INTERNATIONAL DAY OF BANKS

INTERNATIONAL DAY OF BANKS

Context:

Every year on 04 December International Day of Banks is celebrated. The day is observed to recognize the importance of multilateral and international development banks in financing sustainable development.

Key Point:

• The United Nations also celebrates the International Day for the Role of Banks in the Member State in contributing to the improvement of quality of life.

History of the day:

• On 19 December 2019, the UN General Assembly adopted a resolution 74/245, designating 4 December as International Bank Day.
• The day was designated by recognizing the important potential of international development banks and other international development banks to finance sustainable development.
• In 2020, it was celebrated for the first time.
• In September 2015, the General Assembly adopted a comprehensive, far-reaching, and human-centered set of Universal Sustainable Development Goals. It reaffirmed its commitment to work tirelessly to achieve those goals by 2030.
• This resolution includes the importance of investing 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.

Foreign Banks in India:

• India received the highest Foreign Direct Investment from April to September 2020.
• So far, there are around 46 Foreign banks operating in India in 2021.