CSR as a Tool for Financial Inclusion: An Evaluation of Flagship CSR Projects of Indian Public Sector Banks (Purushotama G & Dr. K. Kathikeyan)

Abstract:

In recent years, Corporate Social Responsibility (CSR) has evolved beyond philanthropic obligations to become a strategic tool for inclusive development, particularly in the Indian public sector banking landscape. This research explores how CSR initiatives by major public sector banks—State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India, and Canara Bank—have contributed to advancing financial inclusion from 2018 to 2024. Employing a mixed-method approach that integrates document analysis of CSR reports, thematic analysis of interviews with bank CSR heads and rural beneficiaries, and Social Return on Investment (SROI) modelling, the study critically evaluates the design, implementation, and impact of key CSR projects such as SBI’s Gram Seva, BoB’s RSETI, and Canara Bank’s RUDSETI model. The findings reveal that targeted CSR programs have significantly enhanced financial literacy, increased digital banking adoption, and created sustainable livelihood opportunities, especially among women and marginalized communities. This study offers insights into best practices and policy recommendations for leveraging CSR as a vehicle for deepening financial inclusion and fostering equitable rural development.