Business Daily from THE HINDU group of publications
Saturday, Apr 18, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Saturday, Apr 18, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Foreign Banks Industry & Economy - Environment ‘Fix regulations for funding eco-unfriendly projects’ Our Bureau New Delhi, April 17 HSBC India country head Ms Naina Lal Kidwai has sought regulations for banks on funding projects that may not be environmentally sustainable. It is believed that the Indian Banks’ Association has already written to the Reserve Bank of India in this regard. Ms Kidwai has expressed the need for certain uniform standards or guidelines to be adopted by the banks for funding projects that are not environmentally friendly. “In India there is no strict standard on the kind of project on which we will lend or we won’t lend,” said Ms Kidwai, while releasing a report with The Energy and Resources Institute. When asked if there were projects that the bank did not finance on environmental concerns, she said, “Since there are no fixed standards, if I don’t lend, somebody else will. But we definitely seek an environmental audit or the road map of the company on clean technologies before we lend. In case the company does not have a clear strategy, we will not be comfortable lending.” While she expressed the role banks could play through financing carbon revenue generating projects, she felt that a 12-18-month period to certify the project was the biggest challenge in India. HSBC is planning to open a branch each in Nasik, Surat and Guwahati in six months, she added. On whether the contribution of India to HSBC’s global portfolio would increase in the current times, Mr Stephen Green, Group Chairman, HSBC Holdings plc, said, “We certainly see it growing. But I am not sure if this year we will increase our headcount.” More Stories on : Foreign Banks | Environment
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