Nishi Sharma - (IJAEBM) INTERNATIONAL JOURNAL OF ADVANCED ECONOMICS AND BUSINESS MANAGEMENT

Vol No. 1, Issue No. 2, 058 - 066

CSR Practices and CSR Reporting in Indian

Banking Sector
NISHI SHARMA*

University Institute of Applied Management Sciences

Panjab University, Chandigarh-160014, India

M
EB
A
IJ

Corresponding author:
Email id: jmdnishi@yahoo.com
Phone : +911722727251

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 Nishi Sharma - (IJAEBM) INTERNATIONAL JOURNAL OF ADVANCED ECONOMICS AND BUSINESS MANAGEMENT
CSR Practices and CSR Reporting
in Indian Banking Sector
Abstract- In recent years Corporate Social
Responsibility (CSR) has witnessed an astounding
ascendancy and resurgence at the global level. The
concept of CSR recognizes an organisation‟s
commitment to operate in a socially responsible
manner. It takes into consideration the social and
environmental implications of corporate financial
decisions. Growing complexity of business,
increasing concern for sustainable development,
need for stewardship of natural resources and call
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for enhanced transparency have not only
magnified the resonance of Corporate Social
Responsibility but also heightened the inclination
towards integration of CSR principles in the
corporate activities. In this regards, actions taken
by corporate houses and regulatory authorities
operating in developed nations are quite
satisfactory. However in developing nations the
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scenario of CSR activities is not so rosy.
Particularly in financial sector there is an absence
of stringent provisions regarding compliance and
reporting of CSR activities. This has further
instigated organisations to remain silent to the
issue till any mandatory provision is being
enacted. In addition to this the academic
publication on this fiery issue also reflects the
Western centric nature of research work. In fact
there is an availability of very limited research
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work in the context of implementation of CSR
practices in context to developing nations. In this
reference the present paper attempts to analyse
CSR practices and CSR reporting in India with
special reference to banking sector.
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Key Words- CSR practices; CSR reporting;
Banking Sector; Financial Performance.
I. INTRODUCTION
Industrialisation and commercialisation of service
sector have explored vivid avenues of progress to
a nation but at the flip side it rooted the use of
non-renewable energy sources, global warming,
greenhouse gas emissions and rising levels of
waste which have pernicious effects to the
generation coming next. The growing concerns for
sustainable development, environmental
performance, encompassing pollution control and
stewardship of natural resources gave mass
recognition to the concept of Corporate Social
ISSN: 2230-7826 @ 2011 http://www.ijaebm.iserp.org. All rights Reserved.
Vol No. 1, Issue No. 2, 058 - 066
Responsibility (CSR). The integration of CSR
principles in operating activities of business is
very much imperative to ensure sustainable
development of an economy. The potential
benefits of CSR have generated interest of
regulatory authorities, society, NGOs, employees,
customers as well as international bodies to the
issue. In financial sector several international
initiatives like United Nations Environment
Programme Finance Initiative, Global Reporting
Initiative, Equator Principles and Collavecchio
Declaration on Financial Institutions are underway
to ensure the adoption of CSR practices in normal
business operations. These initiatives have
favourably tuned up developed countries to
behave in a socially responsible manner. But in
developing nations, there is a dearth of deliberate
and effective actions to the current need. In
addition to this a very limited research work has
been done to investigate the CSR practices in
developing and emerging nations. In fact the
academic publication on this fiery issue is
primarily western centric. Belal1 (2001) also noted
that most of the CSR studies conducted so far
have been in the context of developed countries
such as Western Europe, the USA and Australia
and we still know too little about practices in ex-
colonial, smaller, and emerging countries. In this
context, the present paper attempts to examine the
steps initiated by Indian scheduled commercial
banks to portray their responsible behaviour. The
second section unfolds some prominent
dimensions of CSR practices world-wide. Next
section entails the discussion of CSR practices in
banking industry with special reference to Indian
banks. It unfolds the thrust areas of public and
private sector banks of India. It examines the
recent initiatives of some leading banks of India.
Fourth section analyses the CSR reporting
practices around the globe. Last section
summarises the limitations of CSR practices in
Indian banking sector and put forward suggestions
to improve the current scenario.
II. DIMENSIONS OF CSR
The concept of corporate Social Responsibility is
not a new one. But its focal point changes with the
changing requirements of business and varying
social needs. In 1960, CSR emerged out from an
attempt to link business with society. The
underlying expectation in this era was to apply the
resources in a socially responsible manner i.e., the
promotion of social welfare along with the
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 Nishi Sharma - (IJAEBM) INTERNATIONAL JOURNAL OF ADVANCED ECONOMICS AND BUSINESS MANAGEMENT
economic development. The main argue was to
employ economy‟s means of production in such a
way that production and distribution could
enhance total socio-economic welfare. In 1970‟s
CSR was identified as the compliance to the
business ethics. The basic idea was to enlarge the
periphery of CSR implications from pure
economical boundaries. In this regards, corporate
house has to ensure the maximum possible use of
business resources with no compromises to
business ethics. The concept leads to profit
maximisation without deception or fraud to any
party i.e., lying within the rules of the game. In
