Key Takeaways
- ESG is now embedded in strategy and targets: The bank’s Planning Cycle 6 (FY24–26) makes ESG a critical pillar, with ESG targets integrated into Business Unit goals.
- Carbon neutrality by 2032 is the headline commitment: A comprehensive strategy has been developed to achieve this, backed by specific green-lending products like Indus Solar and sustainability-linked loans.
- Operational safety is a disclosed, bank-wide system: 100% of branches and employees participated in fire drills, and a dedicated Health & Safety department now oversees a formal management system.
- Social impact is being measured: Four social impact assessments were conducted in FY24, covering water restoration, solar adoption, cancer care, and foundational literacy.
- What to watch next quarter: Any quantification of the green loan book, progress updates on the 2032 carbon neutrality roadmap, and whether ESG-linked targets materially shift business unit behavior.
ESG Strategy & Governance
- ESG is a formal strategic pillar: In the Planning Cycle 6 (PC 6) strategy, effective from FY2024 to FY2026, ESG is one of the critical pillars, and ESG targets are being included in the targets of Business Units.
- Board-level oversight is in place: The CSR and Sustainability Committee comprised five members as of March 31, 2024, three of whom are independent directors, chaired by Mrs. Akila Krishnakumar.
- Policy coverage is complete: Policies for all 9 principles of the National Guidelines on Responsible Business Conduct (NGRBC) are in place, approved by the Board, and extend to the bank’s value chain partners.
- Disclosure is maturing: The Business Responsibility and Sustainability Report (BRSR) for FY 2023-24 has been filed with stock exchanges and is available on the bank’s website.
Environmental Commitments & Green Finance
- Carbon neutrality by 2032: The bank has developed a comprehensive strategy to achieve carbon neutrality by FY 2032.
- Green lending products are live: The bank pursued ESG-linked business initiatives including IndusWE (supporting women entrepreneurs), Indus Solar (solar rooftop financing for MSE clients), and green, social, and sustainability-linked loans for corporate clients.
- Operational energy management: Comprehensive electrical health check-ups are conducted annually at bank branches for all category A to D branches, indicating a systematic approach to energy and asset risk.
Health, Safety & Operational Resilience
- A formal safety management system exists: The bank has implemented an occupational health and safety management system with a dedicated H&S department, supported by a Fire Safety Manual, Security Manual, Facilities and Administration Manual, and a Workplace Health and Safety Policy.
- Safety drills achieved full coverage: During FY 2023-2024, fire safety training and evacuation drills were conducted at 42 high-rise buildings and 100% of the bank’s branches across all zones, with 100% of employees including outsourced staff participating.
Social Impact & Customer Protection
- Impact assessment is now a practice: Four social impact assessments were conducted in FY24, covering restoration of water bodies (lake rejuvenation in Raipur-Sankra, Bandha, and Dongiya), renewable energy adoption via Institutions on Solar, cancer care for underprivileged children through Donate A Life, and foundational learning via the Early Language and Literacy program in Haryana government schools.
- Grievance redressal is structured: The bank adheres to a Board-approved Grievance Redressal Policy with a defined escalation process, an appointed Internal Ombudsman, and quarterly reports submitted to the Standing Committee on Customer Service and the Customer Service Committee of the Board.
Guidance & Commitments
| Commitment | Specifics | Timeline |
|---|---|---|
| Carbon neutrality | Achieve carbon neutrality | By FY 2032 |
| ESG integration into performance | ESG targets included in Business Unit targets under PC 6 strategy | FY2024 to FY2026 |
| Policy extension to value chain | NGRBC policies extended to value chain partners | In effect (approved by Board) |
Key Metrics
| Metric | Q1 FY25 |
|---|---|
| Net interest income | Not stated |
| Net profit | Not stated |
| Total revenue (CSR basis) | ₹30,011.69 cr (FY24), from CSR disclosure |
| Net worth | ₹61,445.10 cr (FY24), from CSR disclosure |
| Paid-up capital | ₹778.32 cr |
| Permanent employee turnover rate | 37% (FY24), improved from 51% in FY23 |
| Gross wages paid to females as % of total wages | 16.15% (FY24), up from 15.01% in FY23 |
| Branches/Banking outlets | 2,984 (national), plus 61 offices |
| ATMs | 2,956 |
| Customer base | ~3.9 cr as on March 31, 2024 |
| Total employees | 49,699 (45,637 permanent, 4,062 other than permanent) |
| Customer complaints filed (FY24) | 42,330 filed, 2,555 pending |
| Energy intensity per rupee of turnover | 921.02 (FY24), improved from 1,191.3 in FY23 (per ₹ crore) |
| Total Scope 1 and Scope 2 emission intensity | 2.18 MTCO2e/₹ crore (FY24), improved from 2.81 in FY23 |
| Directly sourced from MSMEs/small producers | 31% (FY24), up from 28% in FY23 |