G20 Global Partnership for Financial Inclusion (GPFI)

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Overview:

Recently, the Ministry of Finance said that the first G20 Global Partnership for Financial Inclusion (GPFI) meeting under G20 India Presidency is to be held from 9-11 January 2023 in Kolkata.

What is G20 Global Partnership for Financial Inclusion (GPFI)?

  • The meeting will be attended by G20 member countries, guest countries and international organizations invited by India.
  • It will focus on topics like digital financial inclusion, reducing remittance costs, and finance for the SME sector.
  • The three-day event will feature symposiums, exhibitions and a domestic outreach programme on digital financial literacy involving over 1,800 school students.
  • 12 international speakers will attend the G20 meeting. Institutions like NABARD will highlight the rural area coverage of innovative financial products and services.

 


Q1) What is financial inclusion?

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered responsibly and sustainably.

Source: G20 meet to focus on digital financial inclusion.