Abstract
Purpose: The aim of this paper is to conduct a rigorous literature review and critically analyze the Corporate Social Responsibility (CSR) spending by the Indian Banking Sector toward skilling initiatives, and support literature to suggest future research directions for banks to effectively implement their CSR strategies to improve quality of learning.

Proposed Design/Methodology/Approach – A systematic review and meta‐analytic approach is undertaken.

Findings: Despite the fact that the Indian banking industry and their CSR activities provide numerous advantages to skill formation of the unskilled, the quality of learning and skills to unlock job opportunities remain unaddressed. Not all banks have contributed to the CSR skilling initiatives. A social return on investment–based CSR framework will help banks to regularize effectiveness of spending and maximize social value creation in skilling.

Practical/Theoretical implications:  To validate the benefits of this study, the proposed theoretical model must be further tested empirically with a large sample of banks and CSR beneficiaries.

Originality/Value: This is the first systematic review and meta‐analysis to evaluate the contribution of the banking sector’s CSR on skilling initiatives in India.

Keywords: CSR spending, skilling initiative, banking sector’s role in CSR educational development