India & US discuss latest developments in area of cross-border payments

Top officials from India's Ministry of Finance and the US Department of Treasury met in New Delhi last week to discuss a range of economic and financial issues including recent developments in the area of cross-border payments.

The meeting, held on August 3, 2023, was their second sub-ministerial meeting following the 9th ministerial meeting of the Indian-US Economic and Financial Partnership (EFP) held in November 2022.

The discussions, which covered the economic outlook in both countries, also took stock of the G20 Cross-Border Payments Roadmap, India’s United Payments Interface (UPI) payments platform, and the Federal Reserve’s implementation of the FedNow payments system, according to information released by the Ministry of Finance on Monday (August 7, 2023).

Additionally, officials from both sides also talked about joint efforts to advance the clean energy transition and mobilize climate finance in addition to progress on creating innovative investment platforms to accelerate deployment of renewable energy projects.

"Both sides agreed to continue their collaboration and will build on successful meetings that took place between Prime Minister Modi and President Biden during the Prime Minister’s visit to the U.S. in June of 2023," the Ministry of Finance said.

The Indian delegation was led by Chief Economic Adviser V Anantha Nageswaran and the US delegation was led by Assistant Secretary for International Finance Brent Neiman. Representatives from the Reserve Bank of India and the US Federal Reserve in Washington DC participated virtually.

"Discussions were productive and will help prepare for the next ministerial meeting of the Indian-U.S. Economic and Financial Partnership," the Ministry of Finance said.