International Day of Banks: History, Facts & Insights

This is an in-depth look at all the must-know facts about International Day of Banks (2024) 🗓️ that no one tells you about. International Day of Banks is observed on December 4th.

Among the information you’ll find below: the history of International Day of Banks, activities to do on and how to observe this holiday, as well as important facts you might want to know about International Day of Banks.

📅 What day is International Day of Banks 2024?

In 2024, International Day of Banks is on Monday, December 4th. It is the 1st Monday in December; in 2024, it is Wednesday. There are until the next observance. You also can learn all the fun details and facts about December 4, 2023, that you might not be aware of.

Every year on December 4, the International Day of Banks is celebrated as a reminder of the vital role banks play in safeguarding people’s financial well-being. In addition to their primary function of providing financial aid to individuals, banks also contribute to their communities in various ways. The United Nations General Assembly introduced this special day to highlight the significant role that international development banks can have in promoting sustainable development. By assisting member states in their sustainable growth and offering guidance on achieving their goals, banks contribute to the overall progress of the international community.

📜 International Day of Banks History

During the Renaissance, wealthy Italian families created institutions that laid the groundwork for modern banking, which then spread across Europe. Before the existence of banknotes, merchants used to entrust their gold with bankers until banks became more involved in the economic activities of their communities. Nowadays, banks offer various services to their customers, including personal banking, corporate banking, investment banking, transaction services, insurance, consumer financing, and trade finance.

Development banks, on the other hand, do not accept public deposits but instead provide credit and direct investments on behalf of the government. They offer financial assistance to both commercial and public organizations with the ultimate aim of promoting the welfare of the public rather than solely focusing on profit generation. Recognizing the significance of development banks in contributing to the financial stability and overall progress of a region, the United Nations established the International Day of Banks.

✅ International Day of Banks Facts

🔖 The famous Medici bank
Italy saw the establishment of a renowned bank in the year 1397.

🔖 Bank’ was derived from ‘table’ in Italian
In the past, Italian bankers used benches and tables as counters for conducting exchanges. These counters were called “banc” in ancient high German and “banca” in old Italian. Over time, the term “banc” or “banca” started to refer to the actual transaction of exchanging money.

🔖 Ancient Assyria and Babylon
Banking is believed to have originated in ancient Assyria, where merchants would provide loans of grain in return for the borrower offering something of value as collateral.

👍 Why Is International Day of Banks Important

Development banks play a vital role in assisting communities in becoming financially self-sufficient. We value their efforts and look forward to honoring them.

Banks contribute to the country’s financial health in a variety of ways. It is critical to understand the function that banks play in our lives and society.

Everyone should be better informed about the financial instruments available to them. This information is held by development banks, and we want to ensure that it goes to the right people.

🙂 How To Observe International Day of Banks

⚡ Organize a conversation
Plan a meeting with community leaders and the local development bank to have a productive conversation about financial instruments. This will provide an opportunity to exchange valuable information and utilize the resources available from development banks.

⚡ Read up about development banks
Development banks do not accept deposits like traditional banks, but they do offer financial support to both commercial and public entities. It would be beneficial to familiarize yourself with these institutions as you may require their assistance in the future.

⚡ Make information packets
Spread awareness about development banks and the work they do, as their services could be advantageous for your community.

📅 When is International Day of Banks?

Explore all 🔗 December holidays, including 🔗 Special Interest and other 🔗 Appreciation holidays.

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