RBI Framework for Green Deposits
In April, 2023, the Reserve Bank of India (RBI) announced the framework for acceptance of Green Deposits of regulated entities (RE).
- The idea is to foster and develop a green finance ecosystem in the country.
- The framework came into effect from June 1, 2023.
- The framework is intended to “encourage regulated entities (REs) to offer green deposits to customers, protect interest of the depositors, aid customers to achieve their sustainability agenda, address greenwashing concerns and help augment the flow of credit to green activities/projects”.
- The framework is applicable to Scheduled Commercial Banks including Small Finance Banks excluding Regional Rural Banks, Local Area Banks ....
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