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(Pcbs) and State Owned Commercial Banks (Socs) in Bangladesh An Assessment of Green Banking Practices at Private Commercial Banks (PCBs) and State Owned Commercial Banks (SOCs) in Bangladesh Md. Momin Uddin Assistant Professor Department of Management Studies Patuakhali Science and Technology University Dumki, Patuakhali-8602 [email protected] Abstract Green Banking has been defined as promoting paperless workplace, environmental-friendly practices and of course reducing carbon footprint from banking practices. The prime objective of the study is to explore the current scenario of green banking practices among Private Commercial Banks (PCBs) and State Owned Commercial Banks (SOCs) in Bangladesh. This study is basically based on secondary data and extensive literature review. The secondary data has been collected from internet, annual reports of private commercial banks and state owned commercial banks, Bangladesh Bank annual reports and reviews etc. The Study initially explored the Bangladesh Bank’s initiatives regarding green banking practices for Banks and Financial Institutions (FIs). The study also tried to give a concrete picture of different green banking practices done by overall banking industry in Bangladesh from the year 2014-2017. The sample size of the study is six private commercial banks (POCs) and six state owned commercial banks (SOCBs) which were chosen through convenient and purposive sampling technique. The study provided a comparison on green banking practices of top six Private commercial Banks (POCs) such as (DBBL, Bank Asia, IBBL, SIBL, IFIC, ABBL) with six state owned commercial banks (SOCBs) such as (Sonali Bank Ltd., Janata Bank Ltd , Agrani Bank Ltd, Rupali Bank Ltd, BDBL, Basic THE COST AND MANAGEMENT 36 ISSN 1817-5090, VOLUME-47, NUMBER-04, JULY-AUGUST 2019 Bank ltd). Published data has been collected through bd.com). This study has been undertaken to explore an intensive desk research. The collected data were the current scenario of green banking practices analyzed in the perspective of progress and adequacy among private commercial banks (pcbs) and state of green banking activities in private commercial owned commercial banks (socbs) in Bangladesh. banks and state owned commercial banks operating in Bangladesh. Microsoft office package especially 1.1 Objectives of the Study MS-excel has been used mostly for summarizing The prime objective of the study is to explore and illustrating the collected data systematically. It is the current scenario of green banking practices found from the study that private commercial banks among Private Commercial Banks (PCBs) and State mostly abide by the rules and regulations of green Owned Commercial Banks (SOCs) in Bangladesh. banking practices imposed by Bangladesh Bank In addition the study is going to fulfill the following and PCBs have been implementing green banking sub-objectives: practices in large volume in every angle than that of a) To explore Bangladesh Bank (BB) initiatives state owned commercial banks in Bangladesh. Some regarding green banking practices for Banks and of the recommendations were made for the policy Financial Institutions (FIs) implementation. b) To examine Bangladesh Bank’s green banking Keywords : Green Banking practices, PCBs (Private policy implementation by all schedule banks Commercial Banks), SOCBs (State Owned operating in Bangladesh. Commercial Banks). c) To make a comparison on green banking practices among Private Commercial Banks (PCBs) and 1.0 Introduction State Owned Commercial Banks (SOCs) in The term ‘Green’ has been considered as a broad Bangladesh. range of social, ethical, and environmental practices. Though, for the purpose of the study it tends to look 2.0 Literature Review into environmental aspect (Bai 2011). Green Banking The Green initiatives taken by Banks or a concept of has been defined as means promoting paperless using all of the banks resources with responsibility workplace, environmental-friendly practices and and care, avoiding waste and giving priority to choices of course reducing carbon footprint from banking that take sustainability into account. This concept practices. This could be done in many ways such as of Green Banking will be mutually beneficial to the by using online banking instead of branch banking, consumers, banks, industries and the economy as a paying bills online instead of mailing them, opening whole (Sharma, Sarika et al. 2014). Green Banking up CDs and money market accounts at online banks instead of large multi-branch banks or finding the allows banks mobilize money, invest safely the money local bank in your area that is taking the biggest to productive activities free from deterioration steps to support local initiatives (Sharma, Sarika of standard of living and environment. It facilitates