Bangalore: India Prime Minister Narendra Modi on February 24 said India's digital payments ecosystem has radically transformed governance, financial inclusion and ease of living in India. Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das jointly chaired the meeting.
The first G20 Finance Minister and Central Bank Governors (FMCBG) conference is taking place on Friday in Bangalore with the goal of promoting international economic cooperation.
PM Modi delivered the following opening remarks during the meeting via video message: "At a time when the world is experiencing significant economic challenges, you stand for the leadership of global finance and economy. The Covid epidemic has dealt the world economy a once-in-a-century blow. Several nations, particularly those with developing economies, are still adjusting to its impacts. Also, we are seeing an increase in geopolitical tensions around the world." PM Modi remarked during the meeting that "we need to work together to build multilateral development banks for numerous global concerns, like climate change. He said, Indian producers and consumers are upbeat and enthusiastic about the future.
"We are hoping that you can spread the same optimistic vibe throughout the world economy. I implore you to centre your discussion on the world's most vulnerable citizens. The only way to regain the confidence of the global community is to develop an inclusive agenda" PM informed the Central Bank Governors and Finance Ministers.
The PM emphasised how important technology is becoming to the world of banking. However, the Prime Minister pointed out that some recent advancements in digital money also carry a risk of misuse and destabilisation. He claimed that digital payments made contactless and smooth transactions possible during the Covid epidemic. "We have developed a very reliable, trustworthy, and effective public digital infrastructure over the last few years. Our ecosystem for digital payments has fundamentally changed government, financial inclusion, and simplicity of living. The UPI ecosystem in India can serve as a model for many other nations. G20 can be a platform for this, and we would be pleased to share our experiences with the globe" PM Modi added
He said, "We have built a unique Fintech platform, which allows our international G20 guests to use India's trailblazing digital payment network UPI, during our G20 presidency."
In order to address major global issues like climate change and others, Prime Minister Modi called for a coordinated effort to build multilateral development banks. "I hope you would research the positive uses of technology while creating guidelines to control any potential concerns. The experience of India can serve as a guide" he said.
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