SCO Interbank Consortium (SCO IBC)

About SCO Interbank Consortium: 

• It was established by the member countries of the Shanghai Cooperation Organisation on 26 October 2005.
• It provides funding and bank services for investment projects sponsored by the governments of the SCO member states.
• The main objectives of the consortium are to provide financial services, promote trade, and facilitate investment among the member states.
• The SCO IBC Council meets ad hoc upon the consensus of all of the parties at least once per year.
• The Presidency of the Council is carried out on a rotational basis.
• 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.
• The first meeting of the SCO Interbank Association was held in Beijing on 21–22 February 2006.

 

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Q1) What is banking?

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.

Source: India appeals to SCO Interbank Consortium members to increase cooperation