Recently, under the chairmanship of India, the XIX Council Meeting of the Shanghai Cooperation Organisation Interbank Consortium (SCO IBC) was held in Goa.
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.
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.