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In 2024, which of the following Indian banks launched the 'Green Rupee Term Deposit' scheme for retail customers?
State Bank of India
HDFC Bank
ICICI Bank
Axis Bank
State Bank of India
State Bank of India introduced the Green Rupee Term Deposit scheme to mobilize capital for environmentally sustainable projects.
The Green Rupee Term Deposit is part of the broader financial sector push toward sustainable development and climate financing. By mobilizing deposits specifically for green initiatives, the bank aims to fund projects that align with national sustainability goals. This initiative reflects the growing integration of Environmental, Social, and Governance (ESG) criteria into the operational frameworks of major Indian banking institutions. It provides retail customers with an opportunity to contribute directly to green infrastructure development.
The State Bank of India is a statutory body established under the State Bank of India Act, 1955. It operates under the regulatory supervision of the Reserve Bank of India, which is the central bank of the country established under the Reserve Bank of India Act, 1934.
The scheme is available for three specific tenors of 1111, 1777, and 2222 days.
Interest rates for these deposits are at par with the existing card rates for retail term deposits.
The initiative is designed to support the financing of green and sustainable infrastructure projects.
The scheme is excluded from other specialized products like the Recurring Deposit, Tax Savings Scheme 2006, and non-callable deposits.
A is correct тАФ State Bank of India launched the Green Rupee Term Deposit to channelize funds into eco-friendly and sustainable initiatives.
Associate 'Green' deposits with the 'Green Bond' framework regulated by SEBI to remember the focus on environmental sustainability in Indian financial markets.
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