CashNews.co
ESAF Small Finance Bank Ltd. has set a new benchmark with an impressive ESG rating of 68.1, vastly outshining the industry average of 51.8, according to CARE ESG RATING’s assessment based on the SEBI-approved framework. This achievement underscores the bank’s advanced environmental, social, and governance practices.
The bank excelled in the social pillar with an industry-leading score of 76.9%, showcasing its dedication to societal advancement. It has surpassed the government-mandated corporate social responsibility contribution, committing up to 5% of its profits, and focuses significantly on Priority Sector Lending.
In governance, ESAF scored 73%, highlighting its commitment to business ethics and leading governance practices. Managing Director Kadambelil Paul Thomas emphasized ESAF’s adherence to ESG principles, aiming to become India’s premier social bank, while CARE ESG RATING’s CEO praised ESAF for taking a lead role in responsible business practices.
(With inputs from agencies.)