Steps taken by Federal Bank towards Greener Banking

1. Waste management

· Federal Bank has adopted a lot of waste management strategies. These include minimising waste generation, encouraging recycling, and promotion of responsible disposal practices.

· All branches and offices of the banks are given waste segregation bins to promote the segregation of dry and wet waste. The bank has partnered with local authorities to ensure effective collection and disposal of waste. Authorised e-waste recyclers ensure responsible disposal.

· The bank has eliminated single-use plastic bottles within their premises by providing the staff reusable water bottles.

· Employee engagement initiatives are conducted such as ‘Bring Out Your Sustainability Ideas on Plastic Free Workplaces’ contests to support practical solutions.

2. Paperless processes

The bank has also embraced digitalisation of various processes, products, and services. This helps reduce the consumption of paper, optimises energy usage, and reduces emissions connected with travel.

· It issued its first Electronic Bank Guarantee in collaboration with NeSL (National e-governance Services Limited). So, physical stamp paper is not required. Additionally, printing, stamping, and signing of physical documents is not required.

· The Digital Loan was launched where the entire loan application process is completed online.

3. Efficient use of renewable energy

· As of March 2023, the bank installed solar rooftop plants in many branches and office premises - the total capacity being 300KW. By FY 2024-25, Federal Bank aims to increase the capacity to 500KW.

4. Effective use of resources

· Federal Bank focuses on water stewardship to preserve water resources and lead communities to follow sustainable business practices.

· The bank adopted mindful architecture and introduced water harvesting systems across certain premises. This step has helped in conserving and reusing rainwater.

5. Energy-efficient technologies

· Federal Bank intends to replace all the CFL light fittings in its premises with energy-efficient LED lights for efficient use of energy.

· The conventional AC units are being replaced with Inverter type AC units as they use eco-friendly low GWP gas. This upgrade will minimise the consumption of energy and reduce emissions.

6. Emission reduction strategies

· The bank aims at procuring only BEE star-rated equipment.

· CSR activities have been organised, such as, planting trees and installing solar lights.

7. Partnerships and Collaborations

· Federal Bank has collaborated with the Tamil Nadu Forest Department and conducted an extensive bird census at Kazhuveli and Ossudu Sanctuaries. To raise awareness on the native bird species of the region, a co-branded calendar was launched.

· Federal Bank partnered with Mathrubhumi and conducted the SEED (Student Empowerment for Environmental Development) Programme. The programme focuses on ecological conservation. It encourages schools to take simple measures such as planting saplings and protecting them, promoting cleanliness, practicing energy and water conservation, recycle and reuse, etc.

Conclusion

Federal Bank's initiatives to minimise the emissions and reduce its carbon footprint, has won it a lot of accolades. Federal Bank aims at reducing the environmental impact by supporting paperless operations, avoiding single-use plastics, and implementing recycling programmes.