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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
A STUDY ON CUSTOMER AWARENESS ON GREEN BANKING IN
SELECTED PUBLIC AND PRIVATE SECTOR BANKS IN CHENNAI
M. Narmadha
Assistant Professor, SRM University - Ramapuram Campus, Chennai.
ABSTRACT
Green Banking means promoting environmental-friendly practices and reducing your
carbon footprint from our banking activities. Green banking will be mutually beneficial to the
Consumers, banks, industries and the economy. The study aims to identify the awareness on
Green banking among the customers of six different banks. Also it aims to find the customers
usage relating to Green Banking service. It is necessary to identify various initiatives taken by
bank on the concept of green banking in order to influence customer and make them user
friendly. Researcher will study the impact of different age group of customers with regard to
green initiatives taken by public and private sector banks.
Key words: Green Banking, Customer Awareness, Green Banking Initiatives, Online
Banking.
Cite this Article: M. Narmadha. A Study on Customer Awareness on Green Banking in
Selected Public and Private Sector Banks in Chennai. International Journal of Management,
7(2), 2016, pp. 24-35.
http://www.iaeme.com/ijm/index.asp
1. INTRODUCTION
Today every business organizations and corporations are adopting “GO GREEN” concept because of
the increasing friendly attitude of the society towards the environment. Banks play a critical role in the
economic development of the nations by providing various Socio-Economic activities like Job creation,
wealth generation, Poverty eradication, entrepreneurial activity etc. Besides these activities, banks are
introducing the practices of green banking in order to protect the environment and to reduce carbon
emission.
Green Banking means promoting environmental-friendly practices and reducing your carbon
footprint from our banking activities. Green banking will be mutually beneficial to the Consumers,
banks, industries and the economy. For consumers this shift towards green banking means that more
deposit and loan products will be available through online and mobile banking. It also means better
deposit rates on CDs, money market accounts and savings accounts. Green banks should also have
lower fees and give rate reductions on loans going towards energy-efficient projects. This is banking
beyond pure profit. Another important aspect of green banking is the involvement and outreach from
the individual banks to their local community.
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
2. MEANING OF GREEN BANKING
Green Banking means promoting environmental – friendly practices and reducing your carbon
footprint from your banking activities. This comes in many forms:
Using online banking instead of branch banking.
Paying bills online instead of mailing them.
Opening up accounts at online banks, instead of large multi-branch banks.
Finding the local bank in your area that is taking the biggest steps to support local green
initiatives.
Green banks give more weight to environmental factors, their aim is to provide good
environmental and social business practice, they check all the factors before lending a loan, whether the
project is environmentally friendly and have any implications in the future, and loan will be awarded
only when all the environmental safety standards are followed.
3. CUSTOMER AWARENESS
Generally speaking awareness comprises a human's perception and cognitive reaction to a condition or
event. Awareness does not necessarily imply understanding, just an ability to be conscious of, feel or
perceive. To create more awareness for the customers, many banks can be involved in programmes that
support the environmentally friendly products and services.
4. GREEN BANKING FINANCIAL PRODUCTS
Green banking product coverage includes:
Green Loans: means giving loans to a project or business that is considered environmentally
sustainable.
Green Mortgages: Banks offer green mortgage with better rates or terms for energy efficient
houses. The savings in monthly energy bills can offset the higher monthly mortgage payments
and save money in the long run.
Green Credit Cards: These cards offer an excellent incentive for customers to use their green
card for their expensive purchases.
Green Deposits: Banks offer higher rates on commercial deposits, money market accounts,
checking accounts and savings account if customers opt to conduct their banking activities
online.
Green Reward Checking Accounts: Customers can earn higher checking account rates if
they meet monthly requirements that might include receiving electronic statements, paying
bills online or using a debit or check card.
Green Saving Accounts: In case of Green Saving Accounts, banks make donations on the
basis of savings done by customers’ .The more they save, the more the environment benefits
in form of contributions or donations done by banks.