this period, a socially responsible firm was
identified as one which balances multiplicity of
interests instead of striving just for profit making
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for its stockholders. Davis2 (1973) described CSR
as firm‟s consideration and response to different
issues which may rest beyond the narrower
territories of economic, technical and legal
requirements of the firm. In this phase researchers
pointed out that CSR encompasses the economic,
legal, ethical and discretionary (philanthropic)
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expectations that society has at a given point of
time.
In 80s & 90s a need was being felt to give
recognition to some new concepts like stakeholder
theory, corporate governance, corporate social
performance, corporate citizenship, corporate
social innovation and communication of CSR
practices through CSR reporting. Gray et al. 3,
(1987) insisted upon the communication of social
and environmental effects of organizations along
with the economic actions to particular interest
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groups within the society. Further efforts were
being made to operationalise the CSR practices
for business houses. Wood4 (1991) explained
operational view of CSR as a firm‟s social
performance, which can be assessed by how a
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firm manages its societal relationships, its social
impact and the outcomes of its CSR practices.
Lee5 (1997) explained CSR as the company‟s
commitment to operate in an economically and
environmentally sustainable manner, while
acknowledging the interests of a variety of
stakeholders and maximizing economic, social
and environmental value.
In 21st century a general attempt was to
establish the linkage among economic, legal,
social and ethical standards so as to bring
sustainable development. World Business Council
for Sustainable Development 6 (2001) explained
CSR as the commitment of business to contribute
towards sustainable economic development,
working with employees, their families and the
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Vol No. 1, Issue No. 2, 058 - 066
7
local communities. Uhlaner et al. , (2004)
discussed the economic, legal, ethical,
philanthropic aspects in regards to CSR. Juholin8
(2004) made a distinction between CSR as simple
legal compliance and CSR as conducting business
with a high regard for morality. Longo et al. 9,
(2005) took stakeholder perspective to examine
the CSR obligations and contributions of firms.
Some studies like Quazi and Brien10 (2000) and
Deniz and Suarez11 (2005) have made distinctions
among classical, socio-economic, philanthropic,
and modern views of CSR. In short during this
phase the concept of CSR was showered with
some divergent thoughts covering economic,
legal, ethical, philanthropic and social aspects of
business houses.
III. CSR PRATICES IN BANKING
INDUSTRY
Now-a-days across the globe, banking sector is
under massive pressure from its shareholders,
investors, media, NGOs as well as its customers to
carry out business in a responsible and ethical
manner (Bhattacharya et al.12 2004; Frenz13, 2005;
Jeucken14,15, 2001; 2004). Recently, several
initiatives have been initiated to promote CSR
practices around the globe. For instance, United
Nations Environment Programme Finance
Initiative (UNEPFI) was launched in 1990s to
promote sustainable development within the
framework of market mechanisms. Likewise,
Bank Tract network was formed by global
coalition of NGOs to promote sustainable finance.
Collevecchio Declaration also calls for
environmental protection and social justice by
banks. Some countries levied heavy penalties to
banks for violating socio-economic principles. For
instance US Comprehensive Environmental
Response Compensation and Liability Act in late
1980s has resulted in huge loss to the banks in the
US for the environmental pollution of their clients
and made them to pay the remediation cost.
Further socially irresponsible lending banks have
to face a lot of criticism for their actions many
times. Jeucken15 (2004) illustrated that ABN
AMRO attracted massive public criticism for its
engagement in destructive mining practices in
West Papua New Guinea. Hoare16 (2004) reported
the criticism of the finance institutions of BP and
Barclays for the Baku-Tbilisi-Ceyhan oil pipeline
project which was ultimately responsible for
cutting across nationally protected wetland area
and causing displacements of local population in
Azerbaijan, Georgia and Turkey. The exponential
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growth of information technology has caused
great demand for adoption of CSR activities in
banking sector. State regulatory bodies, media,
NGOs, customers have significantly addressed
social responsibility issues in banking sector
(Jeucken14, 2001; Bhattacharya et al.12 2004;
Decker17, 2004). Likewise, international
organisation such as the World Bank also
frequently exert pressures on banks to analyse
social and environmental risk involved in projects
to be financed. In addition to this, CSR practices
of an organisation have significant impact on its
reputation and resultant profitability. Many
researches like Pava and Krausz18 (1996) and Preston
and O'Bannon19 (1997) have found positive correlation
between CSR and financial performance of the
Vol No. 1, Issue No. 2, 058 - 066
stakeholders. The major thrust areas for CSR
practice in Indian banks are common in public
sector and private sector banks. These areas
include children welfare, community welfare,
education, environment, healthcare, poverty
eradication, rural development, vocational
training, women's empowerment, protection to
girl child, employment. However the core areas
for reporting CSR activities are slightly different
in both types of banks. The analysis of three core
activity areas as depicted by these banks reflected
some prominent fields for CSR activities. These
areas could be shown by the following charts. The
X axis of chart represents these fields and Y axis
of the chart represents the number of banks,
claiming these areas, out of the selected sample.

