First Global Partnership for Financial Inclusion

The first meeting of the Global Partnership for Financial Inclusion (GPFI) of the G20 under the G20 Indian Presidency is scheduled to take place on 9-11 January 2023 in Kolkata.

GPFI member countries, invited countries and international organizations invited by India will participate in the meeting to further discussions on the Financial Inclusion agenda.

The Financial Track is at the heart of the G20 process and provides an effective forum for global economic discourse and policy coordination. It discusses global macroeconomic issues through its meetings of Finance Ministers and Central Bank Governors, their deputies, and various working group meetings.

key issues

Some of the key issues addressed by the Finance Track are the global economic outlook and monitoring of global economic risks; reforms for a more stable and resilient global financial architecture; international taxation; financing of quality infrastructures; sustainable financing; financial inclusion; financial sector reforms and financing for future health emergencies and investments in pandemic prevention, preparedness and response.

The Indian presidency of the G20 is based on the motto “Vasudhaiva Kutumbakam” or “One Earth, One Family, One Future”, which underlines the message of equitable growth and shared future for all.

G20 presidency offers great opportunities for India

The growing challenges on the global economic stage in the post-COP19 period call for a reorientation of the global discourse towards people-centred issues. Thus, financial inclusion is crucial to achieve the objectives of poverty reduction and economic empowerment of vulnerable segments, since it has a positive impact on sustainable and inclusive economic growth.

First meeting of the GPFI

The meeting kicks off with a symposium on “Unlocking the Potential of Digital Public Infrastructure to Promote Financial Inclusion and Increased Productivity.” There will also be an exhibition on “Digital Innovations for Financial Inclusion”.

The exhibition showcases India’s achievements and efforts in advancing digital financial inclusion and innovatively showcases financial system infrastructure, emerging technologies, interactive financial education awareness videos, digital ID process flow for individuals and digital innovations in financial inclusion.

The expo will showcase innovations and achievements from various stakeholders such as public sector units, public sector banks, fintech companies, etc. This will be accompanied by a Jan Bhagidari initiative (national outreach) which will include a seminar on financial education on January 10, 2023. Its objective will be to educate about 1,800 students in banking, digital payments, insurance, investments, protection against fraud and complaint resolution.

The Financial Track is at the heart of the G20 process and provides an effective forum for global economic discourse and policy coordination.

The GPFI plenary sessions are scheduled for January 10 and 11 with discussions on the role of the Digital Public Infrastructure (IPD) in advancing financial inclusion, reducing the cost of remittances, assessing progress made in the application of the G20 High Level Principles for Digital Financial Inclusion and advance the financing of MSMEs.

The Indian G20 Presidency is committed to leading an agenda that expresses the concerns of countries most in need and reflects the concerns and aspirations of developing countries. The Ministry of Finance and the Reserve Bank of India will lead the G20 Finance Track agenda in an inclusive way with the aim of addressing the global economic needs of today, as well as preparing for a better tomorrow.