Covid-19 boosted adoption of digital financial services: SBI Chairman Dinesh Khara at B20 Summit

Dinesh Khara, the Chairman of the State Bank of India (SBI), on Friday said that Covid-19 boosted the adoption of the digital financial services since 2020. 

About 40 per cent of adults in developing economies, excluding China, use digital payment methods. 11 key priority sector themes have been identified for financial inclusion,” Khara said during the summit. 
Talking about financial inclusion at the B20 Summit, he said that B20 India Task has identified the three pillars for the same. 

“The three pillars identified by the B20 India Task Force on Financial Inclusion for Economic Empowerment were ecosystem and enablers, products legal and regulatory requirements. We developed a framework for financial inclusion and economic empowerment, defined priorities for financial inclusion, and made policy recommendations,” Khara said on Friday.

 

Khara further added that the themes also include gender and diversity inclusive finance. 

"The themes also include gender and diversity inclusive finance, reducing cost of borrowing for underserved segments, harnessing power of BCs, targeted intervention of agriculture and rural segments, incentivising cross border payments and innovation, increasing insurance, savings and wealth management penetration, enhancing consumer protection, inclusive policy design and governance," Khara added.

Earlier in the session, Shobana Kamineni, Chair, B20 India Task Force on Future of Work, Skilling and Mobility, said: “If we can create a productive workforce, there can't be a better beginning to Vasudhaiva Kutumbakam.”

She mentioned that the nature of work has changed post-pandemic, generative AI hence workforce dynamics are also changing as now workforce has gig workers and flexible work markets. 

She added that now there is a need to recognise changes to work, need a framework for emerging jobs.

During the B20 Summit 2023, Sajjan Jindal, Chair of the B20 India Task Force on Energy, Climate Change, and Resource Efficiency, emphasised on India's commitment to transitioning into a cleaner economy. He acknowledged the reality of climate change and the concerning escalation of our reliance on fossil fuels. Recognizing the urgency of the situation, he articulated our imperative mission to establish a clean economy that permeates every facet of our lives.

Jindal called for the establishment of a global coalition, the augmentation of climate finance, and the appropriate allocation of funds to ensure that cutting-edge technology becomes not only accessible but also affordable worldwide, particularly in regions like the Global South. He highlighted the necessity of expediting this transition to address the pressing challenges we face.

The B20 Summit, a three-day event, commenced today, where the global business community is expected to share its views on different issues. The theme for the B20 India 2023 is Responsible, Accelerated, Innovative, Sustainable, Equitable (R.A.I.S.E) Businesses.