RBI addresses monetary policy risks from climate change, proposing climate event risk modeling and discussions on mitigating climate risk through actionable items, self-imposed climate-mitigation targets, financing channel, and green deposits in Draft Disclosure Framework on Climate-Related Financial Risks 2024.
State Bank of India (SBI) chairman Dinesh Khara is in talks with the Reserve Bank to reduce the cash reserve ratio on green deposits. SBI s green deposit scheme aims to attract long-term retail deposits for green and climate-friendly projects. SBI is also evaluating borrowers based on environmental, social, and governance ratings.
Banks are promoting sustainable practices by offering Green Fixed Deposits to support social and environmental issues. Here is list of banks offering green fixed deposits.
SBI has launched SBI Green Rupee Term Deposit in an effort to raise cash for funding green activities and projects, as well as to expand the country s green finance ecosystem.