Mumbai (Maharashtra) [India], March 15 (ANI/PRNewswire): In line with its focus on responsible banking, DBS Bank India has announced the launch of its Green Deposit Programme for corporate clients providing a simple way for companies to support environmentally-friendly projects or avenues.
DBS Bank is one of the few banks globally to integrate Sustainable Development Goals by offering lending & trade credit solutions to sustainable and environmentally-friendly green sectors and now offering a Green Deposit product. Under the Bank's sustainability programme, Green Deposits will fund green industries and initiatives such as; green building sustainable water initiatives that include wastewater management, renewable energy and clean transportation.
The Green Deposits proposition combines all the benefits of a regular fixed deposit with a commitment from DBS to support green and sustainable loans disbursed by the bank. Green Deposits serve as an ideal opportunity for corporates looking to include sustainability agenda into their treasury activities or those having limited options for investing in environmentally-beneficial projects.
Commenting on the initiative, Divyesh Dalal, Managing Director and Head - Global Transaction Services, DBS Bank India, said, "Through sustainable financing, banks play an important role in accelerating the transition to an ESG friendly future. DBS is bolstering support for customers to adopt sustainable business practices, enabling them to contribute towards Sustainable Development Goals. Our Green Deposits programme aims to finance green industries and initiatives for renewable energy, managing wastewater and clean transport."
The deposits can provide a threefold benefit:
Demonstrate customer's commitment towards environmental sustainability;
Customers can invest surplus cash in deposits supporting sustainable projects with positive environmental impact;
Customers can receive stable returns on investment without compromising the security of the deposit placement.
A pioneer in understanding international green finance benchmarks, DBS Bank has established its capacity and expertise in providing Green Loans. In 2020, DBS had partnered with CapitaLand Group to place its first green deposit for one of their group entities. The total net worth of outstanding green loans disbursed by DBS Bank in India is worth INR 1,546 Crores.
To drive further progress in Asia's sustainable financing landscape, DBS advocates scaling up transition finance and supporting clients in adopting incremental and instrumental solutions - all of which are necessary to broaden and deepen the market. To scale up India's cotton industry, the Bank partnered with fashion retailer Inditex, one of the world's largest retailers, to arrange financing for the Farmer Producer Organisations (FPOs) to procure organic cotton from the farmers in a timely fashion.
The World Economic Forum reported that an estimated $2.5 billion in additional annual investment is necessary to fully achieve the United Nations' Sustainable Development Goals in developing countries.[1]
India is increasingly working towards achieving an inclusive, sustainable economy. India's performance on the NITI Aayog SDG India Index has improved from an overall score of 60 in 2019-20 to 66 in 2020-21. [2]
References:
[1] Development Finance, Global Issue, World Economic Forum
https://intelligence.weforum.org/topics/a1G0X0000062jYyUAI?tab=publications
[2] Economic Survey 2021-22
https://www.indiabudget.gov.in/economicsurvey/doc/eschapter/echap06.pdf
DBS is a leading financial services group in Asia with a presence in 18 markets. Recognised for its global leadership, DBS has been named "World's Best Bank" by Euromoney, "Global Bank of the Year" by The Banker and "Best Bank in the World" by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named "World's Best Digital Bank" by Euromoney and the world's "Most Innovative in Digital Banking" by The Banker. In addition, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 13 consecutive years from 2009 to 2021. DBS was also ranked No. 1 on Forbes' list of the World's Best Banks in India for two consecutive years.
DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank - digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The bank now has a network of nearly 600 branches across 19 states in India.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises, as it banks the Asian way.
It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. In 2020, DBS introduced the "Towards Zero Food Waste" initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 30,000+ staff representing over 40 nationalities. For more information, please visit www.dbs.com.
This story is provided by PRNewswire. ANI will not be responsible in any way for the content of this article. (ANI/PRNewswire)