Mobile banking and online banking: These new age banking forms include less paperwork,
less mail, and less travel to branch offices by bank customers, all of which has a positive
impact on the environment.
5. GREEN BANKING INITIATIVES BY INDIAN BANKS
Only six banks were taken for this study. They are as follows:
PUBLIC SECTOR BANKS
State Bank of India (SBI)
SBI had launched Green Channel Counter (GCC) facility at their branches in 2010. The bank had also
collaborated with Suzlon Energy Ltd for the generation of windmills. It has become a signatory to the
Carbon Disclosure Project in which they undertake various environmentally and socially sustainable
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
initiatives. Export Import Bank of India (EXIM) and SBI entered into an agreement for building solar
plant in India.
Punjab National Bank (PNB)
According to Corporate Social Responsibility Report 2010-11 (PNB, 2011), they had taken various
steps for reducing emission and energy consumption. PNB is conducting Electricity Audit of offices as
an energy conversation initiative. The bank had organized more than 290 Tree Plantation Drives. It
started emphasizing on green building practices such as energy efficient lights, fans, etc. The
organization had signed a ‘Green Pledge’ under which they had set up the butterfly park at the
compound of Guruvayur temple which houses 18 types of medicinal plants. The organization had
sanctioned nine wind energy projects with an aggregation limit of 185.81 crore. They were also
awarded with a second prize for ‘Best Wind Energy Power Financer’ by wind power India 2011.
Canara Bank
According to Canara Bank (2013), the bank had taken many green initiatives such as: - As a part of
green banking initiative, the bank had adopted environmental friendly measures such as mobile
banking, internet banking, etc. Canara bank had set up e-lounges like internet banking, pass book
printing, ATM, online trading, etc. The bank is also not extending any finance to the units which are
producing ozone depletion substances. While appraising any project, they ensure the borrower to obtain
No Objection Certificate (NOC) from central or state pollution control board.
PRIVATE SECTOR BANKS
ICICI Bank Ltd
ICICI bank had adopted ‘Go Green’ initiative, which involves activities such as Green
products/offerings, Green engagement and green communication with customers as per ICICI Bank
(2014):-
Green Products and Services: The bank is offering green products and services like
Instabanking
It is a service which gives convenience to the customers to do banking anywhere and anytime through
internet banking, mobile banking, etc.
‘Vehicle Finance’
They are offering 50% waiver on processing fee of auto loans on the car models which uses alternate
sources of energy like the Civic Hybrid of Honda, Tata Indica CNG, Reva electric cars.
Home Finance
The bank had reduced the processing fee for the customers who are purchasing homes in LEED
certified buildings.
Green Engagements
During Diwali 2013, the organization had conducted an environmental awareness program for
employees and customers. It has also become partners with the Green theme CNBC – overdrive auto
awards. The bank is celebrating World Environment Day every year on June 5.
Green Partners: The organization is looking forward for partnerships with national and international
green organizations and NGO’s.
HDFC Bank Ltd – HDFC bank is taking up various measures in reducing their carbon footprints in
the area of waste management, paper use and energy efficiencies as per HDFC Bank (2013):-
The bank is encouraging their employees to prevent any wasteful use of natural resources and emission
of greenhouse gases. They are reducing the use of paper through issuing e-transaction. The
organization is exploring renewable energy by setting up of 20 solar ATMs. They are also managing
their waste by tying up with vendors for recycling of paper and plastic. The bank is procuring green
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
products which are compliant with the norms of the Central Pollution Control Board and which are
rated by Energy Star.
Axis Bank Ltd – AXIS bank implementing several initiatives in green banking such as per Axis Bank
(2013):-
In august 2011, the bank had initiated the process of collecting all the dry waste generated from the
corporate office and recycles it to notepads, notebooks and envelopes. The corporate office of the bank,
located in Mumbai, is designed and constructed a ‘Green Building’. Car-pooling has been initiated by
a bank to reduce carbon footprint. They are also encouraging their customers to use e-statements and
other electronic communications to reduce paper consumption. Annual reports are being sent through
emails. The organization had initiated Independent ATM Deployment (IAD) model in which ten solar
based ATM has been set up in Coimbatore circle.
