Corporate Social Responsibility Practices In Banking Sector

ABSTRACT
Banks and financial institutions play a very important role in the economic development of a country. In the todays era, deregulation of financial sector, technological advancement and other product innovations makes the market competition stiffer. In order to get an edge over the competitors, banks have to take a unique stand. Various institutions and banks had undertaken CSR practices to have that special edge. CSR practices helps to put a good impact on their customers, employees, suppliers, shareholders, other stakeholders and as well as environment. Corporate Social Responsibility (CSR) is a concept whereby organizations consider the interest of society by taking responsibility. CSR practices adopted by banks can led to betterment of society specially the weaker section, increased profits, enhancing customer loyalty and also enhancing brand awareness. Various studies are undertaken to measure CSR, to check its impact on customers satisfaction and its impact on society. Present study put some light on the concept of CSR practices taken by Punjab National Bank (Public sector) & ICICI Bank (Private sector) in sonepat branches. PNB had put a milestone in the activities related to society upliftment. They had worked towards weaker section by providing credit to SC/ST & women beneficiaries. They had also played an important role in financial inclusion program, empowerment initiatives, health and

social initiatives, green initiatives regarding climate and environment. ICICI bank had also done a great work towards social responsibility in the areas of children welfare, community welfare, and poverty eradication. Both the banks had also established various institutions for carrying these activities. Further it studies its nature and extent of CSR and the need to improve CSR practices as per RBI guidelines.

Mrs. Kaveri Hans (Research Scholar, Department of Management Studies, DCRUST Murthal, Sonepat) Dr. Manisha (Asstt. Professor, Department of Management Studies, DCRUST Murthal, Sonepat.)