CORPORATE SOCIAL RESPONSIBILITY: AN ANALYTICAL REVIEW OF INITIATIVES AND PRACTICES IN THE BANKING INDUSTRY OF PAKISTAN (A CASE STUDY OF PRIVATE COMMERCIAL BANKS)

Abstract

Corporate Social Responsibility (CSR) is a leading business management concern over the globe. In Pakistan CSR, mostly multinational firm engagement is an early stage. Domestic companies due to resource constraints, political changes, cultural tradition, crisis effects, and lack of competition are not paying the required attention. Recently made mandatory for the corporate sector by SECP’s directive, the governing body in Pakistan. This study focuses on and presents an analytical review of CSR initiatives taken by the Banking Industry of Pakistan for the period (2010-2014). The banking industry plays a tremendous role in financial transactions, business investment, loan provisions, and many other activities to generate economic growth. Research findings suggest that in Pakistan banks have a perception that CSR is corporate philanthropy aimed at addressing socioeconomic development challenges. The present study provides a link between the financial sector and social investment in health, education, development, employment, sports, and the environment.