India, Italy to be co-chairs at G20 financial inclusion

HYDERABAD: India and Italy will serve as co-chairs of the Global Partnership for Financial Inclusion for a three-year term beginning 2024.

This was decided at the second meeting of the GPFI, which concluded here on Wednesday. The meeting was led by GPFI co-chair and G20 India presidency.

Participants included the ministry of finance and central bank representatives from G20 and non-G20 countries as well as international organisations such as GPFI implementing partners and affiliated partners.

GPFI members discussed and agreed on the way forward for important deliverables for the year, including those on digital financial inclusion and SME finance, at the meeting. A dedicated workshop was also held to develop the GPFI financial inclusion action plan (FIAP) 2023, which will guide G20 financial inclusion work from 2024 to 2026.

Participants gained a better understanding of the role of the digital financial eco-system.

Experts from India, representatives from the ministry of finance, the Reserve Bank of India, the National Payments Corporation of India and the Unique Identification Authority of India shared their experience in transforming the financial inclusion landscape through the use of digital payment indices.