The Policy is subject to annual review and regular updates with approval from the Board of directors through ESG Committee by keeping in line with regulatory guidelines, industry standards and market dynamics. Further, the policy shall be published in the website of the Bank upon its approval from the Board. [...] The allocation of funds raised through Green Deposits by the Bank during a financial year shall be subject to an independent Third-Party Verification/Assurance which shall be done on an annual basis. The third-party assessment would not absolve the Bank of its responsibility regarding the end-use of funds, for which the laid down procedures of internal checks and balances would have to be followed as in the case of other loans. [...] Bank, with the assistance of external firms, shall annually assess the impact associated with the funds lent for or invested in green finance activities/projects through an Impact Assessment Report. [...] Bank shall maintain transparent and comprehensive reporting on its green deposit mobilization, fund utilization, and impact assessment. [...] A review report shall be placed by the Bank before the Board of Directors within three months of the end of the financial year which shall, inter-alia, cover the following details: - Amount raised under green deposits during the previous financial year - List of green activities/projects to which proceeds have been allocated, along with a brief description of the projects - The amounts allocated to the eligible green activities/projects - A copy of the Third-Party Verification/Assurance Report and - The Impact Assessment Report [...] The Working Group & Working Committee comprising of senior officials from different functional areas to provide oversight and guidance on Green Deposit mobilization and utilization. [...] RMCB and Board of Directors shall provide strategic directions and monitor the implementation of the Green Deposit policy and lending framework. [...] Amendments or changes, if any, in this Framework shall be reviewed annually and approved by the Board of directors through ESG Committee & RMCB, which shall be the final approving authority in this regard. [...] To oversee/review the progress made under Green Deposit Lending Framework based on management information, as well as updates on major policy initiatives and developments concerning climate-related and environmental issues. [...] To oversee the risks and opportunities emanating from the Green avenues (green deposit products and lending) and assess the actual and potential impact made by Bank after lending in such avenues. [...] To exercise effective oversight on risk management & controls and ensure that sufficient internal / external expertise is available for managing the financial risks arising from these Green deposit and green lending products. [...] To oversee the Impact Assessment of Green-based products (deposits and financing) through the policy frameworks and ensure that such policies/frameworks are in line with the vision of the Bank. [...] Guiding green avenues-related policy, strategy, objective-setting, and performance monitoring. [...] Guiding external disclosures, control & measures pertaining to Green deposits and its financing for having a strong assurance. [...] The committee shall be responsible to evolve & frame the Green Deposit Policy and Green Deposit Lending Framework based on the regulatory /GOI guidelines and further changes. [...] To set and approve targets for key parameters linked to the green deposit financing activities stated in the Green Deposit policy and its Financing Framework. [...] The committee shall identify the roles and responsibilities of each of the stakeholder Wings in formulating the Bank's Green Deposit policy & lending framework and training requirements. [...] Committee shall also review the timely implementation of Green Deposit Policy and Green Deposit lending framework in the Bank. [...] The committee shall work with innovative ideas and deliberate in detail the feasible solutions to overcome the hurdle of implementing Green based policy frameworks. [...] Identifying opportunities, target setting for improvement in the areas of green-based products and analyzing the Impact Assessment of Green deposit financing activities. [...] Identifying strategy and business opportunities for promoting green deposits and its financing culture among customers so as to align Bank's sustainable goals with national priorities of sustainable growth. [...] The Stakeholder Wings shall place review report before the Competent Authority covering the following aspects & in the frequency detailed here below: - Amount raised under green deposits and allocated to the eligible green activities/projects during the previous financial year against the targets fixed if any. - Green activities/projects which are financed/invested out of Green Funds allocated, along with a brief description of the projects - Third-Party Verification/Assurance Report by External Agency. - Impact Assessment Report Voluntary for FY 2023-24 Mandatory for FY 2024-25 (externally) - Relevant disclosures in Annual Report [...] Bank shall be undertaking the independent Third-party Verification/Assurance on an annual basis on the use of proceeds and funds utilised for green deposit financing through an external agency. ESG Section, RM Wing will co-ordinate with Resources Wing, LCCW and other functional wings concerned on the matter and shall place the report of the Third-Party Verification/Assurance on Bank's website. [...] In addition to the above, Inspection Wing (internally), shall cover the following aspects listed below in their annual Inspection to be conducted on Green Deposit policy and Lending Framework before Third-Party Verification/Assurance. - Use of the proceeds to be in accordance with the eligible green activities/projects indicated in the Para 21.2 above. - Policies and Internal Controls including, inter-alia, project evaluation and selection, management of proceeds, and validation of the sustainability information provided by the borrower to the Bank and Reporting and Disclosures. - MIS reports generated through system and reconciling with the sources & uses. - Cumulative outstanding against targets, if any etc.