the status of CSR has not been
satisfactory in many developing and least developed countries, largely due to lack of awareness, poor enforcement
of existing laws and inadequate pressure from civil society and interest groups. In Bangladesh, most of the business
houses are not aware of the benefits of CSR. However, the banking sector is doing well in this regard under the
leadership of Bangladesh Bank, the central bank of the country.
Besides fulfilling the ethical obligations, the banks can be immensely benefited from the new client bases created as
a result of CSR activities. Moreover, banks that mainly do businesses with the depositors' money cannot avoid
responsibility to the society.In response to the acute pressures from the stakeholders across the globe to carry out
business in an ethical and responsible manner the banking industry, international development organizations,
environmental NGOs, etc., have been undertaking several initiatives and issuing a number of guidelines to promote
CSR. Some of the widely followed guidelines include the United Nations Global Compact, the United Nations
Environment Programme Finance Initiative (UNEP FI), the Equator Principles (EP), the Global Reporting Initiative
(GRI), etc. These guidelines are generally voluntary in nature for the financial institutions and only apply to those in
the industry that sign up for such initiatives.

The expenditure in CSR activities by all the banks in Bangladesh started to take a climb since the year 2008. Since
then the growth of CSR activities observed has been immense. The CSR expenditure in the last five years have been
tabulated as followsYear
CSR expenditure
(in million taka)

Table 1.2:CSR Expenditure of the Industry from 2007-11

2007
2008
2009
2010
226.40

410.70

553.80

2329.80

2011
2188.33

The total expenditures by the banking industry in 2007 was 226.4 million taka. In the year 2008, the total
expenditure grew in almost double of the last year and reached 410.7 million taka.

CSR expenditure

(in million taka)

2010; 2329.8

CSR expenditure

2008; 410.7
2007; 226.4
2007

2008

2011; 2188.33

(in million taka)

2009; 553.8

2009

2010

2011

Figure 1.10: CSR Expenditure of the Industry from 2007-11

Again in the year 2009, the expenditure increased by 34.84% from the last year and reached to 553.8 million taka. In
2010, the expenditure went to the highest in recent years with a growth of 320% and reaching a total of 2329.8
million taka. The expenditure in 2011 has decreased a bit compared to 2010 although maintaining the standard. This
growth pattern indicates the success of the attempt by the central bank of including thebanking industry heavily in
the development of the country and also indicates the rising awareness among the banks as well as the customers in
supporting the CSR activities.
There were no explicit policies on CSR in Bangladesh prior to 2008. In 2008, Bangladesh Bank (BB) took initiatives
for formalizing CSR in the banking sector of Bangladesh and issued a detailed directive titled "Mainstreaming
Corporate Social Responsibility (CSR) in banks and financial institutions in Bangladesh". The directive states the
strategic objective for CSR engagement, priority areas to promote CSR in client businesses, and the first-ever CSR
programme indicating some likely action plans. The priority areas as indicated by BB in the field of CSR include
self-employment, financial inclusion, and SME credits designed to create productive new on-farm/off-farm
employment; financing of biomass processing plants, solar panels, waste recycling plants, effluent treatment plants
(ETP); relief and credit programs to the people affected in natural calamities like 'Sidr' and 'Aila'; credit programmes

