Last Updated:
International Day of Banks 2024: Historically, banks and financial institutions were deemed instrumental in funding major structures, energy-efficient solutions and social services.
International Day of Banks 2024 Theme is Empowering Sustainable Development Through Finance. (Image: Shutterstock)
International Day of Banks is observed every year on December 4. The day draws attention to the key functions which the banking system performs for the sustainable development of the countries and the globe as a whole. It commemorates the 2015 United Nations General Assembly resolution 74/245 which was passed on December 19, 2019. The day celebrates institutions like multilateral development banks, international financial institutions and the national banking systems to fund projects that impact the global economy, inequality and living standards.
International Day of Banks 2024 Theme
The theme for 2024 is “Empowering Sustainable Development Through Finance.” This theme focuses on the role of financial institutions in supporting the United Nations’ 2030 Agenda for Sustainable Development. It aims to eradicate poverty, tackle climate change and reduce inequality.
International Day of Banks: History and Significance
The decision to set up the International Day of Banks is a step towards a focus on the sector amid the realisation of its importance in maintaining global economic stability and advancement.
Historically, banks and financial institutions were deemed instrumental in funding major structures, energy-efficient solutions and social services. Bridging financial gaps required for achieving Sustainable Development Goals (SDGs) is a way through which banks support investments in these sectors.
International Day of Banks 2024: Key Contributions of Banks
The banks play an essential role in financial SDG projects in areas that include decent work and economic growth (SDG 8), business innovation (SDG 9), reduced inequality (SDG 10), and partnership for the delivery of the goals (SDG 17).
It is common during financial crises for development banks to come in and provide all the funding that the private sector may lack.
Banks also play a certain role in supporting financial innovation, also known as supplying credit to small and other similar enterprises.
International Day of Banks 2024: Quotes on Banking and Development
- Bill Gates: “Banking is necessary, banks are not.”
- John Stumpf (former CEO of Wells Fargo): “Technological innovations will be the heart and blood of the banking industry for many years to come.”
- Warren Buffett: “Business schools reward difficult complex behaviour more than simple behaviour, but simple behaviour is more effective.”
- Christine Lagarde (President of the European Central Bank): “We need to make sure that we have a financial system that serves everyone.”
- Ajay Banga (former CEO of Mastercard): “Innovation is not just about having a good idea. It’s about executing on that idea and creating value for customers and society.”
- Dan Schulman (President of PayPal): “You have to, to serve these markets, re-imagine how money can be managed and moved because there’s going to be more change in the next five years in financial services than happened in the past 30.”
- Steve Jobs: “Innovation is the ability to see change as an opportunity, not a threat.”
- Margaret J. Wheatley: “Every new thing creates two new questions and two new opportunities.”
Principles for Responsible Banking
The Principles for Responsible Banking, established by a group of banks under the United Nations Environment Programme Finance Initiative (UNEP FI), outline six key commitments:
Alignment: Integration of business operations with SDG and other commitments, including the Paris Climate Accord.
Impact: Realising and navigating the consequences of banking operations on individuals and the environment.
Clients & Customers: Offering clients with sound monetary products that would help them foster sustainable development.
Stakeholders: Communicating with stakeholders to increase transparency and accountability.
Governance & Culture: Implementing sustainability into governance systems and organisational culture.
Collaboration: Cooperating with other banks and other stakeholders to move faster in the development of sustainable finance.
