A Reserve Bank survey has found that engagement of top management in banks on issues concerning climate risk and sustainable finance is "inadequate" and the lenders need to scale up initiatives on environmental matters. Climate risk and sustainable finance has caught the attention of regulators, national authorities and supra-national authorities across the world. The Survey on Climate Risk and Sustainable Finance conducted in January this year, covered 34 leading scheduled commercial banks, comprising 12 public sector banks, 16 private sector banks and 6 leading foreign banks in India.
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