HSBC India has launched a Green Deposit program, which is available to corporate clients. Deposits under this program will finance green initiatives such as renewable energy, clean transportation, pollution prevention and control, green building, sustainable water, waste water management and others, providing a simple way for companies to support environmentally-beneficial projects. The Green Deposit is available as term deposits in Indian rupees. The bank said the unique fixed tenure deposit will go towards financing eligible businesses and projects that promote the transition to a low-carbon, climate resilient and sustainable economy. As a product, Green Deposit offers stable principal, pre-agreed return and similar levels of principal protection as a bank deposit. The bank will provide customers with a quarterly report containing portfolio-level information regarding the use of the deposited funds. Hitendra Dave, Head-Global Banking and Markets, HSBC India, said the bank is well positioned to leverage our global expertise and resources to support its clients’ journey towards embedding sustainability as a strategic priority. The Green Deposit proposition is designed to help corporates participate in the sustainability agenda with the safety and assurance of a bank deposit. It is equally suitable for corporates who have either a mature sustainability agenda or are looking to start on this path, he added.
