Review of Corporate Social Responsibility Efforts in Public and Private Banking Sectors

Abstract

Corporate Social Responsibility (CSR) initiatives in both the public and private banking sectors are instrumental in addressing societal needs while concurrently advancing business objectives. Within the public banking sphere, CSR efforts are often closely linked with governmental mandates and social responsibilities. These institutions prioritize initiatives aimed at fostering financial inclusion, promoting sustainable development, and enhancing community welfare. Examples of such initiatives include funding for microfinance projects, support for education and healthcare programs, and investments in renewable energy infrastructure. Conversely, in the private banking sector, CSR activities are motivated by a blend of ethical considerations, stakeholder expectations, and competitive dynamics. Private banks typically focus on initiatives that bolster their brand reputation, foster customer loyalty, and attract socially responsible investors. These endeavors may encompass the development of ethical investment portfolios, strategic philanthropic partnerships, and the implementation of environmentally sustainable practices within their operations. Despite divergent motivations, both public and private banks share common CSR objectives, including environmental stewardship, ethical business conduct, and positive social impact.