An Investigation on Corporate Social Responsibility Practices in Banking Sector: Special Reference to State and Private Banks in Batticaloa District
R. Kishokumar *
Department of Management, Faculty of Commerce and Management, Eastern University, Sri Lanka
*Author to whom correspondence should be addressed.
Abstract
Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders. It provides several different approaches to empower the communities that help to build a better economic infrastructure for mankind and nation security. Although companies may achieve remarkable efforts with unique business possibilities sometimes these companies are much more enthusiastic in carrying out CSR initiatives. Considering this approach, it can be said that CSR is not only based on how to treat the human resources but also it can provide support for the environmental aspects. This particular study ensures the current methodologies for knowing the basic need for CSR. 19 banks are selected (inclusive government and private banks), of which the employees are asked certain questions using 5-level Likert scale whereby data are generated to get information regarding the CSR pattern and consequently proposed outcomes are statistically assessed. This study concludes that corporate social responsibility includes economic, ethical, legal, and discretionary responsibilities.Further results assess how each sector of the bank shows their specific responsibility, for example legal responsibilities are much higher in state banks than that of private banks, similarly private banks show much higher rate of economic responsibility than the state banks etc. Furthermore the study results help to unfold the innovative proposals of CSR at every sector, so that CSR can bring up a better nation.
Keywords: Corporate social responsibility (CSR), state banks, private banks, economic infrastructure