GREEN BANKING AND ENVIRONMENT
SUSTAINABILITY BY COMMERCIAL BANKS IN INDIA
Omid Sharifi¹, Bentolhoda Karbalaei Hossein²
(PhD scholar, Department of Business Administration, Faculty of Management Study and Research, Aligarh Muslim University, (India)
²PhD Scholar, Department of Commerce and Business Studies, Jamia Millia Islamia University, (India)
ABSTRACT
The problem related to environment, maintaining the ecological balance and environmental sustainability has become issues for debate around the globe. The organizations as well as consumer have understood the importance of the environment for the survival of human beings. Banking sector plays an important role in the economic growth of a nation. As the banks are among one of the major sources of financing instrument for commercial projects so they can play a major role in promoting environmental sustainability by funding the socially and environmentally responsible investment projects. The concept of Green banking is comparatively a new concept. It is a paperless banking, which not only reduces the cost of banking activities but also helps in environment sustainability. It helps in reducing the use of paper, power and energy. The main objective of this paper is to know about the role of green banking in environment sustainability in Indian public sector banks and conduct a SWOC analysis about the banking sector regarding green banking activities. However, we find that there has not been much initiative in this regard by the banks in India though they play an active role in India’s emerging economy. Therefore, we suggest possible policy measures and initiative to promote green banking in India.
Keywords: Green banking, SWOC, Environment Sustainability, public sector banks
I. INTRODUCTİON
In India, green banking is in its initial phase. Banks can utilize green banking as an opportunity to gain advantage in the market by creating a difference in their strategy making process. Also, banks need to be more active in communicating the green banking concept and its associated benefits to the consumers. It was also observed that green banking consciousness is high in the higher levels of management in the banks and this consciousness reduces with the lower levels of management and least with the employees who are in day to day direct touch with the customers. Thus, the banks must focus on promoting the consciousness and benefits of the green banking to the employees who are in direct touch with the customers. Green banking is a pro-active way of energy conservation and environment protection. The prime benefit of the green banking approach is the protection of the natural resources and the environment. Green banking avoids paper work to the optimum level
and focuses on electronic transactions like use of ATM, mobile banking, online banking etc for various banking transactions by the customers. Electronic transaction not only aids towards sustainability but also provides convenience to the customers as well as to the banks. Less paperwork means less cutting of trees. For implementing eco friendly business, banks should adopt environmental standards of lending as it improves the asset quality of the banks. This activity of the bank also has a very significant influence on the environmental performance of its clients. This forces the clients to perform in an environment friendly way. This not only enhances the reputation of the bank but also helps them face the environmental regulations in successful way and thus leading to better legal risk management by the banks. The banks normally grant loan to the clients on a low rate of interest. This promotes more and more entrepreneurs to start with environment friendly projects and thus leads to more and more awareness on the environment protection activities in the economy as a whole. It is thus a win-win approach by the banks as it not only benefits the environment but also the banks and its customers as a whole.
II. GREEN BANKİNG
The concept of Green Banking is attached to Triodos bank (established in 1980) from Dutch origin which started the environmental sustainability in the banking sector from the very first day. In the year 1990 the bank launches „Green fund‟ for funding environment friendly projects and all other projects follow later [1]. Taking example from this bank the banks all over the world start taking green initiatives in the banking sector. Institute for Development and Research in Banking Technology [2] defines Green Banking as „Green Banking is an umbrella term referring to practices and guidelines that make banks sustainable in economic, environmental, and social dimensions. It aims to make banking processes and the use of IT and physical infrastructure as efficient and effective as possible, with zero or minimal impact on the environment‟. Jha & Bhome [3] defines green banking as means of promoting environmental friendly practices and reducing carbon footprint by banking activities. So it can be concluded that Green Banking approach involves using environmentally friendly practices at every level from adapting environment friendly practices within the banking organizations and also considering the environmental aspect of the projects while funding and investing in commercial projects.
According to RBI (IDRBT, 2013), green banking is to make internal bank processes, physical infrastructure and Information Technology effective towards environment by reducing its negative impact on the environment to the minimum level.
III. ENVİRONMENTAL SUSTAİNABİLİTY
Environmental sustainability involves making decisions and taking action that are in the interests of protecting the natural world, with particular emphasis on preserving the capability of the environment to support human life. It is an important topic at the present time, as people are realising the full impact that businesses and individuals can have on the environment. Environmental sustainability is about making responsible decisions that will reduce your business' negative impact on the environment. It is not simply about reducing the amount of waste you produce or using less energy, but is concerned with developing processes that will lead to businesses becoming completely sustainable in the future. Environmental Sustainability is „the ability to maintain the things that are valued in the physical environment (natural and biological environments)'.
