IOB Joins PCAF: A Step Towards Sustainable Banking
| Why in News | Key Points |
|---|---|
| IOB becomes signatory of Partnership for Carbon Accounting Financials (PCAF) | - Indian Overseas Bank (IOB) joins PCAF to measure and disclose GHG emissions from financed activities. |
| - IOB aligns with global sustainability standards and promotes responsible banking. | |
| - Ajay Kumar Srivastava is MD & CEO of IOB. | |
| - IOB's decision strengthens India's green transition and supports net-zero goals. | |
| - IOB follows RBI's new climate risk disclosure guidelines. | |
| - Union Bank of India was the first major Indian bank to join PCAF (Sept 2024). | |
| Key Static Points | Information |
| IOB - Headquarters | Chennai, Tamil Nadu |
| IOB - MD & CEO | Ajay Kumar Srivastava |
| PCAF - Full Form | Partnership for Carbon Accounting Financials |
| RBI - Full Form | Reserve Bank of India |
| RBI - New Guidelines | Mandates climate risk disclosures for financial institutions. |