NEW DELHI: The first meeting of G20 Global Partnership for Financial Inclusion (GPFI) under India’s presidency took place from January 9-11 in Kolkata. There were sessions on role of Digital Public Infrastructure (DPI) for advancing financial inclusion; reducing the cost of remittances; assessing progress made in implementation of G20 principles for DPI and advancing financing for MSMEs.
The finance track is at the core of G20 and provides a forum for discourse on global macroeconomic issues through meetings of finance ministers and central bank governors, deputies and various working groups. The Ministry of Finance and the Reserve Bank of India have been steering the G20 finance track agenda in an inclusive manner aimed at addressing the global economic needs of today as well as preparing for a better tomorrow.
Some of the key issues dealt by the finance track are global economic outlook and monitoring of global economic risks; reforms for a more stable and resilient global financial architecture; international taxation; financing quality infrastructure; sustainable finance; financial inclusion; financial sector reforms and financing for future health emergencies and investments in pandemic prevention, preparedness, and response.
Symposium and expo
GPFI member countries, guest countries and international organisations invited by India, participated in the GPFI meeting to take forward the financial inclusion agenda.
A symposium was organised on this occasion on “Unlocking the potential of digital public infrastructure for advancing financial inclusion and productivity gains”. An exhibition was also held on “Digital innovations for financial inclusion” which showcased India’s achievements and efforts in this field.
The exhibition also highlighted innovations and achievements by various stakeholders such as public sector units, public sector banks, fintech companies, etc. It was accompanied by a Jan Bhagidari (community outreach) initiative involving a seminar on financial literacy. It was aimed at educating about 1800 school students on banking, digital payments, insurance, investment, fraud protection and grievance redressal.
Full marks to India
India’s performance on digital innovations for financial inclusion has been exceptionally good in recent years. Access to digital infrastructure has been a game changer in India’s financial ecosystem. Creation of a database of the entire country’s population through Aadhar and a Unified Payments Interface (UPI) have created a new breed of fintech companies which have transformed payments, credit, borrowing and buying.
India’s G20 presidency theme of ‘Vasudhaiva Kutumbakam’ or ‘One Earth One Family One Future’ emphasises the message of equitable growth and shared future for all. Rising challenges in global economic scenario in the post Covid-19 times demand a reorientation of global discourse on people-centric issues. Financial inclusion is crucial to achieving the goals of poverty alleviation and economic empowerment of vulnerable segments as it positively impacts sustainable and inclusive economic growth.