The social function of cuban banks

Abstract

This paper is about the influence that banking institutions exert on equity and sustainable development. The special features of the interrelations among the economic, social and environmental components from the development demand the strengthening of the social responsibility of banks. The purpose is to show the Cuban experience in the exercise of the social responsibility of commercial banks. In Cuba the banking institutions exercise a high influence in the social life of the country; through products and services adapted to the economic and social actors’ necessities, conditions offered to the most vulnerable groups; and the integration of banking policies to the public policies of the country. In spite of the significant contributions of the Cuban Banking System to the social development, it still must face important challenges in the process of financial inclusion and the management of its social responsibility.