The International Day of Banks is commemorated all over the world annually December 4th, to acknowledge the role of banks in providing people with important information for their financial security.

Source: Text: Google

The Principles for Responsible Banking

The Principles provide the framework for a sustainable banking system and help the industry to demonstrate how it makes a positive contribution to society. They embed sustainability at the strategic, portfolio and transactional levels, and across all business areas. In the year since the launch of the framework, the signatories to the Principles for Responsible Banking grew from 130 to more than 190 banks representing more than a third of the global banking industry and around 1.6 billion customers worldwide. To celebrate the first anniversary of the launch of the Principles for Responsible Banking, signatories and civil society have shared their thoughts and experiences one year on! 

Well-run national development banks can help countries develop financing options for Sustainable Development Goal-related investments. Such banks should be aligned with the Goals in a holistic way and be considered in integrated national financing frameworks. 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.

Reform of the global financial architecture

  • The crisis affecting the multilateral trading system is also an opportunity to revamp it and make it fit for sustainable development;
  • Challenges in sovereign debt restructuring have sensitized the international community to gaps in the existing architecture;
  • Increasing vulnerabilities have underscored the importance of strengthening the global financial safety net;
  • The digitization of the economy has fuelled the debate about the design of the international tax system;
  • Growing market concentration has underscored the need to better monitor this trend and manage its socioeconomic implications.
Source: Text: https://www.un.org/en/observances/international-day-of-banks     Image: https://wcdevents.home.blog/december/internationaldayofbanks/