Question

Briefly describe one (1) area of green computing that Banks could implement as part of their solution to the problem/s encountered like a system glitch. [Use between 150 – 250 words]

Answer 1

Solution:

Green Banking in India: A Study of Various Strategies Adopt by Banks for Sustainable Development

Green Banking is like a normal bank, which considers all the social and environmental factors; it is also called as an ethical bank. Ethical banks have started with the aim of protecting the environment. These banks are like a normal bank which aims to protect the environment and it is controlled by same authorities as what a traditional bank do. There are many differences compared with normal banking, Green Banks give more weight to environmental factors, their aim is to provide good environmental and social business practice, they check all the factors before lending a loan, whether the project is environmental friendly and has any implications in the future, you will awarded a loan only when you follow all the environmental safety standards.

Defining green banking is relatively easy. Green Banking means promoting environmental friendly practices and reducing your carbon footprint from your banking activities. This comes in many forms

Using online banking instead of branch banking.

Paying bills online instead of mailing them.

Opening up accounts at online banks, instead of large multi-branch banks

Finding the local bank in your area that is taking the biggest steps to support local green initiatives.

GREEN BANKING PRODUCTS

Green Loans: means giving loans to a project or business that is considered environmentally sustainable.

Green Mortgages: refers to type of mortgage that provides you a money-saving discount or a bigger loan than normally permitted as a reward for making energy-efficient improvements or for buying a home that meets particular energy-efficiency standards.

Green Credit Cards: Be it in form of environmentally friendly rewards or using biodegradable credit card materials or promoting paperless banking, credit cards are going green.

Green Saving Accounts: In case of Green Saving Accounts, banks make donations on the basis of savings done by customers .The more they save, the more the environment benefits in form of contributions or donations done by banks.

Mobile banking and online banking: These new age bank- ing forms include less paperwork, less mail, and less travel to branch offices by bank customers, all of which has a positive impact on the environment.

THE EMERGING TREND OF GREEN

BANKING

The term "Green Banking" is being heard more often today. According to Indian Banks Association (IBA, 2014) Green Bank is like a normal bank, which considers all the social and environmental / ecological factors with an aim to protect the environment and conserve natural resources. It is also known as ethical bank or sustainable bank. Green banking can benefit the environment either by reducing the carbon footprint of consumers or banks. On-line banking is an example of an initiative of Green Banking.

Benefits of online banking include less paperwork, less mail and less driving to branch offices by bank customers, which all have a positive impact on the environment. Interestingly, online banking can also increase the efficiency and profitability of a bank. A bank can lower their own costs that result from paper overload and bulk mailing fees if more of their customers use online banking. Green banking also can reduce the need for expensive branch banks. Green banking is also gaining importance in recent times. Most of the banks are undergoing computerization, networking, and offering of online

banking to customers reduces the use of paper directly and indirectlyresulting in pollution control.

Banks can also support eco-friendly groups, offer green lending and raise money for local environment initiatives. Banks that go to these significant lengths to be Eco- friendly are a little more difficult to find than the banks that claim to be green by merely offering online services. Banks that offer rate incentives on Certificates of Deposits, money market accounts, online savings accounts and checking accounts for online banking also help the green banking cause by rewarding online banking customers.

#please consider my effort and give me a like....thank u....