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organisation. Some researches have also proved a Chart 1 reports the thrust areas of the public sector
negative impact of socially irresponsible operation bank while chart 2 reflects those for private sector
on share prices and brand reputation of a bank banks.
(Hopkin and Cowe20, 2003; Ian21, 2005). Around
the globe, banking industry is showing a good
commitment to CSR principles. Decker17 (2004) Chart 1: Core thrust areas for reported CSR
pointed out that banks have exhibited conscious activities in public sector banks
efforts to comply with the relevant provisions to
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reduce the regulatory action through depicting a
good environmental citizen image.

A. CSR Practices in Indian Banks

Banking in India has originated in the last decades
of the 18th century with the establishment of
General Bank of India in 1786, and the Bank of
Hindustan set up in 1870 (however both of the
banks are now defunct). The oldest bank existing
in India is the State Bank of India and the apex
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regulatory authority of Indian banking sector is
Reserve Bank of India. At present, the commercial
banking structure in India consists of Scheduled
Commercial Banks & Unscheduled Banks. Since
independence, banking in India has evolved
through four distinct phases: Foundation phase
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(1950s till the nationalisation of banks in 1969),
Expansion phase (mid-60s to 1984),
Consolidation phase (1985 to 1991) and Reforms
phase (since 1992). Indian banking industry is
found to be adopting an integrated approach of
combining CSR with the ultimate customer
satisfaction voluntarily. In recent years an attempt
has been initiated to ensure socially responsible
behaviour of banking sector in more systematic
manner. RBI has also insisted upon taking
measures for sustainable development of economy
through realising the dire necessity of CSR.
Reserve Bank of India22 (2007) stated that CSR
entails the integration of social and environmental
concerns by companies in their business
operations and also in interactions with their
ISSN: 2230-7826 @ 2011 http://www.ijaebm.iserp.org. All rights Reserved.
Source: Compiled from respective websites of
selected public sector banks
Indian public sector banks most actively
participate for alleviation of regional imbalances
through initiating various activities for promotion
of rural development. Besides it, they primarily
focus on the issues of gender equality through
women's empowerment. The major areas
investigated for reporting CSR activities in private
sector banks could be depicted by the following
chart 2:
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 Nishi Sharma - (IJAEBM) INTERNATIONAL JOURNAL OF ADVANCED ECONOMICS AND BUSINESS MANAGEMENT
Chart 2: Core thrust areas for reported CSR
activities in private sector banks
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Source: Compiled from respective websites of
selected private sector banks
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The major areas for reporting CSR activities in
Indian private sector bank are to enhance the level
of education and employment. The other
prominent areas for their concern include
community welfare, programmes for child welfare
and protection of environment.
As shown from the above graphs the CSR
practice of the selected banks represents a wide
spectrum of different activities including rural
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development, community development and social
welfare, family initiatives, women's
empowerment and environment protection. A
significant part of the bank‟s annual earnings is
used to support structures, events and individuals
across diverse areas of child healthcare and
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education, entertainment, environmental
beautification, human capital development and
arts. The study of core areas as reported by the
selected banks reveal that primary concern for
both type of bank is social welfare. However both
