Adoption of Corporate Social Responsibility By Private Sector Banks - An Analysis of HDFC Bank

Abstract

In present day corporate world corporate social responsibility is getting very good importance and increase in awareness and control. Corporate social responsibility means, policies of organisations to run their business in such manner that is ethical, socially favourable, environmentally friendly and beneficial to community with respect to development. Organisations and firms in additions to their objectives and interests like profit maximisation and growth, also they should show their interest in societal welfare and environmental protection by taking reasonable responsibility. As per recent company regulations organisations required to invest specified percentage of their profit on corporate social responsibility activities. Banks and financial institutions playing very important role in economic development of any country. Banks required to take very crucial role in removing poverty, achieve equitable and responsible systems of governance and ensure environmental security. In mixed economy system like any other industry, even in banking sector also both public and private banks playing their role in business. In public sector banks normally they are controlled by Government and they implement CSR activities as per government regulations. Even Private banks also required to take up CSR activities at par with any other corporate houses. In this regard this paper attempts to analyze the CSR practices followed and implemented by Indian private banks. The main objective of this research paper is to find out CSR practices adopted and followed and achieved by private banks in India with reference to HDFC banks. This paper is based on conceptual research and information is taken from secondary resources by referring research journals and magazines.

Keywords: Corporate social responsibility, Economic development, Private sector banks, Sustainability.

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