In a significant move towards fostering a green finance ecosystem in India, the Reserve Bank of India (RBI) unveiled a framework for the acceptance of green deposits on April 1. This announcement has catalysed the banking sector’s interest in the green finance domain, prompting several banks to explore partnerships and individual product offerings as part of their green finance initiatives. Various major banks have made strides in this emerging sector by either forming strategic partnerships or developing specialised green finance products.
These partnerships are geared towards fostering innovation in the field of green hydrogen, a critical component of sustainable energy solutions. Apart from forging partnerships, some banks have taken the route of developing dedicated green deposit policies.
This concerted effort by banks to embrace green finance not only aligns with India’s sustainability goals but also reflects the growing recognition of the importance of environmentally responsible financial practices. As banks continue to implement green finance solutions, they play a vital role in driving the nation’s transition towards a greener and environmentally conscious future.