have different approach to promote the same. The
general trend of selected public sector banks
mainly practices for rural development and
removal of gender inequality. On the other hand,
the core operational areas for CSR activities in
private sector banks are focused on education and
employment for all and mitigating the risk of
environment degradation through their green
banking strategies.
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Vol No. 1, Issue No. 2, 058 - 066
B. Some recent initiatives by Indian Banks
In order to address ecological and environmental
concerns, Reserve Bank of India has decided to go
for energy efficient buildings. Bureau of Energy
Efficiency has awarded the first star rating labels
to the Bank‟s building at Bhubaneswar and New
Delhi. The four buildings located at Bhubaneswar,
Chennai, Kochi, Kolkata are recognised as 5-star
building under the rating system. Nine buildings
at Bhopal, Chandigarh, Hyderabad, Jaipur,
Kanpur, Mumbai, Nagpur, New Delhi and
Thiruvananthapuram have been given 4-star
rating. In consideration of Ozone Depleting
Substances, bank has reviewed the air-
conditioning plant and planned to replace some of
the plants. SIDBI (the prime financer to small and
medium scale industries) has also incorporated
environmental and social aspects in its core
business activities so as to ensure sustainable
development. It is providing concessional .and
liberal credit to medium and small scale industries
which are initiating energy saving projects and are
adopting pollution control measures. Further
stringent provisions have been implemented for
financing industries consuming / producing ozone
depleting substances. State Bank of India (SBI),
the oldest bank has also adopted green banking
initiatives in its lending operations. Recognising
the warning of global warming bank has decided
to initiate urgent measures to combat the climate
change through envisaging two pronged approach
viz. i) to reduce the Bank‟s own carbon footprint
and ii) to sensitise the Bank‟s clients to adopt low
carbon emission practices. As a signal of Bank‟s
sincerity and urge in its efforts bank has installed
windmills for the Bank‟s captive use with a view
to substitute the polluting power with green
power. IndusInd Bank has recently launched solar-
powered ATMs. Many banks have participated in
the Carbon Disclosure Project. Some banks are
undertaking greenhouse gas (GHG) inventory
exercise for calculating their carbon foot-printing
and undertaking energy audits. ICICI bank has
shown its commitment to corporate environmental
stewardship and extended a great support to clean
technology projects. It has also liberalised credit
to zero emission vehicles. IDBI has set up carbon
desk.
IV. REPORTING OF CSR
PRACTICES
During last few decades, as a result of increased
consciousnesses towards sustainability issues a
move from core financial reporting to the adoption
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 Nishi Sharma - (IJAEBM) INTERNATIONAL JOURNAL OF ADVANCED ECONOMICS AND BUSINESS MANAGEMENT
Vol No. 1, Issue No. 2, 058 - 066
of triple bottom line principle was being observed. National Green , Agency
The triple bottom line principle entails reporting  Goldman Sachs Corp.:
of not only the economic performance of company Goldman Sachs Energy
but also their environmental and social Environmental and Social
performance i.e., reporting of CSR activities. CSR (GSEES) Index, asset
reporting calls for reflection of corporate ethical management in SRI , Index
practices, transparency, sensitivity to the provider
environmental issues, social commitment and  Innovest Group Innovest
labour welfare practices of business houses. The Strategic Value Advisors :
concept of CSR reporting has been described by research & screening
different scholars in different ways. Perks23 (1993) service, Agency
expressed CSR reporting as the disclosure of those  Institutional Shareholder
costs and benefits that may or may not be Services (ISS) :Corporate
quantifiable in money terms arising from Governance Quotient,
economic activities and substantially borne by the Agency
community at large or other stakeholders. A

