International Day of Banks was celebrated for the first time in 2020. (Image: Shutterstock)
International Day Of Banks 2021: It is celebrated to recognise the importance of multilateral and international development banks in financing sustainable developments.
The United Nations General Assembly decided to keep December 4 as International Day of Banks and it was celebrated for the first time in 2020. It was celebrated to recognise the importance of multilateral and international development banks in financing sustainable developments. It is also observed in recognition of the vital role of banking systems in Member State in contributing to the improvement of the standard of living.
The goal of the International Day of Banks
In September 2015, the General Assembly adopted a comprehensive, far-reaching and people-centred set of Universal Sustainable Development Goals and reaffirmed the commitment to work tirelessly for full implementation of goals by 2030. They recognised that the indispensable requirement for Sustainable Development was to eradicate poverty in all forms and dimensions, including extreme poverty which is the greatest global challenge.
The resolution includes the relevance of inclusion in the international financial system at all levels and the importance of financial inclusion as a policy objective in financial regulation by National priorities and legislation. The resolution also invites the international community to observe an International day of Banks to highlight the role of banks in contributing and achieving Sustainable Development.
Well-running National Development Banks can help countries in developing financing options for Sustainable Development goal-related investments. Such banks are aligned with Goals in holistic ways and are considered integrated National Financing frameworks.
The collaboration of National Development banks and Multilateral Banks through co-financing or on-lending arrangements can enhance Goal-related finance through the complementarity of international resources and local market knowledge.
National and Regional Banks also play a valuable role during the financial crisis when the private sector become highly risk-averse. Thus, the UN calls upon National and Regional Banks to expand their contribution in these areas and urge the relevant International public and private actors to support these banks in developing countries.
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