GREEN BANKING: ISSUES AND CHALLENGES

Economics

Green banking means less utilization of natural resources and optimal reduction of wastage of paper or carbon foot print. Before the concept emerged there was no improved technology used in banking transactions, which would make work more complicated or tedious involving much of clerical work. Green banking contributes mainly on paperless or less paper transactions. By providing concessional credit facilities, it attracts the businessmen to adopt the environmental friendly products. Green banking protects the environment and also reduces human errors, frauds, improve operational efficiency and reduce cost in banking activities. The Green banking is a part of green initiative taken by stakeholders to save environment. The one of professed role of digital India was “Faceless, Paperless, Cashless” with a vision to transform India into a digitally empowered society and knowledge economy. The objective of this paper is to analyze the concept of green banking and to discuss the issues and challenges in practice of green banking and also to understand the growth of green banking in India.

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