Environmental sustainability could be defined as „a condition of balance, resilience, and interconnectedness that allows human society to satisfy its needs while neither exceeding the capacity of its supporting ecosystems to continue to regenerate the services necessary to meet those needs nor by our actions diminishing biological diversity‟ [4]. Environmental system seeks to sustain the global life support system indefinitely [5]. In the industrialized nation of developing countries the problems related to the environment have become very critical and their dependence on natural resources for the growth and development underline the need of implement policy and plans for sustainable resource use [6]. Due to increasing effect of industrialization, urbanization, increasing population density and poor environment management system in India the environmental problems have become alarming issues [7].
IV. REVIEW OF LITERATURE
Jha & Bhome (2013) [8] in their paper entitled A Study of Green Banking Trends in India, studied the green banking initiatives taken by the public sector bank in India and the way of go green by green banking. The main objective of the paper is to know green banking sector and checks the awareness of employees, associates and the public about the green banking concept. Further the study suggested that interest on loan should be less for green project then normal rate of interest and companies can increase their profitability by recycling of waste generated. They should stress upon green mortgage loan, green credit card and online banking.
Singhal, Singhal & Arya (June 2014) [9] in their paper entitled Green Banking: An Overview studied, how bank can go greener. According to study banking industries and financial institution plays a very important role in the growth of an earth. Green banking saves the energy and environment both. Now a day‟s many bank offering green product like ATM, Green credit cards, green CDs, electronic fund transfer, use of solar and wind energy etc. but still it‟s not completed. We have to make more efforts so we can save environment and green banking is one of the best way to start this.
Khedekar (2014) [10] in her research entitled Banking with Technology- Green Banking studied the various technology used by the banking industries to make the environment green. According to study bank should provide basic + premium internet banking product such as opening bank account, Demat holding, standing instruction, investment etc. This Study suggests that bank should conduct seminar and conference to educate the public regarding the uses of internet banking as well as security issue. She suggests “Virtual Banking” where customer can‟t deal in cash to those branches which are far from the main branch.
Sreesha ch (2014) [11] in his paper entitled A Study of Green Banking Initiatives of Selected Private and Public Sector Banks in India, in her paper entitled banking with technology - green banking the various models or channels of green banking which are taken by the banking sector in the banking activities. This study also focuses on environment sustainability concept adopted by various private and public sector banks in India.
According to the study, bank is not taking interest in green banking completely. Public sector banks are more interested in green banking as compare to private sector bank. For maintaining sustainability, bank should expand the use of environmental information in the banking operation, lending and investment decision. This will help them to improve environment sustainability and create long term value for the business.
Sahitya & Lalwani (2014) [12] made an attempt to understand and appreciate the importance of green banking initiative for the attainment of goal of sustainable banking and determine the various attempt that have been
made by the top public and private sector bank in India. The study has revealed that the banking sector has become extremely conscious of the need of go green. Both public and private sector bank are involved in this process. It can be possible by the paperless banking like ATM, mobile and internet banking. The adoption of green banking not only enhances the image of green banking but also contribute in the sustainable growth of economy.
Ragupathi. M and Sujatha .S (2015) [13] in their paper entitled Green Banking Initiatives of Commercial Banks in India, studied the way to go green through green banking. According to this paper, earlier bank was not aware about the concept green banking. But now a day‟s banks are playing very important role in environment sustainability program. By the green banking practice people is getting more aware about the global warming and each business man's contributing in environment sustainability to make this earth a better place to live in. Green banking is not only greening the industries but it will also facilitate in improving the assets quality of the bank in future.
V. NEED OF THE STUDY
As environmental sustainability is an important issue and green banking is a step in this regard. Hence, there is a need to study the green banking initiative taken by the banking sectors and also to review the role of green banking in environment sustainability.
VI. OBJECTIVES OF THE STUDY
i. To identify the various initiative taken toward green banking and environment sustainability by public sector banks in India.
ii. To conduct SWOC analysis of green banking practices of the public sector banks in India.
VII. RESEARCH METHODOLOGY
The study mainly includes literature review from secondary data. The secondary data sources include reports of the respective banks and other relative information published on the banks and other internet sites and conduct a SWOC analysis about the banking sector regarding green banking activities. The study also includes the primary data collection through in-depth interviews of the branch managers.
