SBI Hyderabad Circle holds cyclothon for staff 

SBI Hyderabad Circle holds cyclothon for staff

The State Bank of India Hyderabad Circle organised a cyclothon on Wednesday for promoting sustainability initiatives among its staff.

Probationary officers of 2023 batch along with senior officials participated in the event that was flagged off by Chief General Manager Rajesh Kumar and had ‘Pedal for the Planet’ as its theme.

Highlighting the Circle’s role in enhancing renewable energy generation, the CGM said SBI is targetting 7.5% of its domestic gross advances to be ‘green’ advances. It is the bank’s aspiration to lead India in climate finance - with a pathway to net zero emissions by 2055, the centenary year of SBI.

Towards this, the bank is focusing on financing rooftop solar photovoltaic systems and also extended 25 bps concession, in the interest rate, to new residential housing projects where water management, waste management and solar PV systems form part of the building design. The bank is also promoting sustainability linked loans such as Surya Shakti Solar Finance, Finance to Biofuel Projects, Compressed Biogas under SATAT (Sustainable Alternative Towards Affordable Transportation) Scheme.

Mr. Rajesh Kumar said SBI expects lending to renewable / sustainability projects to increase in coming years. It has introduced a Green Rupee term deposit scheme for meeting the funding requirements, he said.

In a release, the Hyderabad Circle said it has adopted various green initiatives by practising energy saving techniques, rainwater harvesting, solar power plants installation, eco-friendly materials usage and going in for IGBC certification for its buildings and infrastructure. The Circle has an installed capacity of 1.4 MWp of solar power plants at 32 different locations, across Telangana, which is generating 16,80,000 units per year.