 "Third finance track of G20 starts brainstorming on draft communique")
As the third finance track of G20 started with Finance and Central Bank Deputies (FCBD) brainstorming the draft communique into late evening, the neighbouring city of Ahmedabad rolled out dhols and garba dancers to give a warm welcome to the foreign delegates landing at the airport.
“We have been coming here for the past couple of days to welcome the foreign delegates coming for the G20,” said Mitul Dabe, a dancer in the Hingma Dance group. As they moved to the beats of live drums, one of them tied the traditional pagdi (turban) on their heads.
In Gandhinagar, preparations were in full swing for the upcoming meeting of the finance ministers and central bank governors, scheduled for July 17-18.
The finance ministry said in a tweet: “Delegates are deliberating on streamlining financial priorities of #G20 #FinanceTrack Working Groups under the #G20India Presidency.”
The meeting of FCBD is chaired by Department of Economic Affairs Secretary Ajay Seth, along with Reserve Bank of India Deputy Governor Michael D. Patra.
The road from Ahmedabad to Gandhinagar was dotted with hoardings not just welcoming delegates but also showcasing Gujarat’s infrastructure from bullet train, international finance service centre to Amul, the world’s biggest cooperative milk movement.
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In the course of the next four days, 540 delegates, including ministers, governors, deputies, across 66 delegations will participate in these meetings. The FCBD discussed the report of the expert group on strengthening the multilateral development banks framework.
On the sidelines of the 3rd G20 Finance and Central Bank Deputies meeting, G20India Presidency hosted two panel discussions on ‘Policy issues concerning BigTech and FinTech, including the Third-Party Risk Management Framework.’
“Given the growing interconnectedness and complexity of activities between #BigTechs and financial institutions, today’s discussion was held to deliberate on a framework that empowers regulatory and supervisory bodies to manage risks arising from the foray of non-financial entities into the financial space,” the finance ministry said in a tweet.
While RBI Deputy Governor T. Rabi Sankar presented a keynote address, Financial Stability Board Secretary General John Schindler gave a special address on the subject.
“The panelists were of the view that establishing globally accepted norms and regulations would enable an effective oversight of such #BigTech and #FinTech entities whose operations often straddle multiple jurisdictions,” FinMin tweet said.