International Day of Banks is an annual observance observed on December 4 by countries worldwide. The global economy is facing risks and financial volatility, making it extremely important to address the systemic economic and financial risks and architectural gaps that threaten growth worldwide and pose a risk to sustainable development. As per UN data, the world economic growth remains steady at around 3%, where more than half a trillion dollars’ worth of goods are subject to trade restrictions. As International Day of Banks 2023 is observed on Monday, here’s all you need to know about International Day of Banks 2023 date, the history and significance of the day and more. World Savings Day Date And Significance: Know The History And Celebrations Related to the Day Highlighting the Importance of Savings.

International Day of Banks 2023 Date

International Day of Banks 2023 will be celebrated on Monday, December 4.

International Day of Banks History

The UN General Assembly adopted resolution 74/245 on December 19, 2019, adopted resolution 74/245, which designated December 4 as the International Day of Banks. The day was established to recognise the significant potential of banks in financing sustainable development and providing know-how, as well as 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 Significance

International Day of Banks provides an opportunity for banks to align with the UN's Sustainable Development Goal in a holistic way and be considered in integrated national financing frameworks. Weaknesses in the global financial system could pose heightened risks to the achievement of these goals, and hence, International Day of Banks serves as a perfect opportunity to raise awareness about how the collaboration between 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.

(The above story first appeared on LatestLY on Dec 03, 2023 08:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website