Rifan Mohideen. D & Rishad Mehta, Jindal Global Law School
ABSTRACT
Corporate Social Responsibility (CSR) as a concept has gained enormous significance in recent times. Having emerged in the 1960’s, CSR is a strategy where business organisations apart from their profitability and growth portrays interest in societal and environmental activities by undertaking responsibility on the impact of their activities on their stakeholders. CSR revolves around the notion that corporations must employ strategies to conduct their business that is fair, ethical, and beneficial to the community in relation to their development. Financial corporations had lost its reputation and public trust in the aftermath of the ‘Global Financial Crisis’ in the year 2007-2008. In order to rejuvenate themselves, the financial institutions shifted more of their focus to CSR activities with a motive to achieve the trust of the public once again. Financial institutions such as banks have a significant contribution towards sustainable development of the society considering their key role in financing economic and development activities of the world. ‘Socially Responsible’ banks play a crucial role in both the economic and social development of the country and hence it is important to understand their CSR initiatives. This research project involves a series of research questions to analyse the role that Corporate Social Responsibility plays in relation to banks and whether they have been able to flourish in a developing country like India. This research also involves a clinical understanding of CSR activities of selected banks and their impact towards the social development of the society. This research paper will also be critically discussing whether such prominent banks use CSR strategies as a mere “marketing tool” just to build a reputation in society and pursue business goals. This research study is based on both primary data collected through questionnaires and surveys as well as secondary data which is collected from research journals, articles, and various bank’s official website portals to enhance the research.
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