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Fourth G20 meeting on global partnership for Financial Inclusion concludes

September 16, 2023 5:37 PM IST

G20 Meeting | Financial inclusion | financial literacy

On the concluding day of the Fourth G20 Global Partnership for Financial Inclusion (GPFI) Meeting in Mumbai, a symposium was held under the theme “Advancing Financial Inclusion through Digital Public Infrastructure: Empowering Consumers through Digital and Financial Literacy and Consumer Protection.” The meeting saw discussion on high-level principles of digital financial inclusion.

The meeting primarily centered around conversations about the ongoing initiatives within the G20 India Presidency’s financial inclusion agenda.

Chief Coordinator for India’s G20 Presidency Harsh Vardhan Shringla said that responsible use of technological innovation could achieve financial inclusion at the last mile. He added India witnessed an unprecedented wave of digitisation in the last two years. Shringla further said that a total of 220 meetings were organised in 60 different cities as per the vision of Prime Minister Narendra Modi.

Speaking to the audience virtually, Chief Economic Advisor V. Anantha Nageswaran emphasized that banks bear the responsibility of supporting and empowering their customers. He further highlighted the importance of banks aiding customers in comprehending the documents they are signing, potentially presenting them in a local language format when necessary.

Talking about the successful steps taken by India into the financial inclusion purview, Magda Bianco, Co-Chair GPFI, said, “The example the Indian example has been amazing and this year, during their presidency they have shown how much they progressed specifically the topic that we have dealt most is digital public infrastructures and I think here India has been a leading example for well-developed countries but especially for the global south.”

More than 50 delegates from G20 member countries, special invitee countries, and International Organisations are participating in the G20 GPFI meeting. The delegation also had a presentation on progress of second update of national remittance plans.

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