The United Nations (UN)’s International Day of Banks is annually observed across the globe on December 4 to recognise the vital role of banking systems in the Member States in contributing to the improvement of the standard of living.
- 4th December 2023 marks the observance of the 4th International Day of Banks.
Background:
i.In 2019, United Nations General Assembly (UNGA) adopted the resolution A/RES/74/245 proclaimed December 4 of every year as International Day of Banks.
ii.The first ever International Day of Banks was observed on 4th December 2020.
Addis Ababa Action Agenda (AAAA):
i.The Addis Ababa Action Agenda (AAAA) is a global framework for financing sustainable development.
- It outlines a set of commitments and actions to be taken by all stakeholders to mobilize and effectively utilise financial resources for achieving the Sustainable Development Goals (SDGs).
ii.It was adopted at the Third International Conference on Financing for Development in Addis Ababa, Ethiopia, in 2015.
iii.The UNGA has endorsed the outcome of the Third International Conference on Financing for Development (FfD3), AAAA, on 27th July 2015
- UNGA adopted the resolution A/69/L.82 which includes the AAAA as an annex.
Principles for Responsible Banking (PRB)
i.The UN Principles for Responsible Banking (PRB), launched in 2019, collaborates with the banking community to accelerate a positive global transition for people and the planet.
ii.There are 300 signatory banks representing almost half of the global banking industry.
History of Banks in India:
i.Banks have played a vital role in the economic growth and development of India. Between 1969 and 1991 The Government of India has nationalised around 20 major private banks in 2 phases, 1969 and 1980 and introduced the priority sector lending in 1972.
ii.After Liberalization, Privatization and Globalization(LPG) reforms in 1991, banking sector witnessed the establishment of private banks and foreign banks.
iii.From 2014 onwards, Banking sector adopted the Jan-Dhan, Aadhaar and Mobile (JAM) trinity and issued licences to Payments Banks and Small Finance Banks (SFBs).
About the United Nations (UN):
Secretary-General- António Guterres
Headquarters- New York, United States of America (USA)
Establishment- 1945