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 Investor Responsibility
further extension in this field is the emergence of
Research Centre
a new theory of reputation risk management. In
(IRRC):research &
this regard, Bebbington et al.24 (2008) viewed
screening service , Agency
CSR reporting as part of the organizational
 Social Investment
reputation risk management process and proposes
Research Service (SIRS):
an image restoration framework. Rating of a
web based Screening
company could be use as a screening indicator. In
platform 'SIMON', Agency
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practice different nations have their distinct
different agencies and index providers which UK  Accountability Rating:
disseminate information to track the economic, research services, agency
financial, corporate governance, environmental  Business in the Community
and social performance of corporate. At present, (BITC): Corporate
numerous companies around the world are already Responsibility Index
documenting their performance and successes (BITC-CR-Index) , Index
through environmental and social reporting. In Provider
addition to this, CSR rating could be done through  Core Ratings Ltd.: research
in-house research teams, rating agencies or index & screening service ,
provider. These institutes attempt to provide a Agency
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reliable and objective benchmark of the best CSR  Ethical and Environmental
practices in the country to investors. The detail of Screening Service (ESS)
some prominent rating houses is as follows: :research & screening
service , Agency
Country In-house Research Teams, Rating  Ethical Consumer
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Agencies or Index Provider Research Association

USA (ECRA) : Several CSR
 Business Ethics : 100 Best
related information
Corporate, Citizens
services, e.g. Publishing
(annual ranking) , index
'Ethical Consumer', online-
provider
Database 'Corporate Critic'
 Calvert Group Ltd.: Calvert
 Ethical Investment
Social Index, Agency
Research Service (EIRIS):
 Citizens Advisers Inc.:
Index-family
Citizens Index
FTSE4GOOD , Agency
Fundamental Social
 FTSE Group: Information
Research, in-house
services related to capital
research/ index provider
markets, Agency
 Co-op America:
Global Risk Management Services
Information services
(GRM): research & screening
related to CSR e.g.
service
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 Nishi Sharma - (IJAEBM) INTERNATIONAL JOURNAL OF ADVANCED ECONOMICS AND BUSINESS MANAGEMENT
Vol No. 1, Issue No. 2, 058 - 066
Australia  Corporate Monitor: acceptance to the concept of CSR reporting by
Ethinvest Environmental banking sector around the globe, Indian banks are
Index , index provider not responding in the expected manner. According
 Centre for Australian to some critics, Indian financial institutions are
Ethical Research (CAER): concerned to the exclusion of all other
research & screening considerations about the ecology of their balance-
service , Agency sheets and, therefore, focussed on ever-greening
 Westpac Investment their assets. Rating of CSR activities of Indian
Management in banking sector has been done by Karmayog in
Kooperation mit Monash recent years. Indian commercial banks and
University y: Westpac- reported that two third of surveyed 36 banks
Monash Eco-Index , index couldn't even secure level 3 at 0-5 scale, no bank
provider could touch level 5 and just one bank could attain
level 5. The summary of Karmayog's28 CSR
 Sustainable Investment
ratings of these banks in 2009 could be shown by
Research Institute (SIRIS)
table 2:

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Pty Ltd.: Agency
Canada  Corporate Knights: Best 50 Table 2: CSR rating of Indian commercial banks
Corporate Citizens in Level No. of Name of Banks
Canada (annual ranking) , (0-5) Banks
index provider
 Ethiscan Canada Ltd.: The Level 0 3 City Union Bank, Karur
Corporate Ethics Monitor, Vysya Bank and Vijay
Bank
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Corporate 1,500 DataBase ,
Agency Level 1 6 Central Bank of India,
 Jantzi Research Inc.: Indusind Bank, Karnataka
Canadian Social Bank, Kotak Mahindra
Investment Database Bank, South Indian Bank
(CSID), Jantzi Social and UCO Bank
Index (JSI), Agency / index
provider Level 2 15 Allahabad Bank, Andhra
Bank, Bank of Baroda,
Most of the above rating agencies measure Bank of India, Bank of
corporate practices against a set of comparable
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Maharashtra, Bank of
standards based on international indices. Some Rajasthan, Corporation
rating agencies like Allianz Global Investors Bank, Federal Bank, HDFC
(AllianzGI) work for more than a specific country Bank, IDBI Bank, Indian
also. According to the recent reports provided by Overseas, State Bank of
different agencies and institutes developed and Bikaner, State Bank of
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developing both nations are showing their Mysore, State Bank of

