Boost to Green Finance Ecosystem
In a significant move towards fostering a green finance ecosystem in India, the State Bank of India (SBI), the country’s largest bank, has introduced the SBI Green Rupee Term Deposit (SGRTD). This unique deposit scheme aims to mobilize funds to support environmentally friendly initiatives and projects, aligning with the growing global focus on sustainable finance.
Key Features of SGRTD
The SGRTD is open to a diverse range of investors, including Resident Individuals, Non-Individuals, and NRI Customers. Offering flexibility, the scheme allows investors to choose from three distinct tenors: 1111 days, 1777 days, and 2222 days. This strategic variety caters to different investor preferences and time horizons.
Currently, the SGRTD is accessible through SBI’s extensive branch network. However, recognizing the importance of digital channels, the scheme will be made available shortly through other platforms like YONO and Internet Banking Services (INB). This expansion aims to enhance accessibility and cater to the evolving preferences of investors.
Mr. Dinesh Khara, Chairman of SBI, expressed his satisfaction with the launch of the SGRTD, emphasizing its role as a testament to the bank’s commitment to sustainable finance. He highlighted the innovative nature of the product, emphasizing its contribution to the ambitious goal of the Government of India to achieve net carbon zero by 2070. The SGRTD, according to Mr. Khara, plays a pivotal role in fostering a greener and environmentally responsible financial future.
Supporting India’s Vision for a Sustainable Future
This innovative product aligns with SBI’s broader commitment to promoting sustainable finance and encouraging contributions towards green activities. By providing opportunities for individuals and entities to participate in the country’s vision for a sustainable future, SBI contributes to the larger goal of creating an environmentally responsible financial landscape.
The launch of SGRTD signifies SBI’s proactive stance in contributing to the government of India’s vision of achieving net carbon neutrality by 2070. This ambitious goal necessitates collective efforts from various sectors, including the financial industry. The SGRTD serves as a financial instrument that facilitates individuals and entities in actively participating in this vision, aligning their investments with environmental sustainability.
As SGRTD expands its availability through digital channels, it is expected to witness increased adoption, attracting investors keen on contributing to green initiatives. The impact of this initiative goes beyond individual investments, contributing to the development of a robust green finance ecosystem in the country.
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