{"id":10163,"date":"2023-04-27T05:26:03","date_gmt":"2023-04-26T23:56:03","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=10163"},"modified":"2025-03-29T17:44:21","modified_gmt":"2025-03-29T12:14:21","slug":"sco-interbank-consortium-sco-ibc","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/sco-interbank-consortium-sco-ibc\/","title":{"rendered":"SCO Interbank Consortium (SCO IBC)"},"content":{"rendered":"<h2><strong>About SCO Interbank Consortium:\u00a0<\/strong><\/h2>\n<ul>\n<li>It was established by the member countries of the Shanghai Cooperation <strong>Organisation on 26 October 2005.<\/strong><\/li>\n<li>It provides <strong>funding and bank services for investment projects<\/strong> sponsored by the governments of the SCO member states.<\/li>\n<li>The main objectives of the consortium are to <strong>provide financial services, promote trade, and facilitate investment<\/strong> among the member states.<\/li>\n<li>The SCO IBC Council meets ad hoc upon the consensus of all of the <strong>parties at least once per year.<\/strong><\/li>\n<li>The Presidency of the Council is carried <strong>out on a rotational basis.<\/strong><\/li>\n<li>It consists of major banks from the member countries, such as the Industrial and Commercial Bank of China, the National Bank of Kazakhstan, and the Bank of Russia.<\/li>\n<li>The <strong>first meeting<\/strong> of the SCO Interbank Association was held in Beijing on 21\u201322 February 2006.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<hr \/>\n<h3>Q1) What is banking?<\/h3>\n<p>Banking refers to the business activities of accepting and safeguarding deposits from customers, as well as providing loans, credit, and other financial services. Banks play a critical role in the economy by facilitating the flow of funds between savers and borrowers.<\/p>\n<p><strong>Source:<\/strong>\u00a0<a href=\"https:\/\/www.thehindu.com\/news\/national\/india-appeals-to-sco-interbank-consortium-members-to-increase-cooperation\/article66780735.ece\" target=\"_blank\" rel=\"nofollow noopener\"><u>India appeals to SCO Interbank Consortium members to increase cooperation<\/u><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SCO Interbank Consortium (SCO IBC)was established by the member countries of the Shanghai Cooperation Organisation on 26 October 2005.<\/p>\n","protected":false},"author":5,"featured_media":10164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-10163","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/10163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=10163"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/10163\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/10164"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=10163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=10163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=10163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}