G20: PM Modi interacts with Singapore counterpart Lee Hsien Loong

The G20 nations praised private sector lenders for their efforts in providing data to the joint Institute of International Finance (IIF)/OECD Data Repository Portal and continue to encourage others to do the same voluntarily.

“We support the Global Sovereign Debt Roundtable (GSDR) members’ initiatives to improve dialogue and establish a shared understanding among important parties, both inside and outside the Common Framework, to facilitate efficient debt treatments. We appreciate the continued efforts by all parties involved, including private creditors, to increase debt transparency. We take note of the findings from the voluntary exercise of taking stock of data sharing with International Financial Institutions, according to the announcement.

L Murugan, the Indian Minister of State for Information and Broadcasting, greeted Prime Minister Loong.

The G20 Summit is being held for the first time when India is in the presidency. Numerous world leaders and delegates will attend the event. The summit has undergone extensive planning and preparation to present both India’s soft power and its contemporary face.

After the G20 Summit, a statement from the G20 Leaders outlining their support for the goals discussed and decided at the corresponding ministerial and working group meetings will be adopted.

For easy cross-border transactions, India and Singapore earlier this year connected their respective online payment systems, the Unified Payments Interface (UPI) of India and PayNow of Singapore.

Prime Minister Narendra Modi and his Singaporean colleague Lee Hsien Loong both attended the virtual launch event. Residents in both nations would be able to send cross-border remittances more quickly and affordably if these two payment systems were linked.

People from both nations will be able to send money in real-time by scanning QR codes or by typing in mobile numbers connected to the bank account.

The rapid and inexpensive transfer of money from Singapore to India and vice versa will benefit the Indian diaspora in Singapore, particularly migrant workers and students.