6. REVIEW OF LITERATURE
Schmidheiny and Zorraquin (1996), “Green banking is generally defined as promoting environmentally
friendly practices that aid customers in reducing their carbon footprint through their banking operation
activities. These practices include such things as online banking, statements, bill payments, and account
opening. Banks also invest in internal initiatives to reduce their own carbon footprint”.
Sahoo, Pravakar and Nayak, Bibhu Prasad (2008), in their research article on “Green Banking in
India” highlighted that banking sector is one of the major stake holders in the industrial sector; it can
find itself faced with credit risk and liability risk. Thus the banks should go green and play a pro-active
role to take environmental and ecological aspects as part of their lending principle, which would force
customers to go for mandated investment for environmental management, use of appropriate
technologies and management systems.
Dharwal, Mridul and Agarwal, Ankur (2011), in research article on “Green Banking: An
Innovative initiative for Sustainable Development” concluded that Indian banks need to be made fully
aware of the environmental and social guidelines to which banks worldwide are agreeing to. As far as
green banking is concerned, Indian banks are far behind their counterparts from developed countries. If
Indian banks desire to enter global markets, it is important that they recognize their environmental and
social responsibilities.
Nigamananda Biswas (2011) interpreted Green Banking as combining operational improvements,
technology and changing client habits in market place. Adoption of greener banking practices will not
only be useful for environment, but also benefit in greater operational efficiencies, a lower
vulnerability to manual errors and fraud, and cost reductions in banking activities.
Khawaspatil, S.G. and More, R.P. (2013), in their research article concluded that in-spite of a lot
of opportunity in green banking and RBI notifications, Indian banks are far behind in implementation
of green banking. Only few banks have initiated in this regard. There is a lot of scope for all banks and
they can not only save our earth but also transform the whole world towards energy consciousness.
Banks must educate their customers about green banking and adopt all strategies to save earth and
build banks’ image.
Sharma, K& Gopal in their study “A study on Customer Awareness on Green Banking initiatives
in selected Public & Private sector banks with special reference to Mumbai” identified the opinion and
awareness of bank employees and customers as regards to green banking concept in Public and Private
sector banks. They found that green initiatives like Communication through press, Bank environmental
policy, Concession on energy savings, Solar ATMs, Green CDs is not familiar in green initiatives by
the bank as per the respondents.
7. STATEMENT OF THE PROBLEM
Indian Banks introduced Green Banking services since 1996. As the use of Green Banking services are
increasing day –by-day, it is important to study the customer awareness towards Green Banking
services in Chennai city. This study is one of such an attempt.
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6510(Online), Volume 7, Issue 2, February (2016), pp. 24-35 © IAEME Publication
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
AIM OF THE STUDY
The study aims to find out the awareness of the customers towards the use of Green Banking. During
the research, the researcher identifies the awareness on Green banking among the customers of six
different banks. Also it aims to find the customers usage relating to Green Banking service. One has to
approach the branch in person, to withdraw cash or deposit a cheque or request a statement of accounts.
In true Green banking, any inquiry or transaction is processed online without any reference to the
branch (anywhere banking) at any time. Providing Green banking is increasingly becoming a "need to
have" than a "nice to have" service. To enhance the level of awareness of customers, a detailed study
on the awareness of customers and their usage about various factors affecting Green Banking must be
studied.
