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From the files that keep piling up in the hundreds of branches of the banks to the plastic cards that we use every day, the banking industry, too, can’t deny its role in harming the environment.
But banks and the government are ready to make up for the losses and are taking a conscious effort to make way for a green nature.
Entrepreneur India takes a look at the most recent, top five green initiatives undertaken by banks, moving beyond the plantation drives.
On the recently concluded World Environment Day, Axis Bank announced its degradable cards. A big step towards environmental protection, these cards made of Polyethylene Teraphthalate Glycol are degradable and will not result in the release of toxic gases.
ATMs Powered by Solar Energy
Be it the shortage of cash or the quick need to find a place that has a functional AC, the one place that has seen the most queues now and always has to be the ATMs. A great initiative undertaken by banks has been to enable these ATMs with solar energy. Recently, ICICI declared to turn over 200 ATMs around the country into solar energy-powered.
Check on Paper
With more and more bank branches coming up across the country and with files piling up in them, paper wastage is an oft-criticized issue.
But thankfully, most banks are changing their ways with their paperless initiatives. They are encouraging paperless digital transactions that will not lead to any wastage.
In fact, banks like HDFC have given a unique user ID given to each employee to keep track on the number of printouts taken by them every day. The bank also has a no-paper-no-pen policy.
Investing in Right Projects
With banks investing in numerous projects, their CSR initiatives has seen them investing in green projects. IndusInd Bank, for example, has invested in solar capacity projects in Telangana and also wind mills in Rajasthan. IndusInd Bank has committed INR 4,361 million to these projects.
E-waste is another important waste that needs to kept in mind but is often ignored by most corporations and even banks. Indusind bank, through its waste management initiative, takes a lead in recycling e-waste. IDBI Bank, too, is not too far behind. The bank had declared that each of its branches will dispose of e-waste through an authorized vendor.