International Journal of Advanced Multidisciplinary Research and Studies
Volume 4, Issue 6, 2024
An Exploration of Social Banking in India: A New Frontier in the Banking Sector
Author(s): CA Payal Akshay Sarda, Dr. Tushar Pachkhande, Dr. Suresh Dhawale
Abstract:
The primary objective of banking has traditionally been to accept deposits and provide loans to those in need. However, in recent years, the banking sector has undergone significant transformation, expanding to offer a diverse range of services to customers. Social banks, in particular, provide financial services to individuals and organizations that focus on creating social, environmental, or sustainability-driven benefits. These banks prioritize investing in communities, offering opportunities to the disadvantaged, and supporting various social and environmental causes. Social banks aim to direct their investments toward initiatives that have a positive impact on society. To understand the concept of social banking, it is helpful to contrast it with the traditional approach of general banking. While general banks operate on the principle of profit maximization, social banks embrace a broader ethos, focusing on the needs of people, profit, and the planet.
Keywords: Banks, Digital Transformation, Social Banking, Profit Increases
Pages: 706-709
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