G20: FMs & governors back financial inclusion, digital infrastructure

NEW DELHI: G20 finance ministers and central bank governors have "unanimously endorsed" financial inclusion and digital public infrastructure - a key theme during India's presidency - to support inclusive growth and sustainable development.

Remittances are the other thrust area of the Global Partnership for Financial Inclusion (GPFI), with the idea being to reduce the average global costs of transferring remittances to 5%, and subsequently to under 3%.

GPFI has identified using digital financial inclusion through the deployment of "secure and responsible digitally enabled financial services and products" to reach out to the financially excluded or underserved sections, at affordable costs. Similarly, MSME finance, especially in low-income and developing countries, through innovative methods is the other focus.

There is a push towards using open and interoperable digital infrastructure and tools, which may aid the deployment of UPI and other technologies developed by India. The government is already in talks with several countries, including those outside G20, to deploy some of these options. At the same time, the idea is to promote consumer protection.