VIII. GREEN BANKING INITIATIVES IN THE PUBLIC SECTOR BANKS Public Sector Banks (PSBs)
The public sector banks comprise of 20 nationalized banks, the state Banks of India and its 7 associates. Till 1955 they were used to be only private commercial bank- whether scheduled or non-scheduled, licensed or unlicensed, foreign or India, they were all owned and controlled by private entrepreneurs and shareholders.
There were three phases of banks nationalization. The first was in July 1955, when Government of India nationalized the Imperial Bank of India to create the State Bank of India. It was a pioneering attempt in introducing public sector banking in the country. In 1959, eight state banks of erstwhile princely states were also nationalized to form the subsidiaries of the State Bank of India. But now only seven of them are in existence, since the state banks of Bikaner and Jaipur were merged. The Second phase of public sector banking came into
existence when 14 major commercial banks were nationalized on July, 1969. This was done with the view to serve the needs of development of the economy in conformity with national priorities and objectives. On April 15, 1980, six more private sector banks were nationalized. This led to the dominance of public sector banks as nearly 90 percent of the banking activity in the country was brought into the public sector. Most people generally rely on nationalized banks backed by the government. The public sector banks were socially controlled and publicly owned. It was done with the objective of giving a professional bent to bank management and provision of adequate credit for agriculture and rural sector, small industries, exports and a new class of entrepreneurs, it also aimed to professionalize bank management through adequate training of bank staff. In retrospect, it appears that political motives dominated the decision about the two nationalizations. Large scale branch expansion, mass recruitment of staff to take banking to grass roots level, direct investments and credit programs, administered interest rate regime, credit dispensation towards poverty alleviation programs through loan melas, etc. ruled the roost in the Indian banking scene for over two decades. However, when face with tuff competition from private sector and foreign banks, the public sector banks have reinvented themselves, and have markedly improved their services and operational results.
8.1 State Bank of India (SBI)
SBI is the largest public sector bank in India in terms of market capitalization, profit, net profit, revenue and assets. Till December 2013, SBI had maintained assets worth US$388 billion. The bank had 17,000 branches across the globe, which also includes 190 foreign offices. This makes SBI, the largest banking and financial services company in India in terms of asset. The bank offers various ranges of activities such as commercial banking, investment banking, consumer banking, assets management, pension, credit card, insurance and mortgages. The bank was ranked 29th in Forbes 2009 ranking. It is involved in community service activity since 1973 and sponsors various social and welfare activities. State Bank has been undertaking several environmentally and socially sustainable initiatives across the country and is one of the few banks in the country to have enunciated a Green Banking Policy, since 2007.
8.1.1 The Green Banking Initiatives taken by SBI Certain major initiatives of SBI are:
a) Launched Green channel counter facilities in the year 2010 in some of its branches and planning to extend it in more branches. An environmental friendly approach that helps to make paperless banking up to some extent [14]
b) Collaboration with Suzlon Energy Ltd. to use wind power at the place of thermal power in its business operations and currently using wind power in its most of offices located in Gujarat, Tamil Nadu and Maharashtra [15].
c) Initiated the carbon disclosure projected in the financial sector in India, for the sake of environmental concern and safety [16].
d) SBI and Export- Import Bank of India (EXIM Bank) both jointly provide a long term loan (upto 14 years) to a Spain Based Companies Group- Solar Global SA and Aston Field Renewable Resources for building solar plant in India. Most of the financial institutions avoid giving long term loans to such projects because of their uncertainty and technological changes.
8.2 Punjab National Bank
Punjab National Bank is among one of the India‟s oldest bank and was established on 19 May, 1894. Presently it's the second largest public sector bank by assets and third largest bank (including each non-public & public sector banks) in India. The bank has thirty seven million customers and 5937 domestic branches unfold across the country and about sixty two thousand employees employed in the bank. Aside from the branches in India the bank also encompasses a subsidiary in United Kingdom & branches in other Asian countries. It offers a wide variety of financial services there for customers like consumer banking, corporate banking, equity, mortgage, credit card, finance & insurance banking, wealth management etc. Aside from financial activities the bank is also involved in various social initiatives such as farmer empowerment, environment friendly initiatives, education & health initiatives for the financially disadvantaged category.
