Discuss the socio-economic issues that challenges the social responsibility of a bank
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Explanation:
Poverty is a socio-economic issue. Socio-economic issues are factors that have negative influence on an individuals' economic activity including: lack of education, cultural and religious discrimination, overpopulation, unemployment and corruption.
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The socio-economic issues that challenge the social responsibility of the banking sector are:
- Losses in the Rural Branches due to high overheads
- Major overdue advances to farmers
- Number of non-Performing Assets and outstanding
- Advance to Priority Sector
- Competition from Non-Banking Financial Institution.
Explanation:
- The socio-economic issues that challenge the banks have become a major issue.
- The main objective of all the banks is to provide banking facilities to the people in all parts of the country.
- Their focus is to extend maximum facilities of credit for the development in the district and the rural areas.
- Most of the ‘rural branches’ of the banks are running at a loss because of ‘high overheads’.
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