Inbound Corporate Social Responsibility Model for Selected Indian Banks and Their Proposed Impact on Attracting and Retaining Customers – A Case Study

Abstract

Purpose: The banking sector in India's service industry sector helps the whole national economy by mobilising deposits and granting credit to other businesses, industrial sectors, and individuals. A recent government law mandates that both public and private banks voluntarily donate 2% of their income to CSR initiatives that address a variety of societal challenges. It is interesting to read how Indian banks have wisely utilised CSR funding. It will be interesting to compare the CSR programmes of a few Indian public and private banks to discover how cleverly they have increased organisational business benefits by spending on inbound CSR activities. Design/Methodology: This study proposes, cites, and analyses a number of inbound social responsibility initiatives started or to be started by Indian banks. The data and facts came from the websites of the chosen banks as well as from relevant case studies and bank literature from a number of open access sources. Findings: Inbound CSR initiatives have a variety of effects on banks' ability to draw in new clients and keep existing ones. Banks may strengthen their brand image, increase customer trust, and establish emotional connections. Based on a study of CSR efforts across banks in the private and public sectors, it was found that whereas public banks supported brand-building projects indirectly, private sector banks focused on giving direct support for their client services. As a result, both categories of banks will be able to gain from improved client satisfaction and, separately, the promotion of their services to underserved segments of the population using a strategy of spending a partial amount of CSR funds for inbound activities. Originality/Value: This study examines whether both public and private banks contribute to the successful discharge of their CSR funds for inbound CSR activities. Paper type: Research Case study.