India CSR News Network
MUMBAI: YES BANK Limited, India’s fifth largest private sector bank, has announced that it will commit Rupees 250 Crores towards two key focus areas of livelihood and water security, and environment sustainability by 2020 through its focused and intensified CSR and Sustainability actions.
Rana Kapoor, Managing Director & CEO, while making this momentous announcement emphasized,” At YES BANK, we realize that it is vital to adopt a holistic, long-term view towards CSR to be able to generate scale and resultant social impact. In accordance with this philosophy, we have approved a 5 year plan instead of looking at socio-economic interventions on a limited, yearly basis. We remain committed to touching 10 Crore lives by 2020 by providing access to safe and clean drinking water, and mobilizing USD 5 Billion towards Climate finance in India through laser focused interventions”.
The target of Rupees 250 Crores demonstrates YES BANK’s dedication to positive CSR and sustainability actions, and is aligned with its commitment towards contributing to India’s Nationally Determined Contributions (NDCs) for climate risk mitigation, that it had confirmed in December 2015, on the occasion of COP 21 at Paris. As part of its commitments, YES BANK committed to target mobilizing USD 5 billion towards climate finance in India, and provide access to safe and clean drinking water to 10 Crore lives by 2020. The Bank also committed to achieve the following by 2020:
- Target funding of 5,000 MW of clean energy
- Gradually increase percentage of Renewable Energy in its power portfolio
- Contribute towards creating a carbon sink by planting 2 million trees
- Offset Carbon Emissions of the bank’s operations
The Bank, in FY 2015- 16, touched more than 2 Lakh lives every day by providing access to safe and clean drinking water through its ‘Livelihood and Water Security’ initiative and in a significant development, has partnered with the Indian Railways to provide safe and clean drinking water at the 1000 railway stations across India by 2019.
Namita Vikas, Group President and Global Head, Responsible Banking: YES Institute said, “YES BANK has established itself as a sustainability leader in the banking sector through its various industry-first initiatives, including its multi-faceted interventions towards livelihood and water security, skill development, and environment sustainability. YES BANK’s Responsible Banking ethos premises its policies and actions on innovating for a sustainable future and strives to maximize positive-impact through structured and focused interventions. Our commitment stems from the fact that we have been able to create stakeholder value by implementing projects based on unique models that are scalable and have sustainable impact. Collaborating with likeminded institutions, engaging with stakeholders, and investing in responsible activities, have ensured that we stay on track to secure long-term solutions”.
Since inception, through its Responsible Banking ethos, YES BANK has been at the forefront of mainstreaming sustainable development, with a vision to be the benchmark Financial Institution for Inclusivity and Sustainability. YES BANK aims to bring a paradigm shift in the sector and play the role of ‘catalyst for change’. This commitment is aligned with India’s shift to a low carbon economy, in line with Government of India’s ‘Skill India Campaign’ and its commitment to meet the Sustainable Development Goals.
Recently, YES BANK became the 1st Indian Bank to be included in the Dow Jones Sustainability Index. Its CSR commitment further strengths Banks belief in Responsible Banking for sustainable business.