8.2.1 The Green Banking Initiatives taken by Punjab National Bank:
Certain major initiatives of PNB are:
a) Internet banking started by PNB bank in the year of 2003- 04.
b) Debit cards facility started by PNB bank in the year of 2002-03.
c) Bank has started using energy efficient appliances & conducting the electricity auditing of their offices. On the other side the bank is also accenting on green infrastructure.
d) A separate green audit sheet is being employed by the bank to access the impact of various green banking initiatives implemented in the bank.
e) The bank has conjointly placed guidelines for supply the term loan to the business units and commercial projects that are producing renewable energy and special guidelines has been issued to curb the units that use environmental depleting substances.
f) In the year 2010-11 the bank has sanctioned nine commercial projects of wind energy comes with total sum of Rs. 1850.81 million to push and develop the renewable supply of energy. Source: Punjab National Bank, Corporate Social Responsibility Report 2010- 2011 [17].
g) Sectioned nine commercial project of Wind energy in the year of 2010-11 with total sum of 1850.81 million.
8.3 Bank of Baroda (BOB)
Bank of Baroda is an Indian state owned (public sector) bank established in the year 1908 in the princely state of Baroda. The Bank was nationalized in the year 1969 by the government of India. It provides various ranges of banking products and financial services through its branches such as corporate banking, investment banking, retail banking, asset management etc. to the consumers. In year 2012 the bank was ranked 715 on Forbes Global 2000 list. Currently the bank has a widespread network of 4172 branches and 2000 ATMs in India. The bank also has its international presence with 100 branches/offices in 24 countries outside India with its presence in major financial center such as New York, Dubai, and Hong Kong, Singapore etc. The bank has taken various corporate social responsibility initiatives upheld inclusive growth high on its agenda.
8.3.1 The Green banking initiatives taken by Bank of Baroda Certain major initiatives of BOB are:
a) Internet banking, mobile banking was added as alternate delivery channel to reduce the use of paper in banking procedure.
b) As a part of green banking initiatives various changes were made such as backup consolidation, server and desktop virtualization.
c) While financing the commercial projects the banks give a due weight age to green projects such as windmills and solar power projects which helps in earning the carbon credit.
d) The bank insisted to implement water treatment plant and obtain NOC from central/ state government pollution control board while lending the loan to manufacturing units which emit toxic polluting substance.
e) Promotion of measure of pollution control and efforts for environmental protection & conservation and cleaning of environment. Source: Bank of Baroda, Annual Report 2012-2013 [18].
8.4 Canara Bank
Canara Bank is an Indian public sector bank and was established as Canara Hindu Permanent Fund in 1906 and further renamed as Canara Bank in 1910 & nationalized in the year 1969. The bank has a widespread network of 3564 branches and 4000 ATMs spread across the country. The bank also has abroad offices in Dubai, Hong Kong, London, Moscow and Doha. The bank was ranked 816 by Forbes Global 2000 list. Various financial services such as asset management, commercial banking, investment banking, consumer banking, credit card and mortgages are being provided by the bank. It also sponsors two regional rural banks in Kerala and Karnataka. In the year 2003 the bank partnered with UNEP for solar project under development project initiatives. Along with this bank is also involved in activities such as rural development and environment friendly initiatives.
8.4.1 The Green Initiatives taken by Canara Bank a) Certain major initiatives of Canara Bank are:
b) The bank has implemented various green banking initiatives such as internet banking, tele-banking &
mobile banking. Solar power biometric ATMs has been implemented in a few rural areas.
c) Now the bank is not extending the finance to the new units which are involved in producing and consuming Ozone depleting substances. The bank has also stopped extending the finance small/medium scale unit engaged in the manufacturing of Aerosols by using CFC.
d) The bank insisted to manufacturing units which emit toxic polluting substance to implement water treatment plant and obtain NOC (No Objection Certificate) from central/ state government pollution control board while lending the loan.
e)
The banking is providing loans for implementing solar lighting system, till the date the bank has financed 50,000 such unit lending 5-8 lac Rs to each unit [19]. Source: Canara Bank, Annual Report 2012-2013 [20].IX. GREEN BANKING -A SWOC ANALYSIS
An analysis of strengths weaknesses opportunities challenges (SWOC):
9.1 Strengths
Green banking practice save time of customer as well as bank also.
It reduces the cost of bank operation and cost to the customer too.
Transition can be done any tome and at any place.
By financing in solar energy and wind energy program the bank is reducing carbon footprint from the environment.
Quality customer practice password in green banking practice take time.
