A STUDY ON CORPORATE SOCIAL RESPONSIBILITY PRACTICES IN INDIAN FINANCIAL INSTITUTIONS
Abstract
Corporate social responsibility is a term used to describe the actions of companies responsible for their employees, customers, and communities. In countries like India, it is not uncommon to see companies that have been socially responsible in their operations. These companies are known as ' green businesses' or sustainable enterprises aiming for environmental protection and economic growth. Recently, Indian institutions are also been focusing on socio-economic development activities like education, health care and infrastructure. CSR activities could play a significant role in the overall development of a country like India, where the one size fits all approach is nullifies. CSR is also a significant tool for the effective management of resources. It helps maintain the balance between social and business objectives and ensures that profits are used to improve the quality of life. CSR is not only limited to business but also includes non-profit organisations' activities. The concept of CSR was introduced in India in 2003 by the Ministry of Corporate Affairs (MCA) and the Department of Industrial Policy & Promotion (DIPP). It was launched to promote corporate social responsibility among Indian corporates. This study aims to take a lustrum review of corporate social responsibility practice in Indian financial institutions and highlight the best responses and the extent of their positive impact.
Keyword : Green business, CSR, MCA, DIPP, Lustrum
This work is licensed under a Creative Commons Attribution 4.0 International License.
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