Apr 27: Under the chairmanship of India, the XIX Council Meeting of the Shanghai Cooperation Organisation Interbank Consortium (SCO IBC) was held today in Goa. The meeting saw participation from representatives of member banks including the Development Bank of Kazakhstan, China Development Bank, RSK Bank (Kyrgyzstan), Habib Bank Limited (Pakistan), and VEB.RF (Russia), Savings Bank of the Republic of Tajikistan Amonatbonk, and National Bank for Foreign Economic Activities of the Republic of Uzbekistan.
In his address as the Chair of the Meeting, Shri P.R. Jaishankar, Managing Director of India Infrastructure Finance Company Limited (IIFCL), highlighted India’s achievements as the fifth largest economy in the world and its continued rise as a strong and vibrant democracy. He mentioned that India’s GDP growth in 2022 stood at 6.8%, outperforming major economies like the US, United Kingdom, and Europe. He also highlighted India’s rapid digitization of the economy, sustainable development efforts, and significant growth in exports. India is keeping pace with Sustainable Development while building infrastructure projects, he added.
Shri Jaishankar proposed four areas of cooperation for SCO IBC Members:
1. Expansion of cooperation: Efforts to be made towards taking initiatives to further expand cooperation among member banks.
2. Exchange of experience and skills: Emphasis on the exchange of experience, skills, and personnel training among SCO IBC Member Banks, building on positive strides already made in this direction.
3. Electronic Collection of signed documents: Support for the initiative to form an Electronic Collection of the SCO IBC signed documents for the 20th anniversary of the Consortium.
4. Strengthening partnerships: Encouragement for member banks to strengthen partnerships within the framework of SCO IBC.
Vivek Joshi, Secretary, Department of Financial Services, Ministry of Finance, highlighted India’s economic resilience, robust financial infrastructure, and financial sector reforms that have supported India’s growth story. He mentioned the Pradhan Mantri Jan Dhan Yojana (PMJDY), launched as the National Mission on Financial Inclusion in 2014, as a notable initiative to extend the reach of financial services to the unserved and underserved sections of society.
The SCO IBC Council meeting also focused on the increased sensitivity towards climate change and the need for sustainable development. India’s commitment to combat climate change was highlighted, including the pledge by the Prime Minister of India to reduce carbon emissions, achieve a net-zero carbon emissions target by 2070, and become a leading producer and supplier of Green Hydrogen in the world.
The XIX Council Meeting of the SCO IBC concluded with a renewed commitment to strengthening cooperation among member banks, exchange of experience and skills, and support for sustainable development initiatives. The proposed SCO-IBC Chair for the year 2023-24 is the ‘Development Bank of Kazakhstan’.
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