OBJECTIVE OF THE STUDY
1. To study the awareness on Green Banking among the customers.
2. To know which age group of customers is using different Green Banking facilities.
3. To find out the factors influence the adoption of Green Banking services.
4. To suggest ways to promote Green Banking in India.
LIMITATIONS OF THE STUDY
1. The geographical scope of the study is limited to Chennai city.
2. The sample size is confined to 200.
3. Only six banks were taken for the study.
4. The respondents were unable to spend much time for filing up the questionnaire.
5. Time was a limiting factor in conducting the study.
8. RESEARCH METHODOLOGY
The research methodology used in this study is based on primary as well as secondary data. The
primary data was collected from the study conducted through questionnaire. The information is
collected by issuing questionnaire to some of the respondents’ directly in person and to the remaining
respondents through E – Mail. Secondary data for the study has been collected from Websites of
various banks and Journals related to Banking.
SAMPLING METHOD
General public of the city and Sampling Units are chosen on the basis of Convenience Sampling.
SAMPLE SIZE
200 Respondents
TOOLS USED:
The following statistical tools have been used for the purpose of analyzing data collected.
Percentage Analysis,
Chi – square Test,
Kolmogorov – Simornov test,
One – way ANOVA Test.
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 -
6510(Online), Volume 7, Issue 2, February (2016), pp. 24-35 © IAEME Publication
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
9. DATA ANALYSIS AND INTERPRETATION:
PERCENTAGE ANALYSIS:
Table 1 AGE OF RESPONDENTS
Criteria No. of respondents % of respondents
18-30 42 21
30-40 57 28.5
40-50 54 27
Above 50 47 23.5
Total 200 100
Source: Primary Data
From the above table 4.1 it is inferred that 28.5% of the respondents belong to the age group of 30-
40, 27% of the respondents belong to the age group of 40-50, 23.5% of the respondents belong to the
age group above 50 and the least 21% of the respondents belong to the age group of 18-30.
Table 2 NAME OF THE BANK
Criteria No. of respondents % of respondents
SBI Bank 78 39
Canara Bank 52 26
Punjab National Bank 22 11
Axis Bank 14 7
HDFC Bank 24 12
ICICI Bank 10 5
Total 200 100
Source: Primary Data
It is clear from the table 4.8 that majority of the respondents keep accounts with SBI Bank – 39% and
the least is ICICI Bank with 5%.
Table 3 NO.OF RESPONDENTS WHO USE NET BANKING SYSTEM
Source: Primary Data
It is known from the table 4.10 that 94% of the respondents are using Net Banking system and 6%
of the respondents are not using Net Banking system.
Table 4 AWARENESS ABOUT GREEN BANKING
Criteria No. of respondents % of respondents
Yes 194 97
No 6 3
Total 200 100
Source: Primary Data
Criteria No. of respondents % of respondents
Yes 194 98
No 6 2
Total 200 100
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6510(Online), Volume 7, Issue 2, February (2016), pp. 24-35 © IAEME Publication
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
It is inferred from the table 4.14 that 97% of the respondents are aware of the Green Banking
services provided by their bank and 3% of the respondents are not aware of the Green Banking services
provided by their bank.
Table 5 VARIOUS GREEN BANKING INITIATIVES PROVIDED BY THE BANK
Source: Primary Data
It is more than 200 respondents because respondents have aware more than one initiative.
It is evident from the table 4.15 among all Green Banking initiatives, customers are aware of
Green Checking with 88%, Online Bill Payment with 78%, Facility of e – statement registration with
75% and they are not aware of Green Mortgages(68%), E – Investment services(61%), Conducting
Workshops and Seminars(60%), etc.
CHI-SQUARE ANALYSIS
HYPOTHESIS:
H0: There is no relationship between age of customers and awareness of Green Banking.
H1: There is a relationship between age of customers and awareness of Green Banking.
