Corporate Social Responsibility: An Outlook of Indian Financial Institutions

Abstract

Aims: The principal objective of this research is to discern the perceptions of Indian financial institutions towards corporate social responsibility and also attempts to be acquainted with the opinions of employees, customers and general public. Methodology: This paper reviewed the relevant literature on CSR and Indian financial institutions. The researchers designed four types of questionnaires and conduct in-depth personal interviews to collect the opinions of financial institutions, employees, customers and general public. The survey confined only to fifty financial institutions related to banking, insurance, mutual funds, and share-broking companies. The researchers used simple random and convenience sampling methods to gather the data from 100 employees, 200 customers and 200 general public. The collected data was analyzed with Microsoft Excel software and frequency distribution. This research is limited to the financial institutions only from the sectors of banking, insurance, mutual funds, share-broking which are operating from the southern state of Andhra Pradesh in India. Results: The Indian financial institutions expressed almost hundred percent positive attitudes in implementing CSR towards all the stakeholders. Regarding CSR towards employees, only 80 percent financial institutions reacted positively towards fair wages, job security, meaningful freedom, job satisfaction and humane treatment. Related to the cross validate section, 64.85 percent of employees, 45.64 percent of customers and 51.60 percent of general public only reacted positively towards the socially responsible actions of financial institutions in the country. Conclusion: This research paper shed light on Indian financial institutions about the views of their employees, customers and general public on their socially responsible actions. The study is first of its kind which attempts to know the perceptions of Indian financial institutions on implementation of different socially responsible actions which is valuable to the corporate world and also provides insight to the world of academia.