et al. 2014). The main objective of Green Banking and promotes the achievement of sustainable is to ensure the use of organizational resources in development of banking and finance. Thus banks favor of environment and society. Green Banking as can act as an ethical organization by disbursement a concept is proactive and smart way of thinking of loans only to those organizations, which have with a vision for future sustainability of our earth environmental concerns ( (Biswas 2011)). From a (Islam and Das 2013). Customer demands and broader perspectives, banks can be green through greater environmental awareness are driving force bringing improvement in six main spheres: investment for a number of financial institutions to go green management, deposit management, housekeeping, (Biswas 2011). The central bank of Bangladesh recruitment and development of human capital, has undertaken constructive steps to make green corporate social responsibility, and consciousness Banking a reality. According to Bangladesh Bank, “still of the clients and general mass (Rahman, Ahsan now people of our country are not aware of our et al. 2013). Green Banking requires that the green financing fund. They even do not know from financial institutions should encourage projects where it is available. This is mainly responsible for which take care: (i) sustainable development and the poor disbursement,”(www.thefinancialexpress- use of renewable natural resources, (ii) protection THE COST AND MANAGEMENT 37 ISSN 1817-5090, VOLUME-47, NUMBER-04, JULY-AUGUST 2019 of human health, bio-diversity, efficient production 3.0 Research methodology and use of energy, and (iii) pollution prevention The prime objective of the study is to explore and waste minimization, pollution controls (Biswas the current scenario of green banking practices 2011). There can be a number of specific tools among Private Commercial Banks (PCBs) and State including but not limited to Carbon Credit business, Owned Commercial Banks (SOCs) in Bangladesh. Green Credit and Investment, Green Mortgages, This study is basically based on secondary data and Green Credit Cards, Green Deposit Accounts, extensive literature review. The secondary data Mobile Banking, Online Banking, Waste Management, has been collected from internet, annual reports and Roof Gardening (Islam and Das 2013). of private commercial banks and state owned Commercial banks are now realizing that Green commercial banks, Bangladesh Bank annual reports Banking will improve its brand image to its market and reviews etc. Beside these, different journals, and especially among the environmentally conscious articles, newspapers and, working papers have citizens. Banks are also adopting Green Banking to been pursued to enrich the literature of the study. generate money, avoiding legal pressure, satisfying The population of the study is the whole banking various stakeholders and also to protect the brand industry in Bangladesh. The sample size of the study value (Ahmad, Zayed et al. 2013). The central is six private commercial banks (POCs) and six state Bank of Bangladesh has been trying to implement owned commercial banks (SOCBs) which were innovative, technology driven, environment and low chosen through convenient and purposive sampling cost banking practices to ensure access to financial technique. To find out various green banking practices services for all, many initiatives have been taken such nationally the websites of top banks have been as digitalization of the financial sector , financing utilized and studied. The study initially explored the of trade, channeling liquidity into productive Bangladesh Banks initiatives regarding green banking and supply augmenting investments including practices for Banks and Financial Institutions (FIs). Green Banking and CSR activities, agriculture, It also tried to give a concrete picture of different SMEs, expected to lead an efficient and inclusive green banking practices done by overall banking growth (Rahman 2012). Banking industry is going industry in Bangladesh from the year 2014-2017. under computerization, networking and offering The study provided a comparison on green banking of on-line banking is naturally gaining momentum practices of top six private commercial banks development in this sector (Biswas 2011). Many (POCs) such as (DBBL, Bank Asia, IBBL, SIBL, IFIC, studies revealed that green initiatives by banks can ABBL) with six state owned commercial banks attract more customers (Chang and Fong 2010). (SOCBs) such as (Sonali Bank Ltd., Janata, Agrani, Now-a-days, increasing number of customers of Rupali, BDBL, Basic Bank). Published data has been many conventional banks request for green financial collected through an intensive desk research. The products and investment opportunities and
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