In 2014, India took a landmark decision, becoming the first country in the world to legally make corporate social responsibility mandatory for businesses operating in the country. As per the Section 135 of the Indian Companies Act, it is now compulsory for companies over a specified turnover and profitability to invest 2% of their average net profit over the past three years on CSR initiatives. Not only does this play a great role in developing the nation and its people, it also instills a strong sense of responsibility among business owners. One private bank, however, has taken the task seriously and have exhibited exemplary CSR initiatives. Led by Rana Kapoor, Yes Bank, ever since its conception, have been committed and actively involved in multiple social awareness projects and brought about palpable changes.
Paperless Banking
Rana Kapoor believes that the future of India lies in paperless economy, “Planting trees is not enough to combat the current rate of deforestation, it is time to save trees and to do that, we need to stop the use of paper and go digital”. With that commitment, Yes Bank has truly taken brilliant aggressive measures to promote digital banking and payment over the use of paper. They have also partnered up with government bodies to facilitate online payment and registration for services, and are also engaged in building a mobile app to further the cause.
Green Initiatives
Rana Kapoor, has always ensured that Yes Bank focusses on sustainability and eco-friendliness, and thus, thus keeping the organisation’s carbon footprint to a minimal. It is the first private financial organisation to invest in and launched India’s first ever green infrastructure bonds pledging 500 crores towards renewable energy and energy efficiency. It has also partnered with the Ministry of New and Renewable Energy to support and help in the development of alternative energy projects. It has partnered with Indian Institute of Corporate Affairs to train independent directors on sustainability and responsible banking.
Supporting MSMEs
Yes Bank has always been vocal for the local and it has been one of the biggest pillars supporting the Indian Micro, Small and Medium Enterprises (MSMEs). Rana Kapoor was a struggling entrepreneur, who put in every bit of his effort to create Yes Bank, and to take it to this place. Thus, he has pledged to make the path just a little easier. Yes Bank has several easy loan, financing and FOREX initiatives to help Indian MSMEs flourish. The bank has also organised several educational programmes to train small business owners and nurture an encouraging environment for entrepreneurship.
Women Empowerment
Rana Kapoor has been a strong supporter to bridging the gender disparity and thus, on International Working Women’s Day, Yes Bank launched YES Essence, a unique banking solution to empower women from all walks of life, ranging from entrepreneurs, salaried professionals, homemakers, to senior citizens. It offers easier and better rates of loans for women, fee waiver on demat and trading account, wealth management, partnerships with women run businesses, and exclusive health benefit packages. They have also been active in supporting rural women and boosting their employability with workshops and seminars, in collaboration with the local governments.
Senior Citizen Care
Senior citizen comprise of over 10% of the country’s population, and yet, it is heartbreaking to see how little most financial organisations think of them, as they do not comprise of the earning workforce of the nation. On the occasion of World Population Day Yes Bank has collaborated with HelpAge India to launch a unique initiative, Yes Respect, that offers a range of products and services that are tailored for senior citizens. Moreover, the bank also offers a number of highly paying investment schemes and lucrative preferential rates of interest exclusively for their senior citizen customers.
Yes Bank is truly a revolutionary organisation, miles ahead of other private banks, when it cvomes to Corporate Social Responsibility. With awards, such as The Karlsruhe Sustainable Finance Award, Asia Sustainability Reporting Award, QualTech Prize for Sustainability, multiple Golden Peacock Awards and more, the financial organisation is truly outstanding in its sustainability leadership and environmental initiatives. Yes Bank continues to champion Rana Kapoor’s pledge for a greener India.
