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

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

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.

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