Awareness of Green Banking * Age of customers
Green Banking Initiatives
Aware Not Aware
No. of
respondents
% of
respondents
No. of
respondents
% of
respondents
Green Checking 176 88 24 12
Online Bill Payment 156 78 44 22
Facility of e-statement registration 150 75 50 25
Cash Deposit System 146 73 54 27
Reduced wastage of papers and
energy through Net Banking
approach
130 65 70 35
Use of Solar Powered ATMs 114 57 86 43
Using recycle paper or recycle waste 106 53 94 47
Green Mortgages 64 32 136 68
E – Investment services 78 39 122 61
Conducting Workshops and Seminars
for Green Banking 80 40 120 60
Green Loans 86 43 114 57
Providing recyclable debit cards and
credit cards 96 48 104 52
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
Table 6 (Crosstabs)
Awareness of
Green Banking
AGE OF CUSTOMERS TOTAL
18-30 30-40 40-50 50 & above
N % N % N % N % N %
Yes 40 95.2% 57 100% 51 94.4% 46 97.9% 194 97%
No 2 4.8% 0 0% 3 5.6% 1 2.1% 6 3.0%
Total 42 100.0% 57 100.0% 54 100.0% 47 100.0% 200 100.0%
Source: Primary Data
Table 7 Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square
Likelihood Ratio
Linear-by-Linear Association
N of Valid Cases
3.546(a)
4.964
.005
200
3
3
1
.315
.174
.944
Source: Primary Data
4 cells (50.0%) have expected N less than 5. The minimum expected N is 1.26.
Since the p value (0.315) is greater than the table value (0.05).Therefore, this test shows that there
is no relationship between the age of customers and their awareness of Green Banking. (Chi – square =
3.546, p = 0.315).
This correlation is flagged as not significant, with the same p – value that was given for the Chi –
square test.
HYPOTHESIS
H0: There is no relationship between age of customers and usage of Green Banking.
H1: There is a relationship between age of customers and usage of Green Banking.
Usage of Green Banking * Age of customers
Table No. 8(Crosstabs)
AGE Total
18-30 30-40 40-50 50&
above
Using GB service YES N 37 55 51 45 188
% 88.1% 96.5% 94.4% 95.7% 94.0%
NO N 5 2 3 2 12
% 11.9% 3.5% 5.6% 4.3% 6.0%
Total N 42 57 54 47 200
% 100.0% 100.0% 100.0% 100.0% 100.0%
Source: Primary Data
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6510(Online), Volume 7, Issue 2, February (2016), pp. 24-35 © IAEME Publication
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
Table 9 Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square
Likelihood Ratio
Linear-by-Linear Association
N of Valid Cases
3.496(a)
3.082
1.472
200
3
3
1
.321
.379
.225
Source: Primary Data
4 cells (50.0%) have expected N less than 5. The minimum expected N is 2.52.
This test shows that there is no relationship between age of customers and usage of Green
Banking. (Chi – square = 3.496, p = 0.321). Therefore, H0 is accepted.
KOLMOGOROV – SMIRNOV TEST FOR A SINGLE SAMPLE
RANKING THE DIFFERENT MODES OF GREEN BANKING
Table 10
MODES LIKERT SCALE
TOTAL RANK 1 2 3
Solar Powered ATMs 126 110 57 293 I
Net Banking 110 100 120 330 II
Mobile Banking 70 80 270 420 III
Source: Primary Data
It is revealed from the table 5.15 that the respondents ranked ‘1’ for Solar Powered ATMs, Second
place is for Net Banking and 3rd
place is for Mobile Banking.
ONE – WAY ANOVA
HYPOTHESIS
H0: There is no significant difference in the convenience of using Green Banking with regard to age of
customers.
H1: There is a significant difference in the convenience of using Green Banking with regard to age of
customers.
H0: There is no significant difference in the savings in time by using Green Banking with regard to age
of customers.
H1: There is a significant difference in the savings in time by using Green Banking with regard to age
of customers.
H0: There is no significant difference in the feature availability with regard to age of customers.
H1: There is a significant difference in the feature availability with regard to age of customers.
H0: There is no significant difference between risk privacy and age of customers.
H1: There is a significant difference between risk privacy and age of customers.
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
Table 11 ANOVA based on age
Sum of
Squares df
Mean
Square F Sig.