Lack of knowledge among the employee has been noticed.
There are some geographical barriers for the implementations of green banking practices.
All banks are not coming equally for the practice of green banking.
Problem of security is always with green banking practices.
9.2 Opportunities
People are becoming more computer literate so its easy to start green banking practice and grape the customer toward the activities.
Most of the customer are using ATM card only. So it is a time to start all the initiatives for green banking practices.
Mobile banking and internet banking is increasing day by day so it‟s a time to spread the green banking practice.
9.3 Challenges
It‟s a new concept and customer will take time to adopt this.
Green banking requires a technology which will highly costly.
It requires renewable and recycling technique which is costly.
Data protection is another challenge for the adoption of green banking.
Bank employees need training for all this practice.
X. MAJOR BENEFITS OF GREEN BANKING IDENTIFIED FROM IN-DEPTH INTERVIEWS OF THE BANK EMPLOYEES
Some of the major benefits of green banking to the banks identified from the interviews of the managers are as follows:
10.1 Reduces the Transaction Cost of the Bank:
Green banking avoids paper work to the optimum level and follows electronic media for various transactions, banks functioning and customer management. Like providing e-statements to the customers, opening of the accounts through online, making all the internal circulars within the banks online, etc. Thus, Paperless banking reduces the transaction cost.10.2 Competitive Edge:
It helps the banks to get a competitive edge over their competitors through innovation in their products and services.10.3 Better Risk Management:
It provides the benefit of better risk management to the banks. Better risk management helps in building good image of the banks and by thus reducing the reputational risk.10.4 Reduces the Credit Risk:
It helps easy recovery of the financed loan and thus reduces the credit risk of the bank.
10.5 Cost Conscious Process:
The transaction cost incurred to the bank through green banking products like ATM, Mobile banking and online banking is very less compared to the cost incurred through customer visiting the branch and performing the transaction.10.6 Convenient Process:
Green Banking provides convenience to the bank and also to the bank customers.Due to various green banking initiatives like ATM, online banking, mobile banking etc, the foot fall of the customer reduces to a larger extent in the branches of the banks and this leads to reduced cost and effort in the management of the banks activity. These banking activities also provide convenience to the consumers in terms of time management, energy and fuel conservation as they need not visit the branch for every transaction.
10.7 Future of Green Banking:
Indian economy is an emerging economy and there is a huge potential of growth of Indian banks by adoption of innovative approach in their strategy making process. There is a need of an approach towards paradigm shift by setting up of the business model which would consider all the three aspect of triple bottom line approach i.e. the people, the planet and the profit. The future of green banking seems to be very promising in India as lots of green products and services are expected in the future. Green excellence awards and recognitions, Green rating agencies, Green investment funds, Green insurance and Green accounting and disclosure are some of the things that would be heard and seen in operation in the near future. Proper green banking implementation will act as a check to the polluting industries. Banks can act like a guideline towards the economic transformation and create a platform that would create many opportunities for financing and investment policy and contribute towards creation of a low carbon economy.XI. DISCUSSION AND SUGGESTION
India today has the opportunity to grow in a manner that moderates the costs of environmental degradation, and this, in turn, presents a vast range of opportunities for India‟s financial sector.
Banks not only need to make direct investments in sustainable development, they also need to leverage their indirect control over investment and management decisions to influence business into fulfilling broader social and environmental goals. Banking employee should consider the green banking initiatives as primary work. There is a plethora of opportunities in the area of environmentally responsible finance, which banks can profitably exploit. Indian banks have a mammoth task ahead of them. But they have no choice in the matter: sustainable finance is the future and more so for Indian banks desirous of becoming global players.
Bank should change their daily routine work through the paper less banking, online banking, mobile banking, mass-transportation system etc.
Concept of LEED certified green buildings should be adopted by banking sector.
The bank should start investment in low carbon producing technology and should develop new sustainable development programs to reduce the carbon footprint from the environment.
Banks must organize training program on environment sustainable development program to their employees.
Bank employee must be given orientation on evaluation of green finance projects like renewable energy projects, clean water supply, bio-gas plants etc.
Green banks should promote environmental consciousness, social responsibility and good governance by themselves. They should ensure efficiency in using space, water, energy, paper, etc., in its offices and branches.
Bank should adopt go green mantra by this method bank could reduce the carbon footprint from the environment.
Customers are not required to fill slip in the bank for the withdrawal of money rather they could use ATM facility.
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