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Csr In Icici Bank Essay

1785 words - 8 pages

ICICI Bank , India’s second largest bank, offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium ...view middle of the document...

0% of its annual profits towards Corporate Social responsibility by forming the ICICI foundation
CSR Activities

The ICICI Group also established ICICI Foundation for Inclusive Growth and through it made a long-term commitment to empowering low-income Indians to participate in and benefit from the nation’s growth process. To do so, they have established strong partnerships with five organizations working in the areas of primary health, elementary education, access to financial services, civil society and environmental sustainability.

Business activities create both positive and negative externalities for both society and
environment. The story of business and society revolves around how businesses
generate more positive externalities and minimize negative externalities.
The social expectation that businesses should proactively take care of the broader society
and environment has increased in the last few decades. Businesses have responded to
this pressure with a set of activities given the generic name of Corporate Social
Responsibility (CSR). Business firms engage with stakeholders on a wide range of issues
by means of CSR. CSR activities seemingly addressing each and every social problem
were neither good for business nor good for the society. Such CSR activities were neither
making any progress in alleviating social situation nor benefiting the business, as the
social problems were too big to be addressed by a business and also firms didn’t have
the expertise to find effective and efficient solutions for social issues. Thus firms were
seen as wasting the shareholders resources.
The concept of strategic CSR was a response to this criticism. Strategic CSR refers
to those set of CSR activities that help social and environmental causes as well as benefit
the business. The notion that CSR should benefit the firm as well is no news now. But a
framework which guides CSR managers so that they can decide which CSR initiatives
makes strategic sense to the firm remains elusive. This research builds a CSRSTRATEGY-
FRAMEWORK to screen strategic CSR activities from the non strategic CSR
activities. Further this study explores the features of strategic CSR.

Bhopal Gas Tragedy , 1984 and Corporate bad behavior (Shell, Nike, Exxon
Mobile, Enron and WorldCom) became common place from the 1990s
Formulation of Kyoto Protocol 1997 and institutionalization of the Global
Warming movement

But this engagement of business with the society by CSR activities directed towards a
wide range of social and environmental issues generated a lot of criticism! Researchers
proclaimed that this type of CSR activities seemingly addressing each and every social
problems were neither good for business nor good for the society (Leavitt,1958;
Friedman,1970; Lantos, 2001; Drucker, 2001; Porter and Kramer , 2006 ,2002; Meehan et
al., 2006).Their concern was that wide range of CSR activities were not making any
progress in alleviating social...

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