The first G20 meeting for global partnership for financial inclusion, starting on Monday in Kolkata, will focus on topics like digital financial inclusion, reducing remittance costs, and finance for the SME sector.
Chanchal Sarkar, economic advisor, ministry of finance, said during a press meet on Sunday that the three-day event will feature symposiums, exhibitions and a domestic outreach programme on digital financial literacy involving over 1,800 school students.
“The symposiums will deliberate on unlocking the digital financial inclusion infrastructure and the policy perspective, as India has revolutionised the digital payments mechanism. Many G20 countries are interested in adopting India’s digital financial inclusion infrastructure,” Sarkar said.
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The G20 meet will emphasise the discussion on reducing the high costs of remittances for workers outside India. At present, the remittance cost is around 6% of the total value of remittances. “Our aim is to bring the cost of remittances down to an average of 3% by 2027,” Sarkar added.
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The official said as many as 12 international speakers will attend the G20 meeting. Institutions like NABARD will highlight the rural area coverage of innovative financial products and services.