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The IUP Journal of Bank Management

Green Banking for Sustainable Development: An Empirical Study on Customers' Perspective During the Covid-19 Pandemic

Article Details

Pub. Date	: Aug, 2022
Product Name	: The IUP Journal of Bank Management
Product Type	: Article
Product Code	: IJBM030822
Author Name	: Jyoti A Jamnani and Ajay B Jamnani
Availability	: YES
Subject/Domain	: Finance
Download Format	: PDF Format
No. of Pages	: 18

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Abstract

Green banking is an umbrella term that refers to policies and principles that help banks to be more sustainable in terms of their economic, environmental, and social impacts. Its goal is to make banking procedures, as well as the usage of IT and physical infrastructure, as efficient and effective as possible while having zero or little environmental impact. Due to the Covid-19 pandemic, businesses across the globe were badly hit. This paper is an attempt to show the awareness of green banking initiatives, regularity of usage of green services and the perceived benefits of using such services during the pandemic among customers of selected public and private sector banks in Karnataka, India. It was found that the nationwide lockdown had an impact on respondents accomplishing banking services. The results disclosed the level of awareness about green banking concept. Debit card, mobile banking and Internet banking were the most widely used green products. The findings showed three main benefits of green banking, namely, increase in UPI transactions using mobile banking, secure transactions and environmental benefits. The outcomes of this study can help the banking institutions to market their green banking services and work on their implementation.

Introduction

Environmental protection is one of the important aspects of sustainable growth for any economy. "Integrating sustainability into the corporate strategy is an important driver for the corporate world" (Kumar and Prakash, 2019). Various sectors contribute towards the sustainable growth of the country; however, the contribution of financial sector plays a pivotal role in the economy. Green banking is an innovation in the financial market, the outcome of which is environmental protection. "The term green banking means developing inclusive banking strategies which will ensure sustainable economic development" (Dipika, 2015). Green banking benefits the economy.