4th edition of G20 TechSprint competition launched by RBI and BIS

Tags: Economy/Finance National News

The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) launched the G20 TechSprint 2023 competition for cross-border payments innovation.

An Overview of the News

• The competition focuses on three problem statements: AML/CFT, sanctions technology and CBDC platform.

• The competition is open to global innovators and aims to showcase innovative technology solutions for cross border payments.

• Techsprint fosters collaboration between financial institutions, technology providers and stakeholders to develop innovative solutions for cross-border payments.

Reserve Bank of India (RBI):

• It was established on April 1, 1935 under the Reserve Bank of India Act, 1934.

• Its central office was initially in Kolkata, but in 1937 it was permanently shifted to Mumbai.

• It regulates banks and NBFCs under the Banking Regulation Act 1949 and RBI Act 1934 respectively.

• It issued currency for India and Myanmar till 1942, but was discontinued after 1947.

Headquarters - Mumbai

Current Governor - Shaktikanta Das

About the G20

• It is an international forum of the world's leading economies established in 1999.

• Its primary objective is to promote international financial stability and sustainable economic growth.

• The G20 serves as a forum to discuss and coordinate policies related to a wide range of economic and financial issues such as trade, investment, employment, energy and climate change.