Bank of Baroda yesterday launched the bob Earth Green Term Deposit scheme to raise deposits that will be deployed towards financing eligible environment-friendly projects and sectors, a statement from the bank has notified.
According to the statement, the bob Earth Green Term Deposits offer depositors the opportunity to earn attractive interest rates on a range of tenors, and participate in India’s transition to a green and sustainable economy. The bank is offering interest rates of up to 7.15 per cent per annum.
Debadatta Chand, Managing Director and CEO, Bank of Baroda, said in the statement, “The bank has taken great strides in embedding sustainability into its operations, including our approach to risk management, governance, social responsibility and environmental impact. The launch of the bob Earth Green Term Deposit Scheme offers depositors dual benefits of stable and secure financial returns and the opportunity to contribute to a greener planet.”
The statement also said that under the bob Earth Green Term Deposit Scheme, Bank of Baroda has introduced some tenures that act as a reminder of the planet’s climate and sustainability goals, such as tenure 1.5 years – signifying the aim to limit global temperature rise to 1.5 degrees celsius above pre-industrial levels and tenure 1717 days – doubly emphasising the United Nations’ 17 Sustainable Development Goals (SDGs).
The funds raised through bob Earth Green Term Deposits will be allocated to eligible green projects/sectors such as renewable energy, clean transportation, sustainable water and waste management, energy efficiency, climate change adaptation, pollution prevention and control, green buildings, biodiversity conservation, etc., added the statement.
