Responsible Banking
The Guiding Principles
The rising uncertainties due to pandemic, climate change and changing world order call for a responsible approach towards Environment, Social and Governance (ESG) aspects of businesses. ICICI Bank has always been committed to contributing to socio-economic transformation of the society for a better tomorrow. The ESG Policy approved by the Board consists of various policies, principles, and approaches of the Bank towards adoption of ESG is a further step in that direction ensuring responsible business practices.
Responsible Finance
The Bank is committed to supporting the nation’s transition to a low carbon economy and contribute towards sustainable growth. The Bank has emphasised financial inclusion and has developed digital products and strategies to improve access to finance for segments like micro, small and medium enterprises and the unbanked rural areas. Lending to sustainable sectors, like renewable energy, electric vehicles, is another focus area subject to appropriate assessment of risks and returns.
At March 31, 2022, the Bank's outstanding portfolio to sectors like renewable energy, electric vehicles, green certified real estate, water and waste management and positive impact sectors like small-scale khadi and handicrafts was about ₹73.80 billion.
ESG Policy
The ESG policy aims to make a positive impact on the environment through responsible finance and environment sensitivity in the Bank’s operations by ensuring compliance with environmental laws and resource efficiency initiatives. On the social front, it mandates ethical treatment of customers based on fair business approach, regular engagement, and separate policies for “Customer Rights Policy”, “Customer Relations'', “Customer Compensation”, “Customer Grievance Redressal” and Personal data protection standards. Whereas for employees, it emphasises on fair employment practices, safe and motivational workplaces. It recommends a financial inclusion plan and CSR initiatives for sustainable development of the society. On the Governance front, it stresses upon adherence to independent board guidelines, “ICICI Group Code of Business Conduct and Ethics”, Framework for Managing Conflict of Interest, Group Anti Money Laundering and Combating Financing of Terrorism Policy, Whistle Blower Policy, “Compensation Policy”, policy on Related Party Transactions and Group Arm’s Length Policy and robust succession planning process.
