Corporate Social Responsibility in Banking And Financial Institutions
Corporate Social Responsibility
The world we live in today is more connected than ever before. The global village that has emerged as a result of the Information and Communication Technology revolution has redefined the way we interact and communicate with each other. The government, businesses and society are much more interactive than in the past. Corporations are more aware of their role towards the society. They are responsible bodies that feel a sense of duty towards commonwealth and the environment. This has come with a growing realization that they, as an integral part of the society, can contribute towards the empowerment and upliftment of the society. Also consumers and citizens are increasingly playing an important role by their interaction with governments and businesses. This is the foundation thought behind the tripartite golden handshake between—businesses, civil society and governments.
Corporate Social Responsibility (CSR) can be defined as the "economic, legal, ethical, and discretionary expectations that society has of organizations at a given point in time". The concept of corporate social responsibility means that organizations have moral, ethical, and philanthropic responsibilities in addition to their responsibilities to earn a fair return for investors and comply with the law. A traditional view of the corporation suggests that its primary, if not sole, responsibility is to its owners, or stockholders. However, CSR requires organizations to adopt a broader view of its responsibilities that includes not only stockholders, but many other constituencies as well, including employees, suppliers, customers, the local community, state, and federal governments, environm ...