inclination towards inclusion of GRI sustainability Travancore, and Syndicate
indicators in their annual reports. GRI25 (2008) Bank.
reveals that Spain is at highest toll (128 reports to
GRI) and supersedes United States (100 reports to Level 3 11 Axis Bank, Canara Bank,
GRI). Within the continent, Europe with 49% has Dena Bank, ICICI Bank,
been rated on top of the reporters known to GRI Indian Bank, ING Vysya
and in Asia the rating was made for 15%. Bank, Jammu and Kashmir
In context to India, the studies for rating Bank, Oriental Bank,
CSR activities of Indian corporate are very few. Punjab National Bank,
Singh and Ahuja26 (1983) conducted the first State Bank of India and
study in India on CSR of 40 Indian public sector Union Bank of India
companies. In 2006, Raman27 conducted a study Level 4 1 Yes Bank
using content analysis technique to identify the Level 5 Nil -
extent and nature of social reporting. However, it
is important to mention that in spite of mass Source: Compiled from Karmayog's report 2009
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 Nishi Sharma - (IJAEBM) INTERNATIONAL JOURNAL OF ADVANCED ECONOMICS AND BUSINESS MANAGEMENT
The analysis shows that most of the Indian banks
do not mention CSR or sustainability explicitly on
their websites. There is hardly anything mentioned
regarding their CSR practices. However, at no
account, it means lack of bank's participation in
CSR activities. In fact problem lies with
inadequate norms regarding CSR reporting
system. For example, ICICI Bank well known for
its social activities has no clear visible link on its
website regarding ICICI foundation or its support
of government programs to improve the
livelihoods of people. The primary limitation
investigated in context to the reporting of CSR
activities, is the absence of uniform standards laid for
such reporting, which could be apply to compare at
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international level. Unlike credit rating there is no
strong consensus about methodology. Further and
criteria used in CSR rating have a great diversity
(Sjostrom29, 2004). As a result this leads to a wide
spectrum of rating criteria (Schafer et.al. 30, 2006) and
lack of common standards for comparative study.
Tencati et al.31, (2004) found that the lack of public
support and publicity on CSR are the main reported
obstacles.
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V. CONCLUSION
Banking sector in India is showing interest in
integrating sustainability into their business models but
its CSR reporting practices are far from satisfaction.
There are only few banks which report their activities
on triple bottom line principles. As a matter of fact, the
standards for rating CSR practices are less uniform in
comparison to that for financial rating. This leads to
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problem in comparison of corporate houses and
determining the CSR rating. Absence of mandatory
provisions regarding reporting of CSR practices
further cause negligence on the issue of reporting.
Further, the study found that among the reporting
banks also, some banks are just making false gestures
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in respect of their efforts for socio-environmental
concerns. According to some critics companies, on
socio-environmental concerns, having significant
blemishes on their record riddle it and baffled real
issues. In addition to this, the credibility of rating
agencies has also been sometimes questioned.
However its importance can not be overlooked as it
may be used as a good media for providing inherently
useful information. The adaptation of reporting CSR
practices though quite slow in India, still it would
definitely get a great pace in near future. In fact there
is a great need for enacting some stringent regulatory
provisions to ensure the adherence to social
responsibility principles. The recent initiatives of
Reserve Bank of India in this regard are expected to
bring a drastic change in near future. Further voluntary
actions are required to be taken by the financial bodies
to ensure the socio-environmental feasibility of
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Vol No. 1, Issue No. 2, 058 - 066
projects to be financed. Indian banking sector must
also depict their socially responsible behaviour
through integrating triple bottom line principle. Banks
must also provide appropriate training to its
employees on environmental and social risks in
lending to ensure that climate change is taken into
account in corporate banking decisions. Further
regulatory authorities must envisage the regulations for
initiating reforms in reporting practices.
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Vol No. 1, Issue No. 2, 058 - 066
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