for diversified production of crops, oilseeds, spices, vegetables, fruits etc.; mobile phone based/MFI supported
programmes for prompt delivery of remittances; financing programmes to promote domestic tourism and markets in
cultural products/events. All the commercial banks are asked to formulate their own CSR policy with the annual
outlay for CSR programmes and include the CSR programmes in their mainstream banking activities instead of
short-term social works like providing grants, aids and donations. In a very recent circular BB asked banks of the
country to spend at least 30% of their CSR expenditure for education.BB has been providing various incentives
encouraging environment-friendly practices by both the banks and their counter parties. BB offers different
refinance facilities at bank rate against loans for agriculture, SME (small and medium enterprises), renewable energy
and effluent treatment projects. BB offered Tk 2.0 billion (200 crores) refinance line in the year 2010 against bank
loans for investments in solar energy, biogas plants, ETP, and energy efficient kilns. BB introduced another new
refinance facility of Tk 5.0 billion (500 crores) through the state-owned banks to capacitate jute sector with an
expectation that this sector would revive and act as a substitute to polythene. Besides, CSR practising banks will
enjoy some incentives in the form of preferential treatments like giving points to compliant banks on management
component while deciding on its CAMELS (capital, asset, management, earning, liquidity and sensitivity) rating;
naming top ten banks for their overall performances in CSR; and taking CSR activities into account in giving
permission to open new branches. All these initiatives will hopefully create conducive environment and the banking
sector of Bangladesh will come forward to do more CSR activities (Review of CSR initiatives, Bangladesh Bank
website)

Sectoral Analysis of CSR Expenditure

Figure 1.11:Sectoral Shares of CSR Expenditure from 2008-11

It may be seen from the graph above that even though CSR expenditure in health sector declined in 2011 from the
previous year, education (27.99%), health (23.78%) and sport (16.41%) persistently getting major shares (68.18%)
of CSR expenditure, alongside humanitarian and disaster relief (8.59%) continued getting significant share.
Expenditure on Art and culture (7.84%) decreased and expenditure on environment doubled in 2011 from 2010.
A number of banks placed high priority on CSR expenditure supporting education of students from lower income
group parents. Education sector (27.99%) got the highest weight as percentage of total CSR expenditure in 2011.
CSR expenditures of banks in the health sector comprised contributions to established hospitals, clinics etc. as well
as running own non-profit hospitals etc. In 2011, health sector got 23.78 percent of total CSR expenditure. In terms
of a BB guidance circular issued in 2011, banks are paying due attention to gender fairness issues in their internal
work environment, recruitment, maternity leave policies etc. and are reporting to BB on gender issues. Banks are
nominating one official at each branch as key focal person for providing financial services to the disabled. They are
helping mentally and physically disabled people of the society through following CSR programs-

 awarding scholarships and providing educational materials to physically challenged students,

arranging free surgical operation for children and adolescents with clubfeet and plastic surgery operation
camp,
setting up temporary eye treatment project,
extending financial assistance to war wounded Freedom Fighters,
providing financial aids for the treatment and education of hearing impaired poor people of the society, and
building awareness about Autism etc.
Some banks are incurring CSR expenditure directly from their own budget, while a few others are doing so
through separate entities established as foundations/trusts supported by contribution from CSR expenditure
allocation of the banks concerned.
Green Banking Practices
Out of 47 scheduled banks, 40 banks have formulated their own Green Banking Policy Guidelines approved by their
Board of Directors/Competent Authority while the rest 7 banks are yet to formulate their own policy for green
banking. Banks have allocated Tk. 5252.07 million in their annual budget. 43 banks have formed Green Banking
Unit (GBU) for contributing to green banking activities while 4 banks are yet to establish GBU. Some banks have
just started developing Strategic Planning for Sector specific Green Banking Policy. Some common in-house Green
Activities reported by banks are using table stationeries commonly instead of individual use, use of paper on both
sides for internal consumption, introduction of e-statement for customers instead of paper statements, use of online
communication in the best possible manner, using more daylight instead of electric light and proper ventilation in
lieu of using air conditioning, using energy saving bulbs and ensuring maximum utilization of day-light, use of Eco
Font for printing light impression in both sides of the paper, video/Audio conference in lieu of physical travel,
conversion of Banks vehicles (pool) into CNG and use of energy efficient lights and other electronic equipments,
economic use of light and air conditioners, efficient use of printer cartridges, photocopy toner, office stationary etc.,
sharing electronic files, voice mail and e-mail instead of paper memos, use of solar energy/Renewable energy
sources. Ultimately, all these initiatives are igniting the awareness among every stakeholder involved in the banking
sector guiding the way to a sustainable environment.
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