Csr in banking sector in bangladesh. Corporate Social Responsibility in Bangladesh’s Banking Sector 2022-10-20
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Corporate Social Responsibility (CSR) refers to the voluntary efforts taken by companies to contribute to the well-being of society and the environment. In the banking sector, CSR initiatives can range from financial inclusion efforts to promote access to banking services for underserved communities, to environmental sustainability initiatives to reduce the sector's carbon footprint. In Bangladesh, the banking sector has made significant progress in implementing CSR initiatives in recent years.
One major area of focus for CSR in the banking sector in Bangladesh has been financial inclusion. Many people in Bangladesh, particularly those living in rural areas, do not have access to traditional banking services. To address this issue, some banks have implemented mobile banking and other innovative technologies to bring banking services to these underserved communities. For example, the Grameen Bank, a pioneer of microfinance in Bangladesh, has successfully used mobile banking to provide financial services to rural women and other disadvantaged groups.
In addition to promoting financial inclusion, the banking sector in Bangladesh has also focused on environmental sustainability as part of its CSR efforts. Many banks have implemented measures to reduce their carbon footprint, such as investing in renewable energy and promoting energy efficiency in their operations. For example, the Bangladesh Bank, the central bank of Bangladesh, has launched a number of initiatives to promote sustainability in the banking sector, including a green banking policy and a solar energy financing program.
Another important aspect of CSR in the banking sector in Bangladesh has been the support of community development initiatives. Many banks have partnered with local organizations to support education, health care, and other social welfare programs in underserved communities. For example, the BRAC Bank, a leading private sector bank in Bangladesh, has supported a number of initiatives to improve the lives of people in rural areas, including the construction of schools and community centers.
Overall, the banking sector in Bangladesh has made significant progress in implementing CSR initiatives in recent years. By promoting financial inclusion, environmental sustainability, and community development, banks are playing a key role in contributing to the well-being of society and the environment in Bangladesh.
Corporate Social Responsibility in Bangladesh's Banking Sector
Social concerns are not a new area of interest for the business world. · Savings Bank Account: Usually customers open this sort of account at a low interest for only security. I had to go through many obstacles in order to make it presentable. By using the formula of- Z. List of Bank: Central Bank: Bangladesh Bank.
(PDF) CORPORATE SOCIAL RESPONSIBILITY REPORTING AND VALUE RELEVANCE OF THE BANKING SECTOR IN BANGLADESH
However, none of the banks reported to have adopted action programs and performance targets through consultative processes involving the internal and external stakeholders concerned as suggested in the guideline of June 1, 2008. They believe in the need to focus on poverty alleviation through education and health care, for long run benefit of the nation. The BB is now carrying out a reform program to ensure quality services by the banks. Of Responses Percentages YES 83 83% NO 17 17% Total collected data 100 100% Sources: Field survey. The study revealed that 100% Banks reported their CSR activities but it is also a matter of concern that less than 60% Banks participated in prescribe CSR areas according to finance act. So the perfect information might not be shown in all places.
A thesis report on csr on banking sector in bangladesh... Free Essays
CSR not only increases sales and market share but also lowers the operating costs of the company by increasing workforce productivity and efficiency, protects resources on which the company depends, improves supply chain performance, create positive relationships with other institutional players etc. The study tries to provide a broad view of CSR, its evolution particularly in Bangladesh, the opportunities originated from CSR practice and the challenges faced by financial organizations in Bangladesh while practicing and implementing CSR programs. Sectorial patterns of CSR in banks. The primary function of the credit system throughout the 1970s was to finance trade and the public sector, which together absorbed 75 percent of total advances. The article concludes that the main contributors in the development of research in this area are the scholars affiliated with the Western universities.
62 CSR in Banking Sector of Bangladesh The modern concept of Corporate Social
Recommendations: The ultimate conclusion is that corporate responsibility is a changing philosophy of business. This study shows that Southeast Bank expenses BDT36. These shifts point to the responsiveness of the banking community to the changing need of the society. That means, for any business to sustain and grow in the long term, it cannot see itself as being isolated from the community around it. These types of questions make respondents comfortable to respond the study.
Corporate Social Responsibility (CSR): Opportunities and Challenges of Banking Sector in Bangladesh :: Science Publishing Group
This account guarantees loan. Besides these, it has some special objectives. There are numerous enticements from the government of Bangladesh to arouse CSR actions Mocan et al. Managing ethically with global stakeholders: A present and future challenge. As a result CSR emerge as a safeguard to protect financial scandals and diminish reputation of the banks. The natural environment is the major worldwide issue facing the business and the public.
To know standard conduct that includes employment fair policy and all core labor standards. The Bangladesh Bank has been steering the way for other banks by providing substantial and uniform policies. This is largely attributable to the fact that there exists little or no knowledge about CSR within the local communities as no serious efforts have been made to spread awareness about CSR and instill confidence in the local communities about such initiatives. In that context, BB devises supervisory policies in such a manner, especially for last several years, so that banks not only move forward for their own growth, but also cansupport the development initiatives of the government. It is collected secondary data for my research paper from: Annual reports of these three banks Journals of the Bank Different books, training papers, articles, manuals etc.
According to Peter A. The loan is distributed to the selected students in monthly installments till their completion of studies up to the Masters Degree level. Origin of the Report: Today practical experience is as much essential as academic education that enables someone to be successful business executive especially in the glove, competitive business environment. Bangladesh Bank has taken initiatives in respect of formalizing CSR in the banking sector of Bangladesh and issued a directive to the banks and, financial institutions on June 01, 2008 in this regard. From then a development in terms of content and methodology can be noticed.
Corporate Social Responsibility in the Bangladesh Banking Sector
The bank was responsible for regulating currency, controlling credit and monetary policy, and administering exchange control and the official foreign exchange reserves. Why Every Company Needs a CSR Strategy and How to Build It. As a member of the global economy, Bangladesh is also aware of the need to take positive initiative to establish an image of environmentally and socially responsible businesses. State-owned Commercial Banks The banking system of Bangladesh is dominated by the 4 Nationalized Commercial Banks, which together controlled more than 54% of deposits and operated 3388 branches 54% of the total. Their actions have not however gone beyond compliance relevant government laws and regulations. It is very much essential for banks to provide security to the customer.