International Day of Banks 2022:
International Day of Banks is celebrated on December 4 to recognise the importance of multilateral and international development banks in financing sustainable developments. United Nations also observes the day in recognition of the vital role of banking systems in Member State in contributing to the improvement of the standard of living. The International Day of Banks was adopted by the U.N. General Assembly as a way to draw attention to the role that international development banks can play in supporting sustainable development. Banks support the international community’s goals by financing the sustainable development of member nations and providing information for achieving these goals.
International Day of Banks: Significance
The day is celebrated to the recognition of the significant potential of multilateral development banks and other international development banks in financing sustainable development and providing know-how, and also in recognition of the vital role of the banking systems in the Member States in contributing to the improvement of the standard of living.
International Day of Banks: History
In 2019, the United Nations General Assembly designated December 4 as the International Day of Banks. It is celebrated for the first time in 2020. International Day of Banks was instituted by the United Nations General Assembly to acknowledge the importance of banks and the role they play in the financial stability and development of their communities. Banks are financial institutions. They accept money from the public in the form of savings or current deposits, which they lend to others who need it and can provide some collateral. The concept of banking began with the simple implementation of credit in the barter system with the use of collateral.