Keeping all this in view, we have the International Day of Banks that falls on 4th December every year listed by the United Nations. The core focus of celebrating this day is to highlight the integral role banking plays in offering financial and sustainable development. The day marks the affirmations regarding the attainment of Sustainable Development goals.
Without a doubt, our lives revolve around finance, managing it, and learning ways to increase it. Also, as we enter the digital world, financial planning tools play an integral role in helping us with our money-related concerns.
On the other, we cannot deny the presence of banks and the convenient ways of banking they provide to us all. We unquestionably can’t imagine a world without them as they offer sustenance globally.
Road To Sustainable Progress
The UN General Assembly made the 4th December the International Day of Banks. It is to make prominent the efforts of international and multilateral development banks in terms of providing financial progress. Moreover, the part these banks play in the UN Member states leads to the people’s growth in living standards.
Reducing The Poverty Burden
It is a way to celebrate the contribution of banks in minimizing the poverty levels. We all know how poverty can be a leading cause of any country’s downfall. And if an institution is working towards eradicating it, then it is essential to give it the due praise.
The UN is taking steps to bring down poverty to a considerable extent and make a noteworthy difference till 2030. And during this challenging phase, the banks are adequately assisting in fighting against the bewildering problems.
What Is A Development Bank?
In simple words, it is a development finance company that offers capital for social and economic development products on a non-commercial basis. These banks provide funds to social projects that are otherwise struggling with attaining such funds from commercial lenders.
International Organizations own the development banks, such as World Bank Group, an agency of the United Nations that owns the International Bank for Reconstruction and Development.
Interestingly these institutions are able to mitigate complex problems from political, economic to social and environmental predicaments. And at times even other countries. The UN Development Program (UNDP) and several other UN organizations look after the event. The day focuses on providing awareness regarding the complicated issues that the world economy is facing. And to offer solutions or steps that are implementable for reliable outcomes.
One of the significant ongoing concerns is the continuous decline the global economic growth. And according to studies and experts, the development is likely to worsen. It will create severe poverty problems, and the need for greater efficient solutions will become highly necessary. A day like that dramatically aids in brainstorming for taking steps to improve global financial safety.
Conclusion
Technological advancements and globalization have indeed resolved countless financial concerns. Numerous money management software has made the financial ride smooth for innumerable people. But there is still a long way to go. With an increase in economic uncertainties and market fluctuations, few countries are seeping into depth. Banks are making a significant positive impact. And to celebrate their persistent efforts, the International Day of Banks is a great way to feature the hard work of development banks.