CONVENIENCE
SAVINGS IN TIME
FEATURE
AVAILABILITY
RISK PRIVACY
Between Groups
Within Groups
Total
Between Groups
Within Groups
Total
Between Groups
Within Groups
Total
Between Groups
Within Groups
Total
8.978
663.022
672.000
26.540
605.040
631.580
4.868
534.712
539.580
4.002
443.918
447.920
3
196
199
3
196
199
3
196
199
3
196
199
2.993
3.383
8.847
3.087
1.623
2.728
1.334
2.265
.885
2.866
.595
.589
.450
.038
.619
.623
Source: Primary Data
This test shows that there is no significant difference in the convenience of using Green
Banking with regard to age of customers. Therefore, H0 is accepted at 5% level of
significance.
This test shows that there is a significant difference in the savings in time by using Green
Banking with regard to age of customers. Therefore, H0 is rejected at 5% level of significance.
This test shows that there is no significant difference between feature availability and age of
customers. Therefore, H0 is accepted at 5% level of significance.
This test shows that there is no significant difference between risk privacy and age of
customers. Therefore, H0 is accepted at 5% level of significance.
10. FINDINGS
GENERAL FINDINGS
28.5% of the respondents fall in the age group of 30 – 40 and minimum age group is
18 – 30.
Among the respondents, 98% of the respondents avail Net Banking services.
Majority of the respondents (97%) are aware about Green Banking.
Among the various Green Banking initiatives provided by the bank, majority of the
respondents are aware of Green Checking with 88%, Online Bill Payment (78%), Facility of
e-statement registration(75%) and they are not aware of Green Mortgages (68%), E –
Investment services(61%), Conducting Workshops and Seminars(60%).
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 -
6510(Online), Volume 7, Issue 2, February (2016), pp. 24-35 © IAEME Publication
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
SPECIFIC FINDINGS
There is no relationship between age of customers and awareness of Green Banking.
There is no relationship between age of customers and usage of Green Banking.
Solar Powered ATM is the preferred mode of Green Banking and the least mode is Mobile
Banking.
There is no significant difference in the convenience of using Green Banking with regard to
age of customers.
There is a significant difference in the cost saved by using Green Banking with regard to age
of customers.
There is no significant difference between feature availability and age of customers.
There is no significant difference between risk privacy and age of customers.
SUGGESTIONS
For Bankers
Bankers may educate the customers with Green Banking initiatives such as Green loans,
Green Mortgages, E – Investment services, etc.
Reward or Incentive can be given to the users of Green Banking.
Conducting Workshops, Seminars frequently to the bank employees as well as to the
customers and advertisement regarding Green Banking initiatives may be widely publicized.
Security aspects of the Green Banking may be enhanced through proper legislation.
Banking policies may be addressed on who hesitate to using Green Banking initiatives.
For Customers
To follow the restriction provided by the banks while using the Green Banking initiatives.
Personal Identification Number (PIN)/ Password to be kept secret.
Policies to bring illiterate people under the scope.
11. CONCLUSION
Banks are responsible corporate citizens. Banks believe that every small ‘GREEN’ step taken today
would go a long way in building a greener future and that each one of them can work towards to better
global environment. ‘Go Green’ is an organization wide initiative that moving banks, their processes
and their customers to cost efficient automated channels to build awareness and consciousness of
environment, nation and society. From the above research we can see that green initiatives like Green
Mortgages, E – Investment services, Conducting workshops and seminars for green banking, Green
Loans, Providing recyclable debit and credit cards is not familiar in Green initiatives by the bank as per
the respondents.
This concept of “Green Banking” will be mutually beneficial to the banks, industries and the
economy. Not only “Green Banking” will ensure the greening of the industries but it will also facilitate
in improving the asset quality of the banks in future.
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 -
6510(Online), Volume 7, Issue 2, February (2016), pp. 24-35 © IAEME Publication
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M. Narmadha, “A Study on Customer Awareness on Green Banking in Selected Public and Private
Sector Banks in Chennai” – (ICAM 2016)
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