Page 346 - IMDR JOURNAL 2023-24

IMDR’s Journal of Management Development & Research 2023-24
literacy, and expanding access to high-quality education, Kotak Bank is implementing programs

that are in line with the Viksit Bharat 2047 vision by utilizing its resources and experience. These

programs include raising learning standards in the classroom, promoting higher education,
entrepreneurship, enhancing livelihoods, and providing skill-building opportunities for youngsters

as well as those with disabilities.

In this study, we examine the innovative approaches used by Kotak Mahindra Bank in the field of
CSR initiatives with an emphasis on education, and we extract knowledge and ideas that can help

make Viksit Bharat 2047 a reality. This study intends to provide guidance for future plans and
activities in the pursuit of a prosperous and inclusive India through a thorough review of Kotak

Bank's initiatives and their effects on education and sustainable development.

2. Literature review

Corporate social responsibility expenditures and financial stability in the Indian banking sector are
significantly positively correlated. It has been established via correlation, dependency regression,

and Granger Causality studies that investing in CSR improves financial stability, which in turn
boosts business performance and competitive advantage. This emphasizes how critical corporate

social responsibility is to the banking industry's efforts to increase goodwill and financial stability.
(Chaudhuri & Kumar, 2021)

The importance of CSR in the banking sector's contribution to social advancement was the subject
of a research. It made clear that, in order to integrate economic, social, ethical, and environmental

goals with stakeholder expectations, business performance now depends on CSR. The study's
objectives were to examine the CSR expenditures of public and private banks between 2008–09

and 2018–2019. It was found that banks demonstrated higher spending and more methodical

reporting of CSR efforts after the Companies Act of 2013 made CSR mandatory. (Jena, Nanda,
Biswal, & Mohapatra, 2020)

The Companies Act, 2013's CSR requirements were followed in evaluating the social and

environmental performance of India's private and public sector banks. Both sectors pursue CSR
efforts including poverty eradication, education, and rural development, yet neither sector achieved

50% of the projected CSR score, according to content analysis and t-test comparison. The best

private bank performer was J&K Bank, which was followed by Yes Bank, Federal Bank, and ING

Vysya. The best public sector banks were Bank of Baroda and Punjab National Bank. Overall,
there was no discernible difference between the two industries' average CSR scores. (Kaur, 2019)

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