Banking Crisis To Be Addressed in the G20 Forum

By siliconindia   |   Tuesday, 11 April 2023, 14:03 IST
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Banking Crisis To Be Addressed in the G20 Forum

The RBI and central bank are critically aiming to address the banking crisis in recent times in the G20 forum.                            

The Reserve Bank of India (RBI) will address the banking crisis in the US and Switzerland and enhance cross-border payments in the G20 meeting of financial management (FMs) and central bank governors, planned to take place in the upcoming week.

The meeting will be held on April 15th and is a headstart to the next week’s spring international monetary fund (IMF) meeting. The IMF gathers varied nations, aiming to discuss global economic issues, where India is anticipating bringing up certain developments in the future, in addition to addressing legacy issues in the arena.

The 2023 meeting will overview and plan strategies regarding the soaring stress in the banking sector in the US and Switzerland.  The RBI also is determined to highlight the need for resiliency in non-banking finance companies (NBFCs).

Alongside this, the central bank is critically lobbying over recognizing the macro-financial risks posed by crypto assets or cryptocurrencies. The RBI also aims to discuss issues over managing risks from third-party dependencies like big tech and fintech, reporting cyber incidents accordingly.

The Group of 20, often referred to as G20, is an intergovernmental forum comprising 19 nations and the European Union. It addresses critical rising issues in the global economy like international financial stability, climate change mitigation, and substantial development.