Promoting Sustainable Development Through Green Banking Initiatives

Abstract

State Bank of India (SBI) advances sustainable finance through green banking (GB) initiatives, including green pins, solar buildings, and green remit cards. These practices reduced annual paper consumption by 1,200 metric tons (avoiding deforestation of ~20,000 trees) and cut operational costs by 15% through digitization (SBI Sustainability Report, 2023, p. 12). Carbon emissions fell by 28% (2020–2023), driven by solar-powered ATMs (1,200 units installed) and paperless transactions (45 million annually). Leveraging mixed methods, this study analyzes GB’s benefits and customer awareness using primary data from 50 SBI customers (interviews) and secondary data (reports, publications). Statistical analyses like Garrett’s ranking, t-tests, ANOVA, and SEM reveal digital literacy moderates demographic influences on GB adoption. Higher education correlates with awareness, while age-education interactions highlight adoption barriers. Gender showed no significant impact. Findings underscore SBI’s alignment with India’s net-zero goals but emphasize the need for targeted education and cyber security measures. The study bridges stakeholder theory with empirical insights, demonstrating how banks can harmonize profitability and environmental responsibility. Results advocate scalable policies, such as incentivizing green loans and enhancing digital literacy, to mainstream GB practices in emerging economies, offering a blueprint